Former Auto Dealer Comptroller Gallops Off With $4.1M

Largest Single Embezzlement in County History

Using $4.1M she stole from a Buffalo, NY area car dealer over at least seven years, the former comptroller for the company paid for her expensive hobby of owning dressage horses as well as playing video games and purchasing other personal assets. There were no safeguards in place at the dealership group where she was considered a “trusted employee” after many years on the job. Only when she was on vacation was it discovered that there were discrepancies in unauthorized checks and transfers.

She has pleaded guilty to the charges and is facing a maximum of 25 years in jail plus restitution to the company.

Read the full story here.

But there should be a place for an employee that has their status verified and audited on a regular basis. Personal relationships and interaction should not color what is a business relationship between employer and employee. Internal safeguards do not hinder business relationships but rather, enhance them to ensure a level, ethical playing field. 

Ensure that employees take vacations and have other people do their jobs and see their records. Conduct regular audits of all meaningful financial transactions. Make sure that other employees sign off or review transfers and sign larger checks.

Proactive protection of business assets from embezzlement and theft helps promote a healthy on-going concern that will benefit owners, shareholders and employees over the long term.

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