Former Executive Assistant Embezzled Over $3M From Employer

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The former executive assistant of a Waltham based company has been charged with one count of bank fraud for the embezzlement of over $3 million.

The 37 year old former employee was the executive assistant to the chief financial officer of a Waltham-based technology company. Her duties included opening the incoming mail which contained customer checks made payable to her employer, recording the checks in the payment system and then depositing the checks into the company’s bank account.

According to the affidavit, discrepancies were discovered during an audit performed in 2017 where it showed a total of $3,076,369 was embezzled. According to the U.S. Attorney’s office, the former executive assistant could face up to 30 years in prison and a fine of $1 million.

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Employers can take measures to help prevent employee fraud. Listed below are a few tips to help prevent fraud for your businesses:

  • Effective internal controls should be put into place
    • Perform unannounced internal and external audits
    • Segregation of duties
    • Put approval processes in place for certain duties
  • Conduct background checks before hiring employees
  • Provide Fraud Awareness Training annually
  • Provide an anonymous fraud hotline to employees to report suspicious activity
  • Businesses should obtain insurance coverage for dishonest employees to help protect them from losses incurred due to fraud by employees

Remember, prevention and detection are crucial to reducing employee fraud. If you don’t already have a plan in place, we recommend you do it now!

Resource: Association of Certified Fraud Examiners

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