Former Executive of a Technology Company Charged with Embezzling over $5.8 Million

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An executive of a Cary Technology Company has been indicted on six counts each of embezzlement. The former employee has been accused of stealing over $5.8 million from the firm over a five year period.

Close-up of hand offering credit cardThe indictments allege that the former office manager was issued a company credit card by BMG Labtech Inc. Over the past several years he used the card for personal expenses including airline tickets, hotels, restaurants, food, gas, gym memberships and cleaning services. The indictments that were listed also include the streaming of movies and pornography.

Read the full story here for more details.

Prevent This From Happening to YOU!

What to consider when giving out employee corporate credit cards:

  • At the start, set expectations when it comes to card usage.
  • Be sure the rules of the card are properly understood.
  • It is recommended that supervisors be given the responsibility of supervising their employee’s accounts to help minimize the misuse of cards.
  • Consider conducting an annual review of the credit card program which includes an audit of each employees spending.

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