A Fort Mill, South Carolina women admitted to embezzling more than $2.4M worth of computer equipment from her employer.
According to the North Carolina Department of Justice, the 44 year old appeared before a US, Magistrate Judge on Thursday, April 4th and pleaded guilty to wire fraud for embezzling more than $2.4M from her employer. The former IT employee admitted in court that from 2012 to 2017 she engaged in a scheme to defraud her employer by ordering new equipment using company funds and then selling the equipment for her own personal gain.
The Former IT Procurement Manager was responsible for negotiating lease agreements as well as the purchase of IT equipment with the company’s IT vendors. The 44 year old also managed the IT equipment and purchases, not only for her company but also its subsidiaries throughout the United States as well as managing the companies IT budget.
Prevent This From Happening to YOU!
It appears that more business is being conducted online and via email than ever before. As efficient and convenient as this is, it can create opportunities for employee fraud. Therefore, companies need to protect themselves from a loss. Below are a few prevention tips you can take to help minimize your risk of a loss:
- Implement dual control and segregation of duties.
- Use purchase orders and make the payment, receipt and preparation of purchase orders a separate function and handled by different individuals. Use serially pre-numbered purchase orders and always verify incoming orders.
- Use informal and unannounced internal audits.
- Manage inventory and use security systems. Separate receiving, storage keeping and shipping/receiving functions. Physical inventories should be performed annually by individuals who are not responsible for inventory records.
Make Sure Your Clients Take a Proactive Approach To Protecting Their Business Should a Loss Occur
Make sure your clients have crime insurance. Take the steps to ensure that your clients are covered by calling one of the Berkley Crime team members listed below.
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