Former Office Manager Embezzles $2M for a Life of Luxury; While Employer Struggles with Debt

A family built business based around trust struggles to survive after former office manager and confidant embezzles $2M.

The former office manager was responsible for collecting and managing company funds as well as overseeing the financial day-to-day operations. For almost 10 years, he embezzled more than $2M to purchase luxury items which included 56 vehicles over the course of 7 years. He was fired a few days before his 10 year company anniversary.

After he turned himself in, he pled guilty to 15 counts of wire fraud. At the sentencing hearing, the government asked for a year for every year that the former office manager stole from his employer.

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Help Protect Yourself from Embezzlement; Tips for Protection

• Reconcile Bank Accounts Monthly
• Reconcile Credit Card Statements Monthly
• Consider Having Outside Account Reviews & Closes Books Monthly
• Collect Receipts
• Require Separation of Duties for Financial Transactions
• Protect Signature Authority
• Bill Review
• Accounts Receivable Review

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