New York Women Admits to Embezzling Over $1.1M From BMW Dealership

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Prevent This From Happening to YOU!

The former auto-dealership controller pleaded guilty to one count of wire fraud that lead to an embezzlement scheme of over $1.1 million from Continental BMW of Darien.

Keyboard with button labeled wire fraudThe New York Controller faces up to 20 years in prison, a fine up to approximately $2.3M and an order of restitution. She pleaded guilty in Federal Court to one count of wire fraud arising from an embezzlement scheme. Sentencing is scheduled for May 24th.

Read the full story here for more details.

Prevent This From Happening to YOU!

Internal controls to consider to help prevent wire fraud:

  • Require two employees to consummate all wire transfers to external parties (most essential).
  • Have dedicated employee(s) review the daily bank account activity (using on-line access); at a minimum, reconcile bank statements in a timely fashion.
  • Require bank to limit daily wire transfer amounts.
  • Create a policy requiring documentation for all wire transfers journal entries – require a second person to review the entries.
  • Implement vendor set-up process which should be completed by an employee who does not perform wire transactions.

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