Three Former Town Officials Accused Of Embezzling More Than $1M

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Three former elected officials in a small North Carolina town have been arrested on a number of embezzlement charges.

Following allegations regarding the Town’s finances, Landis Police department began an investigation. It was later determined that for a period of six to nine years, the three officials embezzled more than a million dollars from the town of Landis for unauthorized payroll increases and unauthorized expenses.

The three people charged turned themselves in to authorities and were free after posting bond.

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Prevent This From Happening To YOU!

Without the proper agency controls in place, embezzlement becomes much easier and more appealing. Below are a few suggested tips you can do that may help reduce your company’s losses:

  • Perform both formal and informal audits. Make unannounced internal audits and be sure to have a yearly audit performed by an outside vendor.
  • Use purchase orders. The payment receipt and preparation of purchase orders should be a separate function and handled by different employees.
  • Beware of accounts receivables. Be sure to make mail opening and postings separate functions.
  • Track your checks. Use prenumbered checks that are printed or handwritten in permanent ink. It is also good to produce your checks from a financial software, if possible.
  • Know your employees. Be alert to potential theft such as:
    • sudden devotion to work or working late
    • lifestyles well above salary levels
    • drug or alcohol abuse
    • evidence of compulsive gambling
  • Perform background checks on employees handling money or financial records.

The Association of Certified Fraud Examiners (ACFE) say that most employees who commit fraud or embezzlement exhibit tell-tale signs like living beyond their means, having financial difficulties, having unusually close relationships with vendors, and having excessive control issues. If you are alert and vigilant, you may be able to detect and prevent these business losses.

Make Sure Your Clients Take a Proactive Approach To Protecting Their Business Should a Loss Occur

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