Quote:
Originally Posted by IM4AL
This is pretty crazy. $22M embezzled from a company that size over 3 years is pretty impressive from a "how the hell didn't anyone notice" perspective.
"served as controller and vice president of accounting and finance"
It certainly says they lacked good institutional controls on things like audits...a common denominator on embezzlement tends to be the lack of control in the form of outside audits.
Had a former client that was a book-keeper for a large race track. Her haul was less than this case and occurred over a much longer time, so not all of it was even able to be prosecuted. What did her in was an overpayment of the track's tax obligation...the refund went to the corporate offices in a different State, which then prompted a large-scale audit of the Texas operations.
Even within our office, we had lacked a good accounting protocol which allowed for our finance manager to clear close to $100K across a year or two. She signed her house over to the firm in lieu of prosecution. I still disagree with the decision not to prosecute...but accepting the house and then flipping it at least got us most of what was stolen.