Trust and tragedy

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Davyjones

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Ok as a general service announcement to everyone in here that signs the front of checks ... beware and don’t lose touch with your controller or who is doing your acts receivable and payables .  Have to micro manage this shot and trust nobody . 

My friend found out that his super longtime trustworthy employee has embezzled over a half million out of his business in the last 7 months by use of an electronic banking app mainly ( the one that rymes will bell) while fictionalizing legitimate reasons for such payments and being one hell of a great liar .  This criminal left him with over a quarter million in unpaid bills .... not good 

He will recover and electronic payments and trusting and employee with the till is over . 

We could all take his misfortune to make changes in our own money business . 

 
Happens more than you realize. Went to a fraud seminar presented by Frank Abagnale Jr. that the movie Catch Me If You Can was based off of. The most common reason given for this type of theft wasn't to pay for a drug, gambling, or shopping addiction, it was the lack of internal company controls that made it easy for the for employee to steal. I believe him, my company got hit for $35k 10 years ago. Guy's parents wrote a check for $35k to keep him from going to jail.

 
Heard it bunches of times... usually they just had the people to their house for birthday/wedding/holiday...crazy some people are just Crap. 

 
We had a Project Manager embezzle 1.5m a few years ago. We had to beg the FBI to take the case as they originally said “it wasn’t enough money to justify their time”. Only reason they took the case was because it was a federal contract he was managing and that he used to facilitate the crime. They ended up doing a great job on the investigation and had him dead to rights. He ended up pleading guilty and was sentenced to 4.5 years. Then along came COVID and they let him out on compassionate release after only serving about a year. Our insurance covered $1m of the loss. He has a 20 year restitution judgement but I’m sure neither us or the insurance company will ever see a dime from him. 

 
Happened to my parents a long time ago. The guy paying the bills should never be the guy that gets the mail. Also, the employee that never takes a vacation isn't always your best employee. 

 
The only way we caught on was the guy went on vacation and we opened the bank statement that he usually got and flipped though it. We still have paper mailed statements that include copies of the cancelled checks. We noticed checks on the statement that were made out to him and that started the ball rolling. Could have been a lot worse had we not opened the bank statement or not had copies of the checks returned with the bank statement. How many people take the time to log on and review copies of cleared checks or other transactions.

 
Had my identity stolen in 2018.  Fraud all over SoCA, Walmart, grocery stores, $1300 at a gas station (tell me the gas station wasn't in on it), even checks written to the US Post office to buy thousands of dollars in stamps.  Why stamps?  The price only goes up and they can be sold later on.  Effing nightmare and took over a year to stop it as B of A was completely useless and could care less about me, my family, or my business.  I have since put some safety alerts in place but who knows if they'll work.  Thieves are really good at what they do.

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In 2014, i had a local CPA proceesing my payroll checks and paying the weekly IRS witholding.  Except he wasn't paying the IRS and i was on the hook for about $300k of payroll taxes that i had to pay two times.  Guy did it to me and a dozen other small contractors.  He never did one day in jail......

 
ChEFF said:
I know that feeling. And she hasn't spent one day in Jail either. Peace
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But she does have to put up with me, & that cant be too pleasant.  and that is a life sentence.  LOL. 

 
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