Alleged embezzlement by former CFO uncovered by AP audit

An accounts payable audit has revealed that more than $500,000 was stolen from a lake resort in northern Wisconsin, and the business' former chief financial officer is being blamed for the theft.

According to the Ashland Daily Press, Lori Hall served as CFO for Lakewoods Inc for more than 12 years, and investigators believe she conducted an embezzlement scheme from 2006 to 2011. While working for the resort, Hall was in charge of a variety of financial aspects, including invoice payments, reconciling accounts and preparing records.

After several irregularities were found within Lakewood's finances, an AP audit was launched and evidence was found of misappropriation and embezzlement. It turns out that various vendors for the company had not been paid for the services rendered, which investigators believe could mean that Hall was bilking these companies out of the money that was owed to them. Lakewood owners Phillip and Kathy Rasmussen are now suing Hall for the embezzlement, although no charges have been brought against her, the news source states.

Businesses in any industry can use accounts payable audits to uncover any instances of misappropriation, including embezzlement, duplicate payments and financial errors.

Leave a Reply

Your email address will not be published. Required fields are marked *

Prove You're Human * Time limit is exhausted. Please reload the CAPTCHA.