The former chief financial officer of a Brentwood, California, cleaning company was recently sentenced to jail for his involvement in several crimes that resulted in extensive monetary losses for the business.
According to the Daily Democrat, an AP audit revealed that Benjamin Chaney embezzled close to $500,000 from Harper Model Home Maintenance between 2003 and 2007. In order to obtain the funds, he charged his employer's credit card without authorization, as well as altered accounts payable to hide the fraud.
Chaney pleaded guilty earlier in 2013 to several felonies, including embezzlement with aggravated white color crime enhancement and grand theft. Because he did not claim the stolen funds as income on his tax returns, he was also charged with state income tax evasion, the Daily Democrat noted.
He will spend up to five years in prison on the charges, and is required to pay more than $340,000 in restitution.
The Woodland Record reported that Chaney had used the $500,000 to purchase gifts, make child support payments and gather assets for a business venture he hoped to start.
Thanks to accounts payable audit solutions, the Brentwood cleaning business was able to avoid greater monetary loss.