Neglecting to implement strong financial controls and to survive the thefts, its owners filed for bankruptcy. In the process, 90 people lost their jobs.
"Most businesses are surprised at how quickly they can go from being in business to completely out of business," Sheriff's Sgt. Mark Varnau told the news provider. "They don't seriously consider that a trusted employee could take their business and turn it completely upside down."
In a 2012 report by the Association of Certified Fraud Examiners, researchers determined American companies lose 5 percent of their annual revenues due to fraud. While the median loss caused by these incidents was $140,000, more than one-fifth of all cases resulted in the loss of at least $1 million.
There are a number of steps firms can take to safeguard themselves against embezzlement, and these include conducting frequent accounts payable audits. This way, leaders may be able to detect discrepancies before they reach insurmountable levels.