Embezzlement scheme uncovered by AP audit investigation

When employees decide to embezzle money from their employers, they use a variety of illegal tactics. Fortunately, accounts payable audits can pinpoint where the theft is occurring and help businesses recover the funds that belong to them.

One company in Greenwich, Connecticut, discovered that its office manager had embezzled more than $1 million from its accounts after an AP audit uncovered the activity, according to The Associated Press. Claire Balducci, who worked for an unnamed investment firm, pleaded guilty to one count of wire fraud, and she is currently awaiting sentencing after she posted a bond of $250,000.

Prosecutors allege that Balducci managed to steal the funds by issuing fraudulent checks from her employer and writing them to herself, reports the Stamford Advocate. She then deposited these checks into her own personal accounts or cashed them directly. As a result, the company has filed lawsuits against the two banks that cashed the unauthorized checks, Bank of America and Greenwich Bank & Trust. Investigators stated that Balducci had access to six different business accounts and conducted her illegal scheme between September 2008 and November 2011, says the news source.

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Your email address will not be published.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.