An accounts payable clerk for the South Abington Township, Pennsylvania, division of materials technology company Sandvik Steel was recently arrested for embezzlement, the Times-Tribune reports.
Arlene Voelbel allegedly misappropriated approximately $100,000 over a period of six months by engaging in wire transfer fraud. She told a local police officer and Secret Service agent that she perpetrated the scheme by replacing a company's bank account information with her own prior to making a wire transfer to pay for goods and services, and then corrected the information after the money had been sent.
Because the company did not have an adequate system of checks and balances set up, she was afforded enough responsibility to embezzle the funds without detection.
Sandvik officials performed an internal accounts payable audit after picking up on financial discrepancies, the news source reports. The AP audit revealed Voelbel made 59 wire transfers to the same account in which her paychecks were deposited.
She was charged with access device fraud, criminal use of a communication facility, receiving stolen property and unlawful taking.
The recently released 2011 Marquet Report on Embezzlement found that Pennsylvania is the third most at-risk state in the nation for loss due to fund misappropriation.