Former office manager faces sentencing in embezzlement case

Implementing AP audit solutions in the face of accounting errors can help companies uncover the source of budgetary discrepancies. One Greenwich, Connecticut, real estate investment firm learned the importance of these tools when an investigation found that an employee was behind major financial losses. 

According to the Litchfield County Times, Claire Balducci will soon receive sentencing for the embezzlement of $1 million from her former employer, Nutmeg Investment Partners. An AP audit revealed that Balducci, who pleaded guilty, issued herself checks from the company's business accounts to pay for personal expenses. She also opened a credit card in a firm partner's name.

"A high volume of checks went out the door as part of the business' daily operations and over the course of time she was able to perpetrate this fraud without detection," attorney Mark Sherman told the Connecticut Post.

The news source claimed that the illegal activity occurred over the course of three years. Balducci had access to six business accounts due to her role as office manager.

Sherman said that Nutmeg's operations were not greatly affected by the embezzlement due to how well-capitalized the firm is. While this is fortunate for the company, many small businesses less likely to withstand such significant losses. If used early, an AP audit can save organizations from closing in the wake of theft.

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