Looking into financial records can give business owners a better understanding of what exactly is going on with their money and how it is being handled. An accounts payable audit helped an insurance organization in Oklahoma pinpoint embezzlement from its account by one of its employees.
According to The Associated Press, the Oklahoma Insurance Department discovered that office secretary Bonnie Maloy had been taking money from the organization and using the funds to pay for a variety of personal items. The full amount has not been disclosed as the investigation is still ongoing, writes the source.
In a statement announcing the theft, the Oklahoma Insurance Department said that Maloy is being accused of writing herself checks from the organization's accounts. She then attempted to cover up her illegal activity by creating fraudulent invoices to make it seem as though the missing money was being paid to vendors.
"We are working with local, state and federal law enforcement and agencies to prosecute this individual under the full extent of the law and ask that restitution be sought," said executive director Monica Wilke, Oklahoma Farm Bureau and Affiliated Companies in the statement. "We've built this organization on a foundation of trust and integrity and have a zero tolerance for anyone compromising our standards and purpose."