Million dollar embezzlement scheme revealed by AP audit

Any form of embezzlement can have a severe impact on businesses’ operations. However, when the illegal activity involves the theft of large amounts of money, companies suffer even more and must work that much harder to recover from such a serious blow. This is currently what one firm in Boulder, Colorado, is facing, after an AP audit revealed that it’s former manager had allegedly embezzled more than $1 million from its accounts.

Jeffrey Wagner served as the distribution manager for Celestial Seasonings until an accounts payable audit discovered that he allegedly had been conducting a scheme to steal approximately $1.8 million from his employer, according to the Daily Camera. The investigation revealed that he had been carrying out the illegal activity for a period of just over five years before he was caught. He is now being accused of suspicion of theft over $20,000 and forgery.

Investigators state that Wagner managed to steal the funds by creating a fraudulent company named JDW, and to which he would approve invoices from Celestial Seasonings. The news source notes that all payments made to the fake business were under $20,000 each, so that they would not arouse speculation when looked at in his employer’s financial records. 

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