Just because leaders trust the person in charge of financial operations doesn’t mean certain controls shouldn’t be in place. While having an individual looking after an organization’s money is helpful, it can be tempting to abuse this power. With the help of audit solutions, companies can both deter theft and discover if it occurs.
According to Insider Louisville, the Louisville Originals, a restaurant association in Louisville, Kentucky, is suing its former treasurer for embezzlement. The group has accused Pabs Sembillo, who is also a co-owner of Asiatique Restaurant, of stealing approximately $42,000 between 2009 and 2012 from its accounts.
“If he’d been writing checks to pay off a vendor, they wouldn’t have been even numbers, it would have been something like $2,986.12,” Artie McLaughlin, the group’s lawyer, told the source. “It was obvious that what he did was straightforward larceny. There is no Oceans 11 complexity to this crime.”
McLaughlin explained to WAVE-TV that in order to steal the money, Sembillo also allegedly did his banking in person with tellers. Since the ATM would only allow so much money to be withdrawn at once, cashing a check directly proved more effective.