Shipping records, AP audit reveal employee’s embezzlement

A former accounts payable analyst for a Bethel, Connecticut, medical industry manufacturer was recently charged with embezzling more than $50,000 from the company.

Michele Saad, who turned herself in after learning there was a warrant out for her arrest, admitted using Memry Corporation's company accounts and credit cards to make personal purchases. These included approximately $30,000 worth of goods from Costco and more than $9,000 from Home Depot, the Oxford Patch reports.

According to the warrant, the misappropriation began in 2007 and continued until one of Saad's co-workers noticed that some of the items ordered by Memry were being shipped to Saad's home address. Executives were alerted and an accounts payable audit was subsequently conducted.

"Saad explained that when she started making these purchases, she continued doing it because she was getting away with it," the affidavit states, as quoted by the news source.

According to Saad's LinkedIn page, which was accessed by the media outlet, she was completely in charge of Memry's financial records. The lack of checks and balances facilitated the embezzlement, and her position in the AP department allowed the misappropriation to remain undetected by internal AP audits

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