When it comes to giving high-ranking officials control over company finances, trust simply isn't enough. Firms need the assurance provided by accounts payable and recovery audits in order to feel confident that executives aren't mishandling the funds with which they're entrusted.
According to the Cleveland Plain Dealer, William Memmer of Lakewood, Ohio, was recently charged with embezzling more than $1.8 million that belonged to the local GIC Federal Credit Union where he previously worked as a treasurer and assistant manager. United States Attorney Steven Dettelbach alleges that the 63-year-old man used the stolen funds to pay off personal credit card bills.
"Memmer took advantage of his high-level position of trust by falsifying records and funneling money that was not his to himself," said Stephen Anthony, a special agent in the Cleveland office of the Federal Bureau of Investigation, according to the news source.
Dettelbach said that following the alleged fraud, the GIC Federal Credit Union shut down and initiated the process of liquidating its assets, The News-Herald reported.
Memmer is also accused of having falsified the financial reports and records of the credit union, The Cleveland Plain Dealer noted. Federal claims allege that those fraudulent entries may add up to $5.7 million in falsifications of the organization's assets.