Wednesday, April 19, 2006

CFO Gets Sticky Fingers

The chief financial officer of a company holds one of its most trusted positions, so if that person decides to start stealing from the company there may be little that can be done to prevent it.  When it goes on for two years, however, it signals a breakdown in oversight procedures or a complete lack of internal controls.  The U.S. Attorney's Office for the Eastern District of Virginia announced the indictment of Jennifer Pleacher on charges of fraud and money laundering for embezzling over $500,000 from Vogel Lubrication, Inc., where she was CFO.  According to the press release (here): "The indictment charges that from on or about January 2, 2003, through on or about January 7, 2005, Pleacher used her CFO position to secretly embezzle approximately $518,414.33 from Vogel’s financial accounts for her own use and benefit. According to the indictment, Pleacher embezzled amounts ranging from as low as $5,000 up to $52,964.27, on each occasion." (ph)

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