Thursday, November 30, 2006

Keep an Eye on Your Controller

The cases come up all the time: the trusted financial person turns out to be a crook stealing from the company.  Today's edition comes from the Eastern District of Virginia, where the U.S. Attorney's Office announced (here) the guilty plea of Carl Ragland, the former controller of C&F Mortgage Corp., a subsidiary of Citizens & Farmers Bank.  The take in this one is particularly large, with an embezzlement of $2.2 million since 2003, including wire transfers of over $1.2 million in 2005 alone.  According to the press release, Ragland used his new-found wealth "for his personal enrichment, [including] the purchase [of] real estate, automobiles, vacations and other personal expenses."  The question is always the same: was anyone checking on the controller and asking where the money was going? (ph)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2006/11/keep_an_eye_on_.html

Fraud | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef00d8356ea3c069e2

Listed below are links to weblogs that reference Keep an Eye on Your Controller:

Comments

Post a comment