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$16 million allegedly stolen from Corsicana bakery by accountant

The success of a business in Houston depends primarily on the performance of its employees. As such, a company is often forced to place a great deal of trust into its employees to ensure that they can perform their job duties unencumbered by oversight. All too often, it’s easy for employees to get away with abusing that trust. If that abuse continues over time, it can end up being extremely costly for the company by the time the employee’s dishonest actions finally come to light.

Such has been the case of a Corsicana company that recently discovered that one of it’s most trusted employees had used his position to steal a great deal of money. The company, a world-renowned bakery, is suing its former corporate accountant for money that he allegedly embezzled during his many years of work there. The FBI has also become involved, having seized many of the accountant’s personal assets directly from his home. The accountant himself and his wife have not been seen for some time, though is has not been announced yet if they are considered fugitives. The man’s scheme finally came to light when a recent internal audit by the company revealed that he had stolen an estimated $16 million from them to finance his luxurious lifestyle. 

Embezzlement is a very serious crime that can often lead to an enormous financial loss for companies since those accused may not have the means to repay the large amounts of money that they stole, especially if they are arrested and incarcerated. Any company in this situation that’s hoping for some compensation may want to secure the services of a business litigation attorney that has experience in representing companies in these types of cases. 

Source: KHOU, “Corsicana bakery accountant accused of stealing $16M” Brett Shipp, July 25, 2013

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