When it comes to high-ranking employees in a business, there must be some measure of trust. Many of these people have access to money and significant assets, and there is little to stop them from abusing this trust. Most Houston executives in positions of authority perform their jobs with high ethics; unfortunately, there are others who can’t resist the temptation of making some easy money in the form of embezzlement.
Embezzlement is a form of theft that is committed by a person who generally has an elevated form of responsibility within the company. This often occurs in corporate offices or within the financial division of a company. Accounting embezzlement is one example. Many employees will attempt to cover their tracks by only stealing small amounts over a period of months or years, but others are bolder and might take large sums of money at a time.
The former chief financial officer of Dallas company Service King Collision Repair was recently sentenced to three years in prison for his personal embezzlement operation. Investigators said the 61-year-old man had been stealing from the company since 2006. Through the company owner’s accounting system, the man printed unauthorized checks and used them to pay his creditors. He was convicted of mail fraud, and is required to repay the company almost $2.5 million and give up his luxury Florida beachfront home.
People who embezzle from their employers can cause great damage to a company. It can be in a business owner’s best interests to speak with a corporate attorney.
Source: The Houston Chronicle, "Ex-executive with Service King gets prison for embezzlement," April 14, 2015