100k through deposit manipulation…
I don't understand why this keeps happening...
Christian, a store employee, was responsible for daily deposits of earnings for the grocery store. Christian is alleged to have added up the totals of the daily deposit then transfer those totals onto a deposit slip. However, police say she would write a lesser amount on the deposit and pocket the difference.
How a company can let this happen is unbelieveable. Employee theft is one of the primary reasons small businesses fail. (1/3 of new businesses fail due to employee theft.) She took advantage of management failing to put in place the most basic of accounting practices and loss prevention techniques.
Here are just a few ways to have avoided this problem:
1. Double verification of deposits. Require two employees to verify receipts and deposits.
2. Reconcile accounts. Another person should reconcile the previous days receipts and confirm deposit amounts.
3. Random audits or a structured internal auditing process.
One interesting charge (and one becoming more and more common) was "Filing a False Tax Return for the State of Delaware".
Lisa A. Christian, 42, of Dagsboro, Delaware, was charged with 17 counts of theft and 1 count of Filing a False Tax Return for the State of Delaware.
One thing available to businesses is filing a 1099 for the money stolen by the employee. They by law have to declare all income, and pays taxes on all income (even illegal). Here is a short videofrom Frank Abagnale (video #2).
Original news story here.