On behalf of The Marks Law Firm, L.L.C. posted in Fraud on Wednesday, March 7, 2012
A Missouri woman recently pled guilty to embezzlement and tax fraud. She admitted to embezzling over $500,000 from two separate employers and said that she did not pay taxes on any of the funds.
Prior to 1999, the woman worked for Modern Business Systems where she admitted to embezzling $54,000. From 1999 to 2008 she served as vice president and secretary to the board of directors at Jefferson Bank. During that time she fraudulently embezzled $487,000 from not only the bank, but also from the bank president’s personal checking account.
As his personal executive assistant, the woman had access to the president’s personal account to pay his bills and was authorized to sign his checks. When the bank audited the president’s checking account, they found the diverted and embezzled funds.
In addition, the Missouri woman embezzled funds paid to the president for reimbursement of business expenses. She also falsely filed for reimbursement for business expenses that never occurred.
The woman is said have used the funds to pay off credit card debt and also to pay for her children’s college tuition.
The woman has not received her sentence, but the ramifications for embezzlement are quite serious. She could face up to 33 years in a federal prison with no opportunities for parole and more than $1 million in fines.
A situation such as this one could have a long-lasting impact on the life of the accused. People who find themselves facing serious allegations would be wise to obtain a strong defense. An attorney can fight the charges and work towards a favorable outcome.
Source: STLtoday, “Mo. woman pleads guilty to embezzlement,” Feb. 27, 2012