A fruitcake company, the Collin Street Bakery, in Texas just found out the answer to this question! The company’s controller, Sandy Jenkins, 64, of Corsicana, Texas, was arrested by special agents of the FBI on a federal criminal complaint charging 10 counts mail fraud and allegations that he wrote 888 checks totaling $16.65 million to… Read more »
Posts Tagged: Bank Reconciliation
Does Embezzlement Pay?
Bradley Whitsell, chief accountant of SDN Communications in Sioux Falls, SD, pleaded guilty to mail fraud on Monday, August 22. According to the U.S. Attorney’s office 46-year-old Whitsell used his various oversight positions to embezzle more than $392,000 over a 10 year period beginning in 2000. Whitsell could end up in prison for up to… Read more »
Star Power Fraud
Kenneth Starr, a celebrity financial adviser to stars including actors Wesley Snipes and Sly Stallone, was charged with carrying out a massive $30 million fraud on his clients and then spending the money on a luxury apartment and jewelry, federal prosecutors said. Starr, head of the Manhattan-based Starr and Co., was charged with wire fraud,… Read more »
Church Robbed of $600,000 Online
Over one weekend in August 2010, the Catholic Diocese of Des Moines, Iowa, fell victim to a $600,000 ACH fraud theft, thus, becoming another in the growing list of businesses and entities that have suffered huge losses as a result of these frauds. Questions: 1. Based on the article, what do you calculate as the… Read more »
Opting for Electronic Transactions
More companies are cutting eliminating the acceptance of check payments from their business plans. According to Karen Aho, Whole Foods Markets, Fresh & Easy, and Banana Republic (a brand of Gap, Inc.) are just a few of the companies that refuse checks as payment from customers. According to the Federal Reserve, paying by check has… Read more »