Tag Archive for: Kit Powell

In The News: Former Assistant Principal Pleads Guilty to Embezzlement

/in , /by



Segregate Duties

Simply segregating duties between various team members can help reduce the chance of fraud occurring.

According to an article in theDetroit Free Press, Samuel Craig, a former assistant principal, was convicted of embezzling more than $36,000 from his union.

Craig was able to embezzle the money in his role as treasurer of his school’s union. He used blank, pre-signed checks, which officials believed would be used to pay bills, for his own use. Additionally, Craig opened a debit card linked to union funds and authorized electronic fund transfers to his personal bank account.

This story highlights the importance of implementing procedures to prevent fraud. Officials should review financial statements regularly, rotate financial duties if possible, and segregate duties to prevent one person from having too much power.

To learn more about fraud in business, read:
Small Businesses & Fraud – What you need to know
Fraud Happens. Learn the Facts.

Source: Former Highland Park assistant principal pleads guilty to embezzling from union by Melanie Scott Dorsey



Small Businesses & Fraud – What you need to know

/in /by



Don’t let a fraudster break your bank. (Photo Credit: office.microsoft.com)

In the 2012 Report to the Nations, the Association of Certified Fraud Examiners surveyed their membership and reported on 1,388 cases they investigated. The findings shed light on the most prevalent forms of fraud across the world (this survey provides information from nearly 100 countries on six continents), and we feel can help guide business owners in what they should be watching for in their own companies.

One of the more disturbing findings, showed that small businesses suffered the largest median losses. According to the survey, 49% of organizations that fell victim to an occupational fraud scheme did not recover any money. Furthermore, 87% of the perpetrators had never been charged or convicted of a fraud-related offense. 87% of cases in the study were asset misappropriation schemes, which are things like falsifying wages, overstating expenses, taking multiple reimbursements, stealing cash on hand, etc.

Preventing fraud, or catching it early, should be a small business owner’s goal. We understand implementing such systems can be costly and overwhelming but they are worth it. Here are three easy things you can do to help prevent fraud in your organization:

  • Implement a confidential employee tip line. According to the survey, employee tips are the most common way occupational fraud is detected. Make sure your employees have a safe way to report suspicious activity should they see it.
  • Educate employees and managers on what constitutes fraud. Most people want to do the right thing, make sure they know what that is.
  • Assess the areas in your organization that are the most susceptible to fraud, and then work on investing further to protect those areas.

 

For more information and tips on preventing fraud, check out these additional resources:


A simple fraud risk assessment — performed by Kit Powell, Certified Fraud Examiner — will give you a detailed report with recommendations on how to strengthen internal controls to prevent fraudulent activity. Contact Kit today to schedule an appointment for your fraud risk assessment.

 


231.924.8035
kitp@hscompanies.com



Small Businesses & Fraud – What you need to know

/in /by




Don’t let a fraudster break your bank. (Photo Credit: office.microsoft.com)


In the 2012 Report to the Nations, the Association of Certified Fraud Examiners surveyed their membership and reported on 1,388 cases they investigated. The findings shed light on the most prevalent forms of fraud across the world (this survey provides information from nearly 100 countries on six continents), and we feel can help guide business owners in what they should be watching for in their own companies.
One of the more disturbing findings, showed that small businesses suffered the largest median losses. According to the survey, 49% of organizations that fell victim to an occupational fraud scheme did not recover any money. Furthermore, 87% of the perpetrators had never been charged or convicted of a fraud-related offense. 87% of cases in the study were asset misappropriation schemes, which are things like falsifying wages, overstating expenses, taking multiple reimbursements, stealing cash on hand, etc.
Preventing fraud, or catching it early, should be a small business owner’s goal. We understand implementing such systems can be costly and overwhelming but they are worth it. Here are three easy things you can do to help prevent fraud in your organization:

  • Implement a confidential employee tip line. According to the survey, employee tips are the most common way occupational fraud is detected. Make sure your employees have a safe way to report suspicious activity should they see it.
  • Educate employees and managers on what constitutes fraud. Most people want to do the right thing, make sure they know what that is.
  • Assess the areas in your organization that are the most susceptible to fraud, and then work on investing further to protect those areas.

 
For more information and tips on preventing fraud, check out these additional resources:


A simple fraud risk assessment — performed by Kit Powell, Certified Fraud Examiner — will give you a detailed report with recommendations on how to strengthen internal controls to prevent fraudulent activity. Contact Kit today to schedule an appointment for your fraud risk assessment.
 

231.924.8035
kitp@hscompanies.com


Small Businesses & Fraud – What you need to know

/in /by




Don’t let a fraudster break your bank. (Photo Credit: office.microsoft.com)


In the 2012 Report to the Nations, the Association of Certified Fraud Examiners surveyed their membership and reported on 1,388 cases they investigated. The findings shed light on the most prevalent forms of fraud across the world (this survey provides information from nearly 100 countries on six continents), and we feel can help guide business owners in what they should be watching for in their own companies.
One of the more disturbing findings, showed that small businesses suffered the largest median losses. According to the survey, 49% of organizations that fell victim to an occupational fraud scheme did not recover any money. Furthermore, 87% of the perpetrators had never been charged or convicted of a fraud-related offense. 87% of cases in the study were asset misappropriation schemes, which are things like falsifying wages, overstating expenses, taking multiple reimbursements, stealing cash on hand, etc.
Preventing fraud, or catching it early, should be a small business owner’s goal. We understand implementing such systems can be costly and overwhelming but they are worth it. Here are three easy things you can do to help prevent fraud in your organization:

  • Implement a confidential employee tip line. According to the survey, employee tips are the most common way occupational fraud is detected. Make sure your employees have a safe way to report suspicious activity should they see it.
  • Educate employees and managers on what constitutes fraud. Most people want to do the right thing, make sure they know what that is.
  • Assess the areas in your organization that are the most susceptible to fraud, and then work on investing further to protect those areas.

 
For more information and tips on preventing fraud, check out these additional resources:


A simple fraud risk assessment — performed by Kit Powell, Certified Fraud Examiner — will give you a detailed report with recommendations on how to strengthen internal controls to prevent fraudulent activity. Contact Kit today to schedule an appointment for your fraud risk assessment.
 

231.924.8035
kitp@hscompanies.com


Case Study: Ex-Marriott Worker gets 1 year, 1 day in jail for embezzlement

/in , , /by

Internal Controls can help prevent fraud from happening in your organization. (Photo Credit: office.microsoft.com)

A former Marriott International employee was sentenced to one year and one day in jail on Friday for embezzling money from the company, according to a story by Erica W. Morrison posted on Washington Post’s The Crime Scene blog

The employee, Lorraine Wakefield, 51, was able to embezzle $400,000 to $1,000,000 through her position of maintaining corporate credit card expenses, travel expenses, and reimbursements requests for Marriott executives.

This case serves as a good reminder of the measures all businesses should take to protect themselves. Even the most trusted of employees can commit a crime. Remember to have system of checks and balances in place to help prevent fraud from happening in your organization.

If you don’t have a system, or if you feel that the system you have is weak, a simple fraud risk assessment — performed by Kit Powell, Certified Fraud Examiner — will give you a detailed report with recommendations on how to strengthen internal controls to prevent fraudulent activity.

Contact Kit today to schedule an appointment for your fraud risk assessment via phone at 231.924.8035 or email at kitp@hscompanies.com.

Ex-Marriott worker gets 1 year, 1 day in jail for embezzlement



In the News

/in /by

Make sure you have internal controls established so an employee can’t run-off with your money. (Photo Credit: office.microsoft.com)

Did you see this story from the Orlando Sentinel: Lake Mary Embezzler stole $85,000 while repaying first victim $260,000

A woman embezzled money from a business and was then hired by another business to handle payroll and accounting, which gave her the means to embezzle again!

Remember, internal controls are crucial! Make sure you have a system of checks and balances in place to prevent embezzlement. If you need help implementing a system or are concerned there may be fraud occurring in your business contact Kit Powell, our Certified Fraud Examiner.

Kit Powell, CFE
231.924.8035
kitp@hscompanies.com

CPA's & Business Advisors
Need Help?
Pay your Bill

About Us | Our Services | Forms & Resources | 1-800-924-6891

Remote Desktop Server – Internet Explorer | Remote Desktop Server – Non Internet Explorer | Uniprint Client |

H&S Calendar | Company Store

Copyright © 2025 H&S Companies. Site by CurlyHost.