First, have good policies in place, then investigate
Iowa employers are shocked when long-term, supposedly loyal employees steal from them.
The 8th Circuit Court of Appeals — the federal appeals court serving Iowa and six other Midwestern states — recently ruled in a case involving a longtime former Cargill manager in Albany, N.Y., who embezzled $3 million over eight years. According to the court, although Cargill had the appropriate checks and balances in place, including audit procedures and internal controls, the thieving employee knew how to circumvent them.
Several years ago, Iowa’s federal Judge Leonard Strand sentenced a former credit union employee to three years in prison for embezzling $1.5 million over six years.
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And the former CEO of Make-A-Wish Iowa pleaded guilty to theft and fraud charges for embezzling from the charity that supports sick children. She allegedly made 84 unauthorized purchases on the organization’s credit card totaling more than $23,000, which the organization discovered during a compliance review.
The businesses may not have discovered their employees’ conduct for years had it not been for an official audit or the careful attention of a reporting co-worker.
Theft occurs in other ways, too.
For example, assume a banking executive travels to a resort for a business conference, but is seen only golfing and hanging around the pool bar. The employer reviews the expense report and notices that she has fully expensed the...
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