Employers entrust their Controller with a myriad of sensitive info — and having all that info right at her fingertips made it that much easier for this former Finance staffer to defraud her boss of a small fortune.
The controller we’re referring to is Patricia Smith, who was the bookkeeper for the PA-based Baierl Acura dealership.
According to an ABC News article, Smith made more than 800 electronic money transfers from Baierl’s online funds to her own personal account — to the tune of $10.3!
The fraudulent transfers took place over the course of seven-year period and helped Smith afford four homes, 10 vehicles, $30,000 in pre-paid travel funds and more. Not bad for a woman who officially earned $50,000 annually from the dealership.
Smith also spent her money on some decadent purchases such as a $10,000 Ralph Lauren showroom tour and suit, and an $11,000 dinner experience with Kevin Spacey after his performance Richard III.
Smith, however, didn’t squander all of the funds she stole from Baierl. Court records show she had over $20K in savings set aside for a rainy day.
Unfortunately for Smith, the next chapter in her life promises to be much less luxurious. She was ordered to serve 78 months in prison, followed by three years of probation — plus she’s got to find a way to pay restitution of $10,349,569.14.
