Thursday, January 8, 2009
Massachusetts Woman Indicted In $1.2 Million Embezzlement Case
Tracy Sutley, 38, of Lynn, Massachusetts, was indicted yesterday on charges she allegedly embezzled from her employer, Weir Valves & Controls. Sutley was indicted on 15 counts, including 2 counts of "uttering a forged instrument" and 13 counts of larceny of property over $250. Sutley worked in the company's accounting department, according to reports and the thefts occurred over a 7 1/2 year period until last September. Prosecutors claim she used 13 different schemes to steal from her employer, but was essentially able to write herself or her personal vendors and credit cards, checks over the years to the tune of some $1.2 million. Sutley, who was originally arrested in October is currently in custody, having had her bail increased when it was learned she obtained a new passport and had been researching countries with limited extradition laws back to the U.S. We note that Sutley has a prior criminal history: In 1999 she was found guilty of stealing more than $11,000 from elderly residents of Grosvenor Park Nursing Home in Salem, Mass.
A prior history of defalcation is a good indicator that someone will do it again. It is always important to thoroughly vet anyone who has fiduciary responsibilities. See our article on due diligence here.