Tuesday, March 22, 2011

Former Head of Fire Company in New Jersey Sentenced For Embezzling $500K

Charles V. Mancini III, 46, of Wenonah, New Jersey was sentenced to 52 weeks in prison for embezzling $505,099.79 from the New Sharon Fire Co. and Deptford Fire Department where he had served as President and Treasurer. According to authorities, Mancini diverted insurance proceeds by writing checks to himself and other entities he controlled. Mancini attempted to conceal the misappropriations by providing false bank statements. He was also accused of opening up a $90,000 line of credit in the name of the fire company without authorization and using most of the proceeds for his own personal benefit. Mancini's schemes spanned more than 2 years, from September 20, 2006 until November 21, 2008. Mancini pleaded guilty last September

Read the story here, here and here.

Note: not a good idea to have the same person with both the check writing and reconciliation functions in an organization.

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