Sunday, November 6, 2011

Pennsylvania Woman Pleads Guilty To Embezzling $3.25 Million From Family Investment Firm

Anne Marie Connelly, 57, of Cheltenham, Pennsylvania, has pleaded guilty to charges she embezzled some $3.25 million from Wholesale Realtor's Supply Inc., a local family operated personal investment business where she had been employed as bookkeeper.  According to reports, Connelly wrote checks to herself, over a period of at least 6 years, from 2002 to 2008, to pay for personal vendors and otherwise for her own benefit.  The scheme unravelled after one of the company's banks informed the daughter of the owner that its account was overdrawn, prompting an internal investigation, including a forensic accounting review.  Connelly, who plead guilty to felony theft, faces up to 7 years in prison. 

Read the story here and here.

Hat tip: FraudTalk reader Joe.

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