The accounting firm of Pauly Rogers and Co., which had served as the auditors for the Oregon town of West Linn from 2002 to 2005, agreed to pay the town $385,000 to settle a negligence lawsuit. The action claimed the firm should have caught a $1.4 million embezzlement by the town's finance director during that period when instead it gave the town a "clean bill of health" financially. Elma Sandoval Magkamit (pictured left), 53, and West Linn's former finance director, plead guilty in 2006 to embezzling $1.4 million from the town. Specifically, Magkamit pleaded guilty to five counts of theft in the first degree and 52 counts of aggravated theft in the first degree. She was sentenced to nearly 8 1/2 years in prison and ordered to pay restitution of more than $1.8 million in damages and costs. Magkamit reportedly had a serious gambling addiction.Monday, December 29, 2008
Auditors For Oregon Town That Missed Embezzlement Agree To Pay $385K
The accounting firm of Pauly Rogers and Co., which had served as the auditors for the Oregon town of West Linn from 2002 to 2005, agreed to pay the town $385,000 to settle a negligence lawsuit. The action claimed the firm should have caught a $1.4 million embezzlement by the town's finance director during that period when instead it gave the town a "clean bill of health" financially. Elma Sandoval Magkamit (pictured left), 53, and West Linn's former finance director, plead guilty in 2006 to embezzling $1.4 million from the town. Specifically, Magkamit pleaded guilty to five counts of theft in the first degree and 52 counts of aggravated theft in the first degree. She was sentenced to nearly 8 1/2 years in prison and ordered to pay restitution of more than $1.8 million in damages and costs. Magkamit reportedly had a serious gambling addiction.
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