CASH FLOW

Not every theft is a long-term scheme. There are cases in which large thefts happen within a day or the span of weeks. Armored trucks have been used in media often as the unfortunate victims of an elaborate heist. The story of Mr. Justin Eskridge shows a similar tale to that of a bank employee who embezzled money as a bank agent, a federal crime punishable by up to 30 years in prison.

Kenneth L. Parker, United States Attorney for the Southern District of Ohio, and Elena Iatarola, Special Agent in Charge, Federal Bureau of Investigation (FBI), Cincinnati Division, announced the guilty plea for Mr. Justin Eskridge. Mr. Eskridge was employed as an armed service technician and delivered cash to different financial institutions, one of which being PNC Bank. Between December 2022 and January 2023, Mr. Eskridge allegedly embezzled $220,000.00. Eventually Mr. Eskridge allegedly admitted to his employer Loomis, who contracted with PNC that he had taken cash during his employment. Loomis, the employer, was able to recover $144,000.00 in cash from Mr. Eskridge’s car. As part of a plea agreement Mr. Eskridge will pay the remaining balance to Loomis.

In summary, thefts can be short lived and still cause significant financial impacts. In a case like this, background checks and screening can aid in preventing experiencing thefts as an employer. Quicker reconciliation could have helped to prevent or mitigate this loss. Luckily the discrepancies were noticed by bank tellers spotting shortages when balancing ATM residuals, recovering over half of the claimed misappropriated amounts.

Armored truck company employee pleads guilty to stealing cash meant for ATMs. (2024, April 26). https://www.justice.gov/usao-sdoh/pr/armored-truck-company-employee-pleads-guilty-stealing-cash-meant-atms

About the Author

Dee Studler, a Certified Public Accountant and Certified Forensic Accountant based in Aurora, Illinois, brings over three decades of expertise in accounting, forensic analysis, and fraud investigation. A graduate of Indiana University with a Bachelor of Science in Accounting and a Master’s in Accountancy from the University of Texas, Studler has dedicated her career to advising businesses and investigating financial claims. As the founder and managing member of SDC CPAs, LLC, she leads a global forensic accounting firm specializing in fidelity, crime claims, and employee dishonesty for insurers and legal professionals. With experience in claims exceeding $150 million and a reputation as an expert witness, mediator, and appraiser, Dee Studler’s work is characterized by precision and a commitment to uncovering financial truths. Her certifications in Financial Forensics and extensive involvement with professional organizations solidify her position as a leading authority in the field.

Dee Studler: A Pioneer in Forensic Accounting and Fraud Investigation

Dee Studler, a Certified Public Accountant (CPA) and Certified Forensic Accountant (CFA) from Aurora, Illinois, has made significant contributions to the fields of forensic accounting and fraud investigation over her illustrious career. With over 30 years of experience, she has served and advised businesses across all phases of their organizational life cycle, from traditional accounting and tax services to complex investigations of fidelity and crime claims.

Dee Studler: A Distinguished Forensic Accountant and CPA

Dee Studler, a highly accomplished Certified Public Accountant (CPA) and Certified Forensic Accountant, hails from Aurora, Illinois. With a distinguished career spanning over three decades, she has garnered extensive experience in serving and advising businesses across various stages of the organizational life cycle. Dee’s expertise encompasses a wide range of services, from traditional accounting and tax services to conducting investigations, verifications, and evaluations of fidelity and crime claims. Her clientele includes both profit and non-profit entities, banks, credit unions, financial institutions, and governmental bodies.

Understanding Forensic Accounting: Insights from Dee Studler

Forensic accounting is a crucial aspect of the accounting profession, involving the application of accounting skills to legal disputes and investigations. It involves analyzing financial records and transactions to determine whether fraud or other financial misconduct has occurred. Dee Studler is a Certified Public Accountant and Certified Forensic Accountant who has been practicing in this field for over 30 years. In this article, we will take a closer look at Dee Studler’s experience and insights into forensic accounting.

Candy Thieves

It’s that time of year when thoughts turn to autumn leaves, chilly temperatures, and for kids (and the young at heart) costumes and candy. In 2021, consumers spent $4.6 billion on candy during the eight weeks leading up to Halloween, according to the National Confectioners’ Association. More people hand out Skittles to trick or treaters than any other candy. In 2019, Americans purchased approximately 3.3 million pounds of the rainbow candies; Reese’s Peanut Butter Cups were a close second with 3 million pounds. Candy corn, with its orange, yellow, and white stripes is one of the most loved and hated Halloween candies It was invented in late 1880s by George Renninger and originally called Chicken Feed.

NUTTY AS A FRUITCAKE?

The Holidays are fast approaching, and with them the thought of, love it or hate it, the fruitcake. But did you ever think fruitcake would lie at the heart of a multimillion-dollar embezzlement?  Collin Street Bakery in Corsicana, Texas has been in business since 1896, and sells approximately three-million pounds of fruitcake annually.  In 1998 Mr. Sandy Jenkins was hired as the bakery’s accountant. However, in the summer of 2013 a new hire in the accounting department discovered discrepancies in the bakery’s books.

National Donut Day

Donuts are a delicious confectionery treat enjoyed worldwide by children and adults alike. Fried to perfection and dipped in glaze, these sugar packed pastries are a staple in any office. Because of their popularity, donuts have two days of celebration in their honor: The first Friday of every June, and November 5th of every year.

High Alert for Cyber Security Threats

As the Russian attack on Ukraine continues, American cyber security experts are recommending businesses and organizations of all sizes prepare for potential upcoming cyber attacks. With Russia’s “digital army” launching cyber attacks to destabilize Ukrainian government and infrastructure, the United State Cyber Security and Infrastructure Security Agency (CISA) has launched the “Shields Up” campaign to distribute vital information about this new wave of destructive, international cyber attacks. 

As a staunch opponent of fraud in all its forms, SDC CPAs has compiled the following recommendations to help organizations effectively navigate the resources provided by CISA and other field experts.

Loyalty Fraud: An Increasing Trend

For businesses, customer loyalty programs provide extra value and show customer appreciation (while encouraging customers to spend more money). Customers can use VISA cards to rack up airline miles, hotel stays to amass points leading to perks and free hotel rooms, and now even MyMcDonalds rewards cards with which customers earn 100 points for every dollar spent: 1,500 points gets you a free cheeseburger.

Women Leaders Shaping the Field of Accountancy

Leadership in accounting firms, executive committees, and accounting organizations has grown increasingly diverse. Particularly, the last decade has seen a number of influential women take on high-profile leadership positions in the field of accounting. These women have used their influence and power to advocate for diversity in the profession and remove barriers to inclusion.