Correct! Separation of duties. Why would you have the commercial dept manager run part of accounting. They lose the checks and balances. The same person can create an account and then get payments for it. Just like payroll, never have the person who hires and sets up employees also be responsible for performing the payroll. It is hard to do in smaller agencies, but necessary. As the agency owner, such as Einstein, I always get the bank statement and look at it each month to make sure all looks legit. If possible, do the Bank Reconciliation monthly yourself.
It is amazing to me that this agency would not miss $1 million dollars.
Jack, a smart agency owner would be well advised to check the Monthly P&L statement and their Bank statement for irregularities. Amazing to me that this went on for 5 years. A CPA can audit the books to find info as well.
Apparently she didn’t get any good out of Ethics training to fulfill CE requirements. Amazing how people go wrong and pick dishonesty over honesty in life.
The thing that really sucks is that she will get convicted and hopefully go to jail for a long while, and be ordered to pay back the $1 million. Where and how is she going to pay back the money? Prison jobs don’t pay, she probably spent a bulk of the money, and who is going to hire a thief and trust them with a job that would pay enough for her to pay back the employer.
Hope they have a high limit for employee theft!
Jack, she will just apply for benefits like Social Security Disability, Food Stamps, Housing subsidy, free phone, you know, the ones brought in by liberals in their quest to make people dependent on government. Hold that phone, there is a new sheriff in town and Elections have Consequences.
Her husband created a donation webpage asking for $110,000 to get her out of jail. In it he says, “Please remember there are always two sides to every story and Jen’s side will bring her home for good.”
I would love to hear an explanation on why it was okay to steal $1,000,000 from this company.
Or, the husband defines “home” as prison.
Or she took the money to buy a seat on Elon Musk’s rocket to space,
Or she took the money to donate to Jerry’s Kids
Or she took the money to donate to Hilliary’s campaign for Mayor of NY……….
I would love to buy this agency, undervalued by a million dollars, and the owner is doing so well that he didnt suspect anything sooner. Wow they must be raking it in. For all you agency owners that are stingy with commission for your producers, this is not a good look.
Interested, you would have to go over their books with a fine tooth comb with your CPA to verify income, expenses, book composition and make sure the current owner will not have any interest in your operation since he is apparently a dufus. They must have a lot of agency billed business placed in Surplus Lines for this kind of thing to happen. Harder to do with Direct Bill in the Standard Market.
Are there low information people out there that would donate to get her out of jail? She sounds like a flight risk to me if there are funds squirreled away.
I heard she stored all this in a folder with the title “It Seemed Like a Good Idea at the Time”.
As an agency owner this is a very sobering a reminder to make sure my accounting “safety nets” are in place to avoid something like this. Wow.
Correct! Separation of duties. Why would you have the commercial dept manager run part of accounting. They lose the checks and balances. The same person can create an account and then get payments for it. Just like payroll, never have the person who hires and sets up employees also be responsible for performing the payroll. It is hard to do in smaller agencies, but necessary. As the agency owner, such as Einstein, I always get the bank statement and look at it each month to make sure all looks legit. If possible, do the Bank Reconciliation monthly yourself.
It is amazing to me that this agency would not miss $1 million dollars.
Jack, a smart agency owner would be well advised to check the Monthly P&L statement and their Bank statement for irregularities. Amazing to me that this went on for 5 years. A CPA can audit the books to find info as well.
I bet she never took a day of vacation during that entire stretch and was loved by her employer for her work ethic.
Apparently she didn’t get any good out of Ethics training to fulfill CE requirements. Amazing how people go wrong and pick dishonesty over honesty in life.
The thing that really sucks is that she will get convicted and hopefully go to jail for a long while, and be ordered to pay back the $1 million. Where and how is she going to pay back the money? Prison jobs don’t pay, she probably spent a bulk of the money, and who is going to hire a thief and trust them with a job that would pay enough for her to pay back the employer.
Hope they have a high limit for employee theft!
Jack, she will just apply for benefits like Social Security Disability, Food Stamps, Housing subsidy, free phone, you know, the ones brought in by liberals in their quest to make people dependent on government. Hold that phone, there is a new sheriff in town and Elections have Consequences.
Her husband created a donation webpage asking for $110,000 to get her out of jail. In it he says, “Please remember there are always two sides to every story and Jen’s side will bring her home for good.”
I would love to hear an explanation on why it was okay to steal $1,000,000 from this company.
Or, the husband defines “home” as prison.
Or she took the money to buy a seat on Elon Musk’s rocket to space,
Or she took the money to donate to Jerry’s Kids
Or she took the money to donate to Hilliary’s campaign for Mayor of NY……….
I would love to buy this agency, undervalued by a million dollars, and the owner is doing so well that he didnt suspect anything sooner. Wow they must be raking it in. For all you agency owners that are stingy with commission for your producers, this is not a good look.
Interested, you would have to go over their books with a fine tooth comb with your CPA to verify income, expenses, book composition and make sure the current owner will not have any interest in your operation since he is apparently a dufus. They must have a lot of agency billed business placed in Surplus Lines for this kind of thing to happen. Harder to do with Direct Bill in the Standard Market.
This is why some people shouldnt own a business. I just cant fathom losing a million dollars and having no clue.
Her husband set up a donation page to get her out of jail and says, “Please remember there are always two sides to every story and Jen’s side will bring her home for good.” Give me a break! https://www.generosity.com/emergencies-fundraising/jennifer-s-collateral
Are there low information people out there that would donate to get her out of jail? She sounds like a flight risk to me if there are funds squirreled away.
1 – It looks like him 2 – same name 3 – same birthdate!