Financial Accounting Blog

Monday, November 15, 2004

Embezzlement. The Philly paper reports the story of an accountant whose gambling addiction led him to embezzle $7 million from his employer.
Prosecutors said Szagola began stealing in 1996 by drafting company checks in pencil, then erasing the vendor names and substituting his own after the checks had already been reviewed and signed by company executives. Szagola cashed more than 200 fraudulent checks over five years, prosecutors charged.