Employee lifts $350K from bookstore
February 2, 2009 by Shane BorerPosted in: "Would you want this person in Finance?", Auditing, Fighting off fraud, In this week's e-newsletter, Latest news & views
Add this former bookkeeper to the long list of employees who’ve been caught with their hand in the company cookie jar.
Anna Susan Kosak, bookkeeper for Quail Ridge Books & Music in Raleigh, NC, was arrested for embezzling $348,975 from the independent bookstore.
As the only person who handled the business’s books, Kosak was able to write and cash checks she’d written to herself without anyone checking her work.
General manager Sarah Goddin said the missing funds were undetected because Kosak had kept the check amounts small, and had been stealing for a long period of time. When asked why Kosak would steal, Goddin mentioned that the bookkeeper had undergone gastric bypass surgery the previous year, which typically runs between $25,000 and $35,000.
Despite the suffering economy, Goddin insists the bookstore’s sales remained flat for the year. But thanks to the embezzlement charge, the owners will be more financially watchful than ever.
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Tags: Bookkeeper, Embezzlement, Theft

