How to Steal a Million Dollars

Fraud Examination Unit 9 6/2/12 How to steal a million dollars Mr. Seneca Stunton was an accountant clerk for a phoner c aloneed Carlton Chemical. Seneca had no formal education for accounting. His suffer was for a sm every last(predicate)er alliance which he outperformed at book keeping. He accepted the job with Carlton Chemical and he was on the track to excel and have a broad career. His supervisor was just in Senecas position, so Seneca was pretty happy to see that in that location were advancement opportunities inwardly the company. Seneca approached his job with commitment and enthusiasm.He was married and with his wife and his own kids they had a integral of seven children. Senecas duties were accounts receivable collections, posting payments, resolution of node supporter inquires and maintenance of the accounts receivable ledgers. Patrick Dawley was the owner he started the business over cardinal years ago. Carlton Chemical sells chemicals to large and small busin ess and they use it for rough material. The company was growing, Patrick looking fored on what really drove sales was how effective the military operation is, like keeping accurate order pickings, billing and collections, timely deliveries and great customer service.Patrick was viewed as a problem solver. There was not a problem too small for him to figure out. He had the ability to look at the problem and see the solution. Patrick was the only one who really had accuses to the money, all transactions had to go to him to approve. Every week he held detailed meetings astir(predicate) the money and unpaid bills. He looked over the statements on a standard basis. There was not really too much that got passed him so when he found out the ARs was not correct and there was more salient(ip) bills wherefore he cubic yardght there was really surprised him.Seneca was taking one persons larger payments and was putting it to other customers large(p) bills. He was doing this for over a great mess hall of time. Which created a huge landslide of problems for the company, and when all the audits was said and done there was around two million dollars missing. This investigation took a very keen-sighted time and they could not find where the money went. They investigated Senecas life mien and he did not over spend or live extracurricular his salary, and everything they could do pointed that there was no money stolen. So they were stumped where the money went.There was notwithstanding inappropriate discounts given to the customers. There were some complaints about this from the customers, but the company did not follow up on it. Carlton Chemical did recover a little of the money from customers that were willing to pay some of their bills, and from the insurance that the company has. After all this they were becalm one million dollars down. This was a odd problem that the company faced. The biggest thing that allowed Seneca to do this was the lack of supervision. Patrick looked at all the statements that where involved at a time with the money.He did not think to keep track of the outstanding payments since that could not allow someone to directly steal from the company. Even thou Seneca had no control nor did he touch money he still was in charge of the bills. He did not steal from the company directly but he did use other payments to pay the past due. Which then created the first payments to be late and so it was a huge increase effect. In no time at all there were so many past due bills. I think Seneca did this because he manifestly did not like addressing the customers about their bills. So he came up with this idea.