Posted on: April 15, 2013

Connecticut woman sentenced in embezzlement case


The more payments a business makes and receives, the more crucial the use of audit solutions becomes. With these objective monitoring systems in place, companies may be able to detect suspect activity before it adds up to major losses.

The Connecticut Post recently reported that Claire Balducci, the former office manager for Nutmeg Investment Partners, has been sentenced for embezzling nearly $1 million. She will spend two years in prison on the charges and has been ordered to pay $995,000 in restitution.

Between 2008 and 2011, Balducci wrote herself a number of fraudulent checks from Nutmeg's accounts, even disguising some of these transactions as vendor payments.

The American Academy of Orthopaedic Surgeons (AAOS) explained that many times, businesses experience embezzlement when "perceived opportunity" exists. In cases like Nutmeg's, where there may be a large amount of financial operations occurring each day, those in control of funds may feel that it would be simple to hide theft. If the company does not have security measures in place, such as a habit of conducting AP audits, misconduct may happen. The AAOS noted that oftentimes, prosecution is not a real deterrent, as many embezzlement cases never go to court in order for organizations to avoid poor publicity. Instead, it is crucial to carefully monitor accounts to eliminate temptation.

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