Anaccounts payable audithas discovered that the former head of a nonprofit organization in Boston, Massachusetts, embezzled nearly $20,000 from its accounts.
According to The Associated Press, Carlos Schillaci is facing two counts of grand larceny over $250 due to the illegal activity he conducted while he was director of Hyde/Jackson Square Main Streets. Once the misappropriation within the organization's financial records was uncovered by theAP audit, Schillaci was suspended from his position.
After the investigation, which lasted for more than 15 months, was completed, it was revealed that Schillaci has embezzled approximately $19,490,reports The Boston Globe. Prosecutors allege that he managed to steal the funds by using Main Streets' debit card for unauthorized purchases, as well as writing fraudulent checks to himself from the organization's bank accounts. Investigators believe he then spent the money to pay for personal items.
Main Streets receives funding from the city of Boston and the National Trust Main Street Center, the news source states. The organization aims to improve local communities by enhancing storefronts and public spaces.
Karl Andersson has devoted his career to helping organizations improve their business processes. For 15 years, he has worked with multitudes of Fortune 500+ companies as the CEO of Technology Insight. Before this, he spent 10 years working in the audit and consulting sectors, which included large international projects in both Europe and Asia.
Karl brings a combination of industry expertise and real-world experience. The diversity of his clients has allowed him to understand a variety of industries, and the unique challenges that each of them face.