This story is so familiar. This is exactly how embezzlers work. I had the same thing happen recently. We are 18 months into the process of recovery. Richard H. Willoughby, the accused, embezzler is out there free because of the California justice system doesn’t have the time or money to prosecute.
Another sad tale of a business that failed to bond the employee(s) handling money. We read this over and over again as it happens to businesses and organizations that can ill afford the theft. Either it is left out or never asked: “Why didn’t you bond your employees? Why didn’t you purchase crime insurance?” I’ll bet they insured their property and liability exposures. Poor risk management practices like this are the norm.
And…. remembering to document the declination should the insured state “My/our employees will think I/we dodn’t trust them” and then have a huge amount taken. Those commercial checklists signed by the insured are priceless when stored in your E&O vault.
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Somebody need to track this swindling bitch down and extract a pound of flesh.
This story is so familiar. This is exactly how embezzlers work. I had the same thing happen recently. We are 18 months into the process of recovery. Richard H. Willoughby, the accused, embezzler is out there free because of the California justice system doesn’t have the time or money to prosecute.
Another sad tale of a business that failed to bond the employee(s) handling money. We read this over and over again as it happens to businesses and organizations that can ill afford the theft. Either it is left out or never asked: “Why didn’t you bond your employees? Why didn’t you purchase crime insurance?” I’ll bet they insured their property and liability exposures. Poor risk management practices like this are the norm.
So true! This is where an actively engaged agent can prove his/her worth in contrast to the order takers.
And…. remembering to document the declination should the insured state “My/our employees will think I/we dodn’t trust them” and then have a huge amount taken. Those commercial checklists signed by the insured are priceless when stored in your E&O vault.