Tue 17 October 06 · Filed under Fraud Detection & Prevention
Andrew Bandy, a former property manager for Mallory Properties, has been indicted on federal charges related to embezzlement. Bandy is accused of embezzling over $240,000 from the real estate investment company.
According to the indictment, which was handed down last week by a federal grand jury, Bandy submitted false invoices for construction work never performed, and then deposited Mallory Properties checks related to those invoices deposited into a bank account he controlled. (i.e. He had a guy set up an account and give him control of the account.) The scheme was carried out from April 2003 through August 2005.
Tags: embezzlement, indictment, grand jury
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Judi wrote @ October 17th, 2006 at 10:20 pm
Tracy,
I worked in property management for several years. My former manager embezzeled over $280,000 from the retirement community where we worked. I always knew she lived beyond her means, but could never figure out how. Anyway, the you-know-what hit the fan, she was fired and a forensic accounting firm was brought in. After a year charges were pressed and she friggin’ won! (Small town, local girl, well known family, jury trial) It really upsets me to no end when I see these stories on the news where the clerk from 7-11 made off with $400 and was prosecuted and found guilty and my former friend/boss laughed all the way to the bank.
This took place in northern MI if you are curious at all.
Tracy wrote @ October 17th, 2006 at 10:45 pm
Amazing, isn’t it? The stories are so often the same. And the smaller organizations feel the pain of the theft so much more! Thanks for sharing your story!
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