WHEN YOU JUST HAVE TO HAVE THE BLING!
I often point out, in writings and speeches, that small businesses really need to be on the lookout for employee theft and/or embezzlement. A recent case proves that large companies can also be victims as well. A former Hewlett-Packard executive pled guilty Wednesday to stealing nearly $5 million from the tech giant. She admitted to using company credit cards to buy luxury cars, designer bags and expensive jewelry.
Shelbee Szeto pled guilty to wire fraud, money laundering and filing false tax returns, and admitted in court that she used her position as an executive assistant and finance planning manager to defraud HP out of $4.8 million. Szeto was accused of using commercial credit cards to wire money to herself through various Square, Paypal and Stripe accounts.
As part of her position at HP, she was issued a variety of credit cards for business expenses and allegedly used an American Express card to transfer hundreds of thousands of dollars to false merchant accounts that she alone controlled.
Some of the items she ended up forfeiting in her plea deal include things such as a 2020 Tesla, a 2021 Porsche, Dior, Gucci, Hermes and Chanel bags and purses, and almost 100 pieces of assorted jewelry.
A bank employee with First Republic Bank actually questioned her about the source of all her stolen funds which she falsely represented to that employee that it was legitimate business income from her work as a "consultant".
The subject is scheduled for sentencing on July 20 of this year.
I constantly caution our clients that they need to always be vigilant when it comes to who in their companies/organizations have financial control in whatever form that takes. We're happy to answer any questions any Colorado company, or from any state for that matter, may have about safeguards to put in place so you don't become a victim of employee/theft embezzlement. Our professional private investigators cover the states of Florida, Colorado, New Mexico and South Carolina and are happy to discuss any potential case you may have.
Lee Walters
President
EXCALIBUR Private Investigation
Serving all of Florida, Colorado, New Mexico and South Carolina
About the author. R. Lee Walters is a retired FBI Agent with over 24 years of federal law enforcement experience. He has worked in the private investigation industry for 13+ years. Click here to learn more.
Shelbee Szeto pled guilty to wire fraud, money laundering and filing false tax returns, and admitted in court that she used her position as an executive assistant and finance planning manager to defraud HP out of $4.8 million. Szeto was accused of using commercial credit cards to wire money to herself through various Square, Paypal and Stripe accounts.
As part of her position at HP, she was issued a variety of credit cards for business expenses and allegedly used an American Express card to transfer hundreds of thousands of dollars to false merchant accounts that she alone controlled.
Some of the items she ended up forfeiting in her plea deal include things such as a 2020 Tesla, a 2021 Porsche, Dior, Gucci, Hermes and Chanel bags and purses, and almost 100 pieces of assorted jewelry.
A bank employee with First Republic Bank actually questioned her about the source of all her stolen funds which she falsely represented to that employee that it was legitimate business income from her work as a "consultant".
The subject is scheduled for sentencing on July 20 of this year.
I constantly caution our clients that they need to always be vigilant when it comes to who in their companies/organizations have financial control in whatever form that takes. We're happy to answer any questions any Colorado company, or from any state for that matter, may have about safeguards to put in place so you don't become a victim of employee/theft embezzlement. Our professional private investigators cover the states of Florida, Colorado, New Mexico and South Carolina and are happy to discuss any potential case you may have.
Lee Walters
President
EXCALIBUR Private Investigation
Serving all of Florida, Colorado, New Mexico and South Carolina
About the author. R. Lee Walters is a retired FBI Agent with over 24 years of federal law enforcement experience. He has worked in the private investigation industry for 13+ years. Click here to learn more.
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