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Bookkeeper accused of embezzling $10M, #266

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Twistendo

Posted: Mar 8 2009, 08:07 AM

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QUOTE

VISTA, Calif. (AP) -- A former bookkeeper embezzled $9.9 million, forcing her company to make layoffs as she bought 400 pairs of shoes that she kept in a room-sized closet decorated with a crystal chandelier and a plasma television, authorities claim.

Annette Yeomans, 51, surrendered at the Vista jail on Friday and was booked for investigation of grand theft and embezzlement. She was being held Saturday at the San Diego County jail in lieu of $10 million bail.

It was not immediately clear whether she had an attorney.

Authorities allege that Yeomans embezzled the money from 2001 to 2007 while she was chief financial officer for Quality Woodworks, Inc., a cabinetry business in San Marcos.

She spent at least $240,000 on 400 pairs of shoes, $300,000 on designer clothing and 160 purses valued at $2,000 each, investigators allege. She also remodeled a bedroom into a closet with the chandelier and a 32-inch TV, they said.

"On a weekly basis Yeomans would spend $25,000 on her credit card and then pay off the balance the following Monday with company funds," said Sgt. Mark Varnau of the sheriff's Financial Crimes Unit.

The losses went unnoticed and the company never hired an outside auditor to check the books because she had a trusted position, Varnau said. Meanwhile, he said, the company was forced to lay off workers and restructure operations because of the losses.

An investigation began after American Express notified the company in February 2008 that one of its checks had been used to make a payment on Yeomans' account, Varnau said.

Yeomans was fired last year and agreed to turn over her assets to the company, which has recovered about $2 million from the sale of her home, some cars and other property, Varnau said.

Her husband was a cabinet installer at Quality Woodworks but was not suspected of any crime, Varnau said.

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Hippoman

Posted: Mar 8 2009, 08:15 AM

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She spent it on crap!

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Fiddy Three	Posted: Mar 8 2009, 08:59 AM
KFC Badge: +1 Time Leap Group: Members Posts: 2252 Member No.: 2253 Joined: 27-June 06 Status: (0d)	She sure knows how to keep a low profile. -------------------- Wii Code - 2511-2111-5437-0505 PlayStation Network ID - FiddyThree Sexy Images of Myself: Me, Me, Yuikiko, FISHY PUNCH, Demon Lemon, Mr. M, Demon Lemon Nicholas Ainsworth

FluddFan	Posted: Mar 8 2009, 12:09 PM
Regular Group: Members Posts: 192 Member No.: 4524 Joined: 1-October 07 Status: (0d)	I don't get how the company didn't notice they were losing $25,000 each week. -------------------- Credit to Medri Fogmatio for the FLUDD avatar. I've got a new project! But you'll have to wait to find out what it is... MLSG is dead. ~~MLSG Topic~~ \| Visit My Website