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My MIL's Coworker

A guy got fired from my mother-in-law's office a few months ago:

FBI: Escrow embezzlement could reach $1.5 million - Escrow News and Comment

Quote:

An administrator from Chicago Title and Trust was charged this week with embezzling thousands of dollars from an Escrow account, though federal authorities fear he may stolen more than $1.5 million over time.

FBI agents arrested Elvir Sinikovic at his Elk Grove Village home Wednesday morning. He was later charged with embezzlement of bank funds and was initially ordered held without bond before he was released today on a $100,000 secured bond by a federal judge.

Authorities said Sinikovic, 33, an escrow administrator with the Chicago Title and Trust Company, authorized a $50,000 wire transfer from an escrow account at his job to a bank account used to fund construction projects.

But authorities later determined that $40,000 of the money was expected to be converted into a cashier's check that would be given to Sinikovic's wife to buy real estate from the title company where Sinikovic worked. The remaining cash would be given directly to Sinikovic, authorities said.

While Sinikovic is only charged with one incident, authorities suspect he'd made more than 100 similar unauthorized transfers totaling more than $1.5 million.

If convicted, Sinikovic faces up to 30 years in prison. His wife hasn't been charged with any wrongdoing.

I do know a little bit more than is covered in the story that I won't go into. But I do know this guy lived in a million dollar house, had a boat, and drove an $80,000 BMW on a salary that couldn't support it. He claimed to be getting money from family in Europe...but it's far more likely that he'd been ripping off his employer for quite a while...

$1.5 million over time... If you steal that much money eventually someones going to notice.

Did he think it would never be discovered? If that's true he must be an idiot. :rolleyes:

million $ house, boat? you must be full of bs...

People don't steal money to put it in the bank, he should have donated it to the DNC. Never would have been caught and if he was he never would have been convicted. Either that or he should have spent the money on crack and whores.

Quote:

Originally Posted by sc_rufctr (Post 5954654)

$1.5 million over time... If you steal that much money eventually someones going to notice.

Did he think it would never be discovered? If that's true he must be an idiot. :rolleyes:

My questions as well... who in the world was asleep at the helm?

My wife is an accountant and a few years back she found evidence that someone in her department had been skimming the petty cash deposits. It was covered up pretty well and took some serious digging for months by a pro to find out what was happening.
Eventually she figured out what was going on and went to the bosses with it.

Long story longer, one of her co-workers was busted.
They're not sure how much she got but it was well over $250k. It took almost 2 years until it went to court and she pea-bargained and eventually did about 6 months.
She's supposed to pay restitution but she isn't and prolly never will.

It was prolly closer to $400k, for 6 months jail time. No wonder crooks are crooks.
They obviously have gotten past that whole "conscience" thing.

Bottom line, corporate finance systems are complicated animals that speak a different language. unless you are a trained accountant you prolly can't make heads or tails of the system and even then most accountants are only familiar with a portion of the system, not the whole mess.

I am forced to get involved with our finance department more than I would like, and it makes a person's head swim to learn about the convoluted, complicated cluster-flop it all is.
The advent and use of SAP made it all so much worse, I swear SAP is one of the largest threats to corporate America, right behind the democrats.

And why is it so complicated? Because of excessive gubmint laws and regulation of course.
In an attempt to make corporate finances more safe and secure and legal, they made them so complicated it's actually easier for an insider to steal.
It's not like the gubmint to try and make things better but actually make them worse ..................

Quote:

Originally Posted by legion (Post 5954483)

I do know a little bit more than is covered in the story that I won't go into.

And if you're not quiet, you will be a witness at the trial. That don't pay too good.

No, I have no first-hand knowledge. I only know what my MIL has told me. She will probably be called to testify.

Its funny you say his income did not justify his life style: My neighbors cant figure out how I have 2 Porsches, new Accord an airplane and a paid off house on what I do for a living. But then I don't take cruises, vacations and borrow money to do it like they do :rolleyes: