Mar 26

Print this Post

Quarter theft stacks up

A New Jersey man recently entered a guilty plea for his ongoing theft of quarters derived from parking meters.  The individual, who had access to the room where the parking meter change was kept, took “handfuls” of change on a regular basis over approximately two years.  At the end of the period, the theft had reached almost half a million dollars.

Time  reports that  “the coins he took over two years amounted to more than half of Ridgewood’s total annual collection from parking meters“.  That this occurred for this period of time and with this impact on what should be a somewhat predictable revenue stream demonstrates a likely lack of internal controls.

Time also reports that this individual will avoid jail time and will only have to repay the amounts taken.

About the author

Renee Howdeshell

Renee Howdeshell is a founding member of Fulcrum Inquiry, an accounting, finance and economic consulting firm that performs damage analyses for commercial litigation, forensic accountings, royalty & distribution audits, financial investigations, and business valuations. Ms. Howdeshell holds a degree in Finance and Marketing from the University of Virginia's McIntire School of Commerce and is a Certified Public Accountant (CPA) and a Certified Fraud Examiner (CFE). She has testified as an expert witness in federal court, CA state court and arbitration regarding the results of her work. She can be reached at (213) 787-4112 and her resume is available at www.fulcrum.com.

Permanent link to this article: http://betweenthenumbers.net/2014/03/quarter-theft-stacks-up/

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>