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Rita Crundwell Assetts

This is a discussion on Rita Crundwell Assetts within the Horses for Sale forums, part of the Horse Resources category
  • Rita crundwell

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    07-17-2012, 11:49 AM
  #41
Super Moderator
I think they trusted her....
smrobs likes this.
     
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    07-24-2012, 03:56 PM
  #42
Super Moderator
BREAKING NEWS: U.S. Marshals Name Horse Auctioneer - GoHorseShow.com
     
    07-24-2012, 04:05 PM
  #43
Showing
Quote:
Originally Posted by churumbeque    
He said it is a smaller community and it was a large portion of the budget. Now that city is destitute. Doesn't anyone know how to read a P/L statement in that town? Not sure how you wouldn't see some expenses that didn't make sense for the size of the town.
There are several answers to that.

One, she was the ONLY one who ever looked at a P&L, because they trusted her explicitly and she had backup for everything. It's easy enough to make up fake invoices for fake companies, and auditors are looking for major discrepancies, not trying to determine which customers are real.

Two, it was a one-person operation, so she was in total control of the AP, AR, vendor files, customer files, and the financial statements. The only reason she got caught was because she took a lot of time off, and the temp found something on a bank statement that looked hinky.

She got careless and arrogant. Probably thought because she'd gotten away with it for so long, that nobody would ever figure it out. She was wrong.
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    07-24-2012, 09:00 PM
  #44
Green Broke
Quote:
Originally Posted by Speed Racer    
There are several answers to that.

One, she was the ONLY one who ever looked at a P&L, because they trusted her explicitly and she had backup for everything. It's easy enough to make up fake invoices for fake companies, and auditors are looking for major discrepancies, not trying to determine which customers are real.

, so she was in total control of the AP, AR, vendor files, customer files, and the financial statements. The only reason she got caught was because she took a lot of time off, and the temp found something on a bank statement that looked hinky.

She got careless and arrogant. Probably thought because she'd gotten away with it for so long, that nobody would ever figure it out. She was wrong.
One, she was the ONLY one who ever looked at a P&L
That doesn't make sense that only 1 person would look at a P&L. You would have a mayor and council members that should be reviewing and that is how you set a budget for the next year.

Two, it was a one-person operation
If the operation was that small then it should have been more obvious that the expenses were so high. A small town can't have that large of a budget to spend that extra 53 million and not think something looked odd.
     
    07-24-2012, 09:04 PM
  #45
Green Broke
Rita Crundwell allegedly embezzled $30 million dollars from Dixon, Illinois | Washington Times Communities
This guy has the same sentiment that I do
     
    07-24-2012, 09:05 PM
  #46
Super Moderator
Quote:
Originally Posted by churumbeque    
One, she was the ONLY one who ever looked at a P&L
That doesn't make sense that only 1 person would look at a P&L. You would have a mayor and council members that should be reviewing and that is how you set a budget for the next year.

Two, it was a one-person operation
If the operation was that small then it should have been more obvious that the expenses were so high. A small town can't have that large of a budget to spend that extra 53 million and not think something looked odd.
Remember she did this over a 20 or 30 year time frame....
     

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