Bra Stuffing Accountant makes off with Millions
UPDATE: Felony charges were filed Tuesday, October 8th against Judith Oakes. She is charged with eight counts of embezzlement by a public or private officer and eight counts of a public officer crime. She is charged with stealing 1.8M over the last 8 years. Although it's believed she embezzled more than 3.1M over the course of fourteen years - the statute of limitations has expired on prosecution for the remaining 1.3M.
CBS Local News radio KNX10.70 reported, on September 26, 2013, that 48-year old, Judith Oakes, accountant for the Riatto school system, had been caught on tape ‘stuffing her bra’ with cash from the school lunch money collections. Oakes reportedly may have beenembezzling for as long as 14 years with loss estimates as high as $3M.
How do crimes like this go on for so long without anyone knowing? Or are there people who know? Could this be collusion? 36% to 42% of fraud schemesinvolve two or more people. And when they conspire to circumvent established procedures, dollar losses are usually twice that of one person acting alone (ACFE resource page 43).
Both law and school officials are keeping quiet about the details leading up to Oakes arrest and the ongoing investigation. Although Oakes has been arrested and put on administrative leave, charges have not yet been filed.
This will be an interesting story to follow!