How come they never noticed the money going missing

This would be good for AH

http://www.thejournal.ie/siobhan-maguire-personal-assistant-sentence-stealing-from-employer-3665515-Oct2017/?utm_source=facebook_short

What I want to know how come her employers didn't notice that over a million euro was missing. How could any bussiness not miss a million euros.

diomed

All sorted

Judge Patricia Ryan noted testimonials and letters handed in from family and friends.

Hammer89

Four years is a bit of a slap on the wrist if we're honest.

So are there lots of business in Ireland with a million or so hanging around that they wouldn't miss.

valoren

Happened over 14 years so wasn't a big bang. Presumably she was in charge of admin and the directors just didn't bother combing through bank statements as a matter of course. If she was there 14 years then there was a trust built up which they entrusted her with.

ziggy

This post has been deleted.

SEPT 23 1989

My accountant wants to know where every euro goes

how did their accountants miss 1 million?

BorneTobyWilde

People she stole it from were sound about it . They wanted nothing more than a ''sorry''

joe stodge

mariaalice wrote: »

What I want to know how come her employers didn't notice that over a million euro was missing. How could any bussiness not miss a million euros.

they were too busy eating crisp sandwiches.

Are Am Eye

I wonder was this put down as owner taking money out of business. As owners pa she could have represented it as that to accounts. The owners may have been in the habit of doing this anyway. As valoren says drip drip effect, small amounts.

iamwhoiam

I have no problem with her 4 year sentence but 4 years for stealing money and 2 and 1/2 years for abusing a child ?? That makes no sense at all to me

alchemist33

Funny how "genuine remorse" only comes after the guilty party is caught.

diomed

Nobody mentioned U2?

i71jskz5xu42pb

mariaalice wrote: »

What I want to know how come her employers didn't notice that over a million euro was missing. How could any bussiness not miss a million euros.

€1,187,616 of 660 cheques over 14 years.
Average cheque of €1,800, around 1 every week for 14 years.

These guys must have been pulling in a fair amount of coin not to miss it.

SEPT 23 1989 wrote: »

My accountant wants to know where every euro goes

That's money you spend. In her case the money was never making it into the account in the first place. Assume they didn't have a great system for tracking invoices and the accountants we're just looking at the bank balance as revenue.
Pretty sloppy all the same.

seamus

660 cheques over 14 years. Average €1,960 per cheque, ~47 cheques per year, approx. €92,000 a year.

She was an assistant to two professionals, who perhaps were not in a partnership, so she was taking around €46k per year off each of them.

Many professional businesspeople are surprisingly bad with money. They don't bother watching their account for incomings and outgoings, just move what they need into a personal account and let someone else look after the company money bit.

And initially it was probably only a little bit here and there. She'd find out ways to hide it - a cheque for €200 doesn't get lodged and he doesn't notice. And she does that a couple of times. Then she starts writing off small amounts in the books as customer discounts, and lodging the cheques for herself.

Over time, she discovers ways to hide it - she doesn't put any invoices through the books until they're paid. When a cheque goes into her account, that invoice doesn't even hit the books, so nobody even knows what was paid. Or the invoice put on file is different to what the customer received, so the customer was charged €10k instead of €15k. The books balance and that last €5k to settle the account can be quietly taken away.

When a single individual is in complete control, it's relatively easy to cover your tracks.

Another trick is to exploit a boss's weaknesses and trick an accountant to conspire with you. So if a boss is a known gambler, boozer or womanizer, you have a quiet chat with the accountant about how that money went into your employer's "other account", and the accountant then helps cover that up in the annual return. The employer may be spending too much, but you're also skimming off the top.

porsche boy

seamus wrote:

Over time, she discovers ways to hide it - she doesn't put any invoices through the books until they're paid. When a cheque goes into her account, that invoice doesn't even hit the books, so nobody even knows what was paid. Or the invoice put on file is different to what the customer received, so the customer was charged €10k instead of €15k. The books balance and that last €5k to settle the account can be quietly taken away.

*makes notes....

theteal

Oh she was dogged by "mortification" by the whole scheme.

It must be a relief now that she's turned herself in. . . .





Pull the other one, love!

meeeeh

It would be fairly easy to do, especially if business is profitable and not strapped for cash. As for accountants, I dealt with good ones and almost negligent ones. It's not impossible to hide that much money.

.red.

300k not paid back by the banks insurance and the companies are OK with that as shed have to sell her home! That seems strange. If it were my company I'd want all my money back and want her flogged on the street!

As someone else pointed out tho, Its a sad country we live in when paedos get less jail time than thieves!

I would say it was a small business some sort of profession services, they felt sorry for her and just wanted the issue dealt with with as little fuss as possible I could see that, its a lot of money though.

A lot of these cases seem to involve woman who are left to pay a morgue or bring up a family on their own because the partner has fecked off and is not making any contribution.

It a prime cause of mortgage arrears.

iamwhoiam

mariaalice wrote: »

I would say it was a small business some sort of profession services, they felt sorry for her and just wanted the issue dealt with with as little fuss as possible I could see that, its a lot of money though.

A lot of these cases seem to involve woman who are left to pay a morgue or bring up a family on their own because the partner has fecked off and is not making any contribution.

It a prime cause of mortgage arrears.

€1.8 million ! Thats not a petty mortgage arrears case

Billy86

SEPT 23 1989 wrote: »

My accountant wants to know where every euro goes

how did their accountants miss 1 million?

Happened to Adam Clayton too... twice... by the same person/PA!

She got 7 years for €2.8mn - https://www.independent.ie/irish-news/courts/adam-claytons-former-pa-carol-hawkins-loses-theft-appeal-from-u2-star-30701972.html

Outlaw Pete

mariaalice wrote: »

How come they never noticed the money going missing?

She might also have been responsible for debt recovery too and if a client phoned up and said they had received a letter asking for money but sure they already paid, she perhaps was in a position to just apologize and then instruct the debt collectors that the money had been paid. The accounts would then balance given that it would appear as if they had not been paid once they had proof they had tried to recover money from those clients.

Skylinehead

ziggy wrote: »

This post has been deleted.

He actually got off comparatively lightly, 1.6m = 2 years (6 originally, but reduced)

McCrack

The article suggests the employers were two "professionals" on Church Street...which is beside the Four Courts.

I get how that kind of money can go unnoticed!!

Gyalist

"Two professional people at offices in Church Street, Dublin" are, on the balance of probabilities, most likely to be barristers/solicitors.

Are Am Eye

I wouldn't be surprised if they were solicitors.

BorneTobyWilde

meeeeh

mariaalice wrote: »

I would say it was a small business some sort of profession services, they felt sorry for her and just wanted the issue dealt with with as little fuss as possible I could see that, its a lot of money though.

A lot of these cases seem to involve woman who are left to pay a morgue or bring up a family on their own because the partner has fecked off and is not making any contribution.

It a prime cause of mortgage arrears.

It seems she didn't even try to get money from ex husband/partner who is paying for the house now. She stayed in the same position and did not try address her lack of funds by talking to ex or finding different job, renegotiating with the bank or selling the house and moving somewhere else. Instead she kept stealing from her employers. She is no victim of circumstances.

meeeeh

meeeeh wrote: »

It seems she didn't even try to get money from ex husband/partner who is paying for the house now. She stayed in the same position and did not try address her lack of funds by talking to ex or finding different job, renegotiating with the bank or selling the house and moving somewhere else. Instead she kept stealing from her employers. She is no victim of circumstances.

I am not saying its an excuse she is fully responsibly for what she did, however there are a lot of cases where the motivation for women is mortgage arrears/proving for a family.

McCrack

McCrack wrote: »

The article suggests the employers were two "professionals" on Church Street...which is beside the Four Courts.

I get how that kind of money can go unnoticed!!

My thoughts precisely.

diomed

mariaalice wrote: »

I am not saying its an excuse she is fully responsibly for what she did, however there are a lot of cases where the motivation for women is mortgage arrears/proving for a family.

"The total theft involved amounted to €1,187,616"
"she “dissipated” the money over the years paying her mortgage, going on holidays and supporting her children."
"Oisin Clarke BL, defending, told Judge Ryan today the family home had gone into arrears after Maguire was let go from her job but that her ex-partner is now paying for the house."

She stole almost €1.2 million over a 14 year period but she didn't clear the mortgage.

diomed

diomed wrote: »

"The total theft involved amounted to €1,187,616"
"she “dissipated” the money over the years paying her mortgage, going on holidays and supporting her children."
"Oisin Clarke BL, defending, told Judge Ryan today the family home had gone into arrears after Maguire was let go from her job but that her ex-partner is now paying for the house."

She stole almost €1.2 million over a 14 year period but she didn't clear the mortgage.

Clearly there was a lot more going on in this case and it is odd how her ex partner is only paying for the house now after she was charged.

Its the usuly reason of motive means and opportunity its a lot of money nearly an extra 80k a year on top of her normal income what on earth could she have been spending it on and did her family and friends not notice anything strange about the extra money she had.

For Forks Sake

mariaalice wrote: »

Clearly there was a lot more going on in this case and it is odd how her ex partner is only paying for the house now after she was charged.

Its the usuly reason of motive means and opportunity its a lot of money nearly an extra 80k a year on top of her normal income what on earth could she have been spending it on and did her family and friends not notice anything strange about the extra money she had.

Quick look on streetview of the address shows a nice, but not spectacular area.

Littlehorny

4 year sentence, how much of that will she actually serve? 2 maybe 2 and a half. Who says crime doesn't pay?

mariaalice

mariaalice wrote: »

Its the usuly reason of motive means and opportunity its a lot of money nearly an extra 80k a year on top of her normal income what on earth could she have been spending it on and did her family and friends not notice anything strange about the extra money she had.

It feels like we're not quite getting the full story here doesnt it.

We'll never know anyways.

McCrack

Littlehorny wrote: »

4 year sentence, how much of that will she actually serve? 2 maybe 2 and a half. Who says crime doesn't pay?

Shes destroyed

It doesn't really pay, might pay at the time but if it catches up...

donegaLroad

mariaalice wrote: »

This would be good for AH

http://www.thejournal.ie/siobhan-maguire-personal-assistant-sentence-stealing-from-employer-3665515-Oct2017/?utm_source=facebook_short

What I want to know how come her employers didn't notice that over a million euro was missing. How could any bussiness not miss a million euros.

what about 9 Trillion dollars

https://www.youtube.com/watch?v=1QK4bblyfsc