Michael Margulies, a former partner at the Minneapolis law firm Lindquist & Vennum has pleaded guilty to mail fraud, admitting in court that he had embezzled $2.5 million from the firm and its clients. He could face up to 20 years in prison.
An FBI investigation uncovered Margulies’ scheme in early 2010. He used false documentation, including fraudulent expense reports and invoices, as well as forged checks, to siphon more than $2 million from firm and client funds between 1994 and 2010.
Note: Do you have procedures in place to catch thievery early on? No employee, no matter how trusted, should have sole access to accounts or sole signature authority on checks.