HOUSTON - Harris County prosecutors say managers at Davis-Lynch, Inc. in Pearland implicitly trusted their accountant. Nancy Moreno is that accountant and investigators say her actions have fraud examiners still searching for stolen money.
Prosecutors say Moreno, 54, embezzled more than $13 million dollars from the oilfield supply company where she worked since 1997.
Moreno is accused of creating shell companies with family members, companies that would bill Davis-Lynch, Inc. for millions of dollars.
But investigators say Moreno did not act alone in her scheme; six other people have been arrested for theft and organized crime.
Wendy Baker, with the Harris County District Attorney's Office, says Moreno made it a family affair at Davis-Lynch, Inc. by hiring relatives in the accounting department to allegedly help her bilk the company out of millions of dollars.
Prosecutors say Moreno should serve as an example to small businesses out there. While you can trust an accountant and managers, always verify.
"They move right in they get close to everyone in the company especially smaller companies that are growing fast. They just allow them to steal all day," says Baker.
Moreno is charged with theft over $200,000 and remains in the Harris County jail.
Source: http://www.myfoxhouston.com/dpp/business/110608-davis-lynch-embezzlement
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