Property Manager Sued for Embezelement

Evelyn Collazo, an ex-employee for Sterling Bays Cos., was sued for allegedly stealing $150,000 from the property management company.  The suit explains that while Ms. Collazo was overseeing the the property of 300 W. Adams Street in Chicago, she falsified invoices for company purchases.  The allegations continue to assert that personal expenses were charged by Collazo, which she kept hidden through altering the  invoices and removing various documents from the records.

This set of facts – while not proven in this case, yet – do outline a very common tactic of embezzlers, explains  Theft of company funds by employees or contractors can be very hard to detect, but can consume large amounts of a firm’s working capital. Contact us to discuss best practices and insurance options for employee theft insurance and fidelity bonds.