Kimber loses $10 million to embezzling CFO

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johnbt

New member
I just saw this on rec.guns.

http://story.news.yahoo.com/news?tmpl=story&cid=573&ncid=757&e=6&u=/nm/20041210/od_nm/odd_theft_dc

JT
_________

Following in Mom's Footsteps, All the Way to Jail?

Fri Dec 10, 9:33 AM ET Oddly Enough - Reuters


PHILADELPHIA (Reuters) - U.S. federal prosecutors charged a man on Thursday with embezzling more than $10 million from a company where he was chief financial officer, one year after his bookkeeper mother was convicted of stealing $1.3 million from a synagogue.

Denis Schusterman was accused of siphoning money from Kimber Manufacturing, a firearms company in Yonkers, New York, to his own bank account, according to U.S. Attorney Patrick Meehan of the eastern district of Pennsylvania.

His mother Betty Schusterman is serving a 51-month federal prison sentence in Danbury, Connecticut, after being convicted last year of participating in the theft from Temple Sinai in Dresher, Pennsylvania, between 1991 and 2000.

Denis Schusterman, formerly of Fort Washington, Pennsylvania, used the money to produce three movies, start a financial services firm, and purchase a $2.2 million home in California, the prosecutor said.
 
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Don Gwinn

Staff Emeritus
Unreal!

This brings up an interesting issue. Your CFO's mom gets busted stealing from a synagogue, of all things--millions of dollars. Do you fire the CFO? Do you feel awful for suspecting him? Do you continue paying him and slowly cut off his access to funds and key records?

You know this question had to cross some minds at Kimber, and in hindsight we'd all say "fire him," but how easy would that be to do?
 
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PhotoRecon

New member
The actual loss, if there is one, should be mitigated by their bonding company and how much, if any, they can seize from his personal assets.
 
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larryf1952

New member
The thing that always amazes me about crimes like this, is how in the world anybody could ever think that they could steal that much money without someone finding out about it. $100, maybe. $10 million...no way. That kind of money doesn't just vanish into the mist. I don't know how the guy was ever able to sleep a wink. :confused:
 
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Phil Ca

New member
i did a search on the utterlu terrible films that DS produced and I cannot see why he stole that much money. The budget could not have been too high for that type of flick.

Hope Kimber had insurance since the former CEO spent "lavishly" according to the news blurb.
 
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gudel

New member
Now that they've plugged the dyke (dike?), they ought to be able to lower their prices.
Click to expand...

Actually, they should now raise prices to cover the $10 mil hole in their bank :) really doubt they're gonna get those whole 10mil back from that dude.
 
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