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Business North - The Daily Briefing - Business Newspaper Online
Woman charged with theft of $702,000 from business
A woman from southern Ashland County has been charged with mail fraud, wire fraud and filing false income tax returns in connection with thefts totaling $702,000 that authorities say occurred during her employment with Lakewoods Inc. of Cable.
Lori Hall, 49, of Glidden, Wis., is accused of devising and participating in a scheme to defraud Lakewoods from January 2006 to January 2012. Lakewoods, Inc. operates Lakewoods Resort and serves as a management company for Lakewoods Villages Homeowners Association (LVHA) and Forest Ridges Homeowners Association (FRHA).
An indictment alleges that Hall, while working as chief financial officer:
• Embezzled funds by presenting checks for signature with incorrect invoices.
• Altered the payee line on checks after they had been signed.
• Procured an unauthorized signature stamp in the name of one of the corporate managers and used it to sign checks she prepared payable to herself.
The indictment contends she used the embezzled funds for her own personal purposes, including gambling activities and vacation trips to Mexico and the Caribbean.
Hall is also charged with filing false U.S. individual income tax returns for calendar years 2007, 2008, 2009, 2010, and 2011, which under-reported her adjusted gross income.
According to a news release from U.S. Attorney John W. Vaudreuil, the indictment also seeks the forfeiture of any property derived from proceeds obtained directly or indirectly as a result of the alleged crimes.
If convicted, Hall faces a maximum penalty of 30 years in federal prison on each fraud count, and a maximum penalty of three years in federal prison on each tax count.
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