Great documentary on Netflix explains how one public official in Dixon, Illinois stole $53 million over 20 years. The scary part it, she might have gotten away with it.
The accounts were audited by a top 10 accounting firm who settled for $35 million.
The bank involved, 5th/3rd got away with settling for only $4 million.
Of course, the attorney continued to bilk the Village of Dixon for $10 million in legal fees to recoup $40 million.
One day, while the embezzler was gone from her desk, someone asked a simple question about an accounting discrepancy.
That’s when the “secret account” of horse owner Rita was discovered when she transferred millions every year to her own custody and control for purchases like clothes, jewelry, horses (of course), spa trips, vacations, etc.
The scary part is that many smaller towns and villages across the US could fall into the same trap because there is no unified system in the US for municipal accounting that will catch missing taxpayer money.
Apparently, many auditors are asleep at the calculator or computer and the banks, it turns out, just don’t care about taxpayer money.
Recently I subpoenaed both the State of Illinois and the Cook County Treauurers for exactly how much court deposit money they take in each month, and how much they pay out, plus how much interest is made on those funds and where are they held.
All I got back is a bunch of meaningless gibberish.
Anyone else have the same problem. Is there a Dixon problem in Cook County?
I guess i Have to send in some FOIAs.