By the staff of the Daily Post
An employee of Rangoon Ruby and Burma Ruby restaurants in Palo Alto has been charged with embezzling $ 200,000 and using part of the money to buy a Porsche, the Santa County District Attorney said today (October 6) Clara.
Jennifer Colvin, 40, worked for Rangoon Ruby Investments LLC and Burma Ruby Investments LLC in Palo Alto as Director of Human Resources, Payroll and Risk Management. Colvin, who was in charge of payroll, allegedly increased his monthly salary and paid himself bonuses without authorization.
Colvin reportedly hijacked restaurants between February 2019 and October 2020. Rangoon owner Ruby and Burma Ruby detected the fraud in November 2020 after finding accounting discrepancies.
Among other thefts, Colvin had given himself some bonuses of $ 15,000.
Investigators noted that the defendant made a payment of $ 65,000 for a Porsche.
“This theft occurred at the height of the pandemic, when local restaurants were already struggling,” District Attorney Jeff Rosen said in a statement. “Please develop strong checks and balances for your business. Trust but verify. Your livelihood depends on it.
Rangoon Ruby, at 445 Emerson St., specializes in “casual Burmese” dining with exotic tiki cocktails. Burma Ruby, 326 University Ave., is a Burma restaurant with a white tablecloth.
The prosecutor’s office suggests the following steps to prevent embezzlement:
- Establish dual authority so that oversight is integrated into financial management
(that is, the employee who takes care of the accounts is not the same employee who writes the checks).
- Run background checks for people who handle finances.
- Hire a CPA firm to sample transactions at regular intervals.
- If you have a business with a high amount of cash transactions, keep good records, exercise careful scrutiny and / or strict monitoring, and / or consider converting to a cashless business.
- When you discover that an employee has stolen, report it to the police immediately.