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Wednesday, December 30, 2015

Bradford woman accused of taking over $270K from employer

By RUTH BOGDAN Era Reporter r.bogdan@bradfordera.com
Bradford Era

A Bradford woman is accused of stealing hundreds of thousands of dollars over a period of 10 years from her employer, Worth W. Smith Hardware.

According to court records, Laurie A. Recny, 36, of 52 Amm St., took $273,118.09 between Jan. 1, 2006, and Sept. 1, 2015, by making cash voids on the register, then pocketing the money. Read more...

15 comments :

Anonymous said...

A trusted employee stealing from her boss for over 10 years and it took that long to catch her? Please tell me who your accountant is because if he can't tell you your missing over $27K annually for 10 years he's the one that ought to be going to jail.

Anonymous said...

Wow I second that. That's a substantial amount of loss for a small business. Instantly highlights the possibility that the bookkeeper may have been involved. If not, I would seriously challenge their intelligence and for sure fire him/ her.

Anonymous said...

This just shows how much money a hardware store makes and how easy they are to operate. Think about it, the owner buys a nut for 3cents and sells it for 10, a hot watertank for $100 and sells for $400, a lawn mower for $65 and sells for $200, garden hose for $5 and sell for $15, and on and on...... No worry about it going out of style (like clothing), or expiring (like food), or going out of popularity (like electronics). When was the last time a primitive screwdriver, shovel, can of paint or whatever didn't work?
Sounds like this place made so much money they didn't miss $27K a year. But they were too aloof (to be nice) to notice for years.
If there is no competition from a Lowes or Home Depot in the area , anyone could run one. And make a fortune. And if your store is an ACE Hardware or True Value the corporation does it all for you.
But I love that store..

Anonymous said...

I agree with the other commenters. I would have to say that they should be taking inventory of their entire stock annually or semi-annually. I'm willing to bet they weren't doing that and that's how it went unnoticed for so long. Also, even though they went back and counted all the voids, how were they able to distinguish which ones were legitimate from those that weren't? Maybe there were others involved as well. A good attorney is going to eat them alive in court and she won't be held accountable for most of that money. The burden of proof is on the store. I'm not condoning what she did, but the store has to share some of the blame for not keeping track of their inventory. Why would you allow an employee to process a void without the signature of a store manager? No way to run a business and the writer at 6:55 is correct about price mark-ups and lack of competition. I like the store, but they have a lot of cleaning up to do themselves.

Anonymous said...

Really, are you people that are condemning businesses for making a profit and the jobs that they provide serious? Since when has Smith hardware been without competition? Have any of you ever been a business owner? Oh that's right, business owners are wealthy greedy people out to screw you and their employees.

Anonymous said...

In response to 9:19...The condemnation is not for making a profit, it's for, in my opinion, the apparent incompetence of the business owners and their managers to conduct the business properly. With the right fail-safe procedures in place, this sort of thing rarely happens. How many times do you hear about this sort of thing happening at Walmart? Smith hardware has competition, but when reports like this surface, the perception is gross mismanagement when they somehow overlook $27K missing annually for 10 years and still have enough free-flowing cash to purchase the beer distributor building next door. The point is...not only did they embarrassed the employee for her stupidity, they also embarrassed themselves as well. All in all, lessons learned.

Anonymous said...

To 9:19 yes I condemn a business that doesn't know it's losing $27K annually. Was the woman wrong? sure she was and she'll pay for it. But come on man you got to admit not noticing that much money being stolen for 10 years......

Anonymous said...

I have to agree with most of the points made here in the comments, but people just don't realize the cost of running or owning a business. Workman compensation, one half of the social security payments, unemployment compensation, property tax, school tax, utilities and on and on. Yes, the mark ups on some things may be large, but on the other hand some items are at or just above cost. And yes, they do also carry items with outdates, pool chemicals, insectacides, fertilizers and so on ...
Some people need to think before they jump down an owners throat assuming that they are rich and greedy. And aren't they entitled to make a good living? It is their investment and risk ... Think people!

John Q Public said...

Heckl...our government steals trillions from us and nobody prosecutes them...

Anonymous said...

yea it is to bad that the owners are good people that treat there employees with respect and do business the old way on honesty and trust. it is such a shock that this lady is a thief and but yet it is someone else fault, come on people wake up. and they have no competition you say, hello grab your shoulders and pull they have a lot of competition.

Anonymous said...

I agree with the "not keepin track" comments, but as a business owner I can clearly see you guys have NO IDEA what it cost to operate a business. Taxes,Insurance, unemployment, comp, up keep, overhead, baby sitting employees, utilites, fuel, maintenance, oh and did I mention taxes ;). Heck I pay more to uncle Sam in one year then most people make in a year. Being business is fun, you only have to work half a day, you just have to decide which 12 hours to work. But yes I agree, that's a lot of money to come up missing.

Anonymous said...

I agree with John Q Public

Anonymous said...

What does the cost of doing business have to do with not keeping track of your inventory or putting fail-safe procedures in place to stop employee theft? In fact, those commenters who make this argument only strengthen the point of the ones who claim mismanagement. With all those other expenses that a business has to incur, why wouldn't the owners be watching every penny that flows through their business? The girl is definitely wrong for stealing, but on the other side of the coin is the fact that Worth needs to clean up their act as well. It doesn't take a rocket-scientist to know that you have to count your inventory and compare it to the sales receipts to make sure nothing's missing.

Anonymous said...

Hey John Q Public... It's not considered stealing when you first make it a law that you can take the money! : ) Hey... Maybe the Federal Reserve is hiring! All you have to do is just print money out of thin air when you need it. No stealing there. : )

Anonymous said...

Here's the problem we only read a 1 sided story here and that's what the paper prints no one knows what her story is