Posts Tagged ‘embezzlement’

League President Accused of Stealing $800,000

Preventing volunteer theft

A North Texas soccer league is reeling after news broke regarding inside theft of club funds. Parents of the Solar Soccer Club players are alleging that the trusted former club president  stole hundreds of thousands of dollars, leaving them in the lurch financially. David Ringer is accused of siphoning more than $800,000 from them over the last five years, and was apparently the last man many of them would suspect.

A sports organization must implement procedures to protect against volunteer theft such as counter signatures on checks, bank statement reconciliation by someone not authorized to deposit or withdraw, and an annual financial audit by the board. For more information on reducing the risk of volunteer theft, see our article Crime Insurance for Sports & Recreation Organizations.

Below is yet another example of volunteer theft in youth sports.

Source: Brett Shipp, WFAA, April 9, 2011.