A Jacksonville, Florida employee has been indicted for stealing nearly $22 million of the Jacksonville Jaguars’ funds for personal luxuries. 42 year-old Annscene Etienne, who worked as a finance manager in the team office from 2009 to 2015, is accused of carrying out one of the largest corporate thefts in the city’s history.
Etienne is accused of writing and cashing a total of 207 checks between 2010 and 2014, using company funds to finance a life of luxury purchases and services. She allegedly wrote checks to herself, as well as to offshore companies and friends for things such as cars, vacations, jewelry, home renovations, and a private school tuition.
The Jacksonville business community is in shock over the news, and many corporations are already beginning to review their own internal processes to make sure similar fraud cannot take place in their businesses.
The Jaguars, however, have already taken corrective action. They have appointed a new Director of Internal Audit, and have increased measures to oversee payments of funds coming out of the organization. This includes cost controls, improved purchase order management, and companywide training and education on safeguarding corporate funds and assets.
Etienne has been charged with fraud and grand larceny charges and faces up to 25 years in prison. The Jaguars have already taken legal action against Etienne, seeking to recoup the funds she allegedly stole from them.
Etienne’s case is a lesson to other businesses to be aware of potential fraud risks and implement strong internal audit procedures. The Jaguars are a prime example of a company that took action immediately upon learning of the theft, in an effort to protect themselves from further losses.