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Lit agency's bookkeeper charged with embezzling millions

Started by AnneB, May 30, 2018, 08:31 PM

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AnneB

Donadio & Olson is the agency involved.  As far as I can tell, they no longer represent kidlit genres.
https://nypost.com/2018/05/26/accountant-embezzled-3-4m-from-famed-literary-agency/










David Wright

When initially, the only source I could find for this story is the NY Post, I was hesitant to totally believe it. Even the publisher's marketplace link only reference the NY Post.

AnneB



217mom

Well, I suppose the good news was that there were millions to be had (i.e. embezzled...) Some of us work for years never seeing much $  :crazy
The bad news is that it's all bad. I wonder how it took the agency that long to see that something was off.
OY. :twitch
THE VOICE OF THUNDER, WiDo Publishing
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Limama

Dragon Roar, MacLaren-Cochrane (pub date TBA)
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Twitter @pjmcilvaine

christripp

How shockingly stupid this accountant was, to think he could take an entire advance and not be caught... that the Author would not NOTICE they were never paid it? Most crooks skim small amounts from various cheques, in order to try and go undetected. He must of intended to use it and then put it back at some point, so as not to get caught (while stalling the Author) Then realized there was no way to replace it in time to go undetected.
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andracill

Robin
Unspun: A Collection of Tattered Fairy Tales: https://www.amazon.com/dp/B07BSR6CPJ/

Tori

It is so very sad for all the authors who counted on the agency to have their best interests at heart.  A large accounting firm, such as Ernst & Young, etc., would at least have checks on that sort of occurrence. 

Hoping for a satisfactory resolution....

Aloha,
Tori :palmtree :pizza
PB CALVIN'S LAST WORD, Tilbury House 2020
PB LITTLE CALABASH, Island Heritage 2020
YA SECRETS IN TRANSLATION, Fitzroy, 2018
and 28 more
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Ree

This is interesting. I'd be curious to know if there are industry standards that agencies belong to, and or, have to comply with. If there are specific standards, then an accounting firm would have performed an audit before issuing a financial statement.

Ree
www.reeaugustine.com
HANGABOUT, FAR FROM HOME, Orange Blossom Publishing, August 2023.


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