Woodruff Arts: $1.48M Embezzled by Ex-Employee

1:24 PM, Nov 27, 2012   |    comments
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ATLANTA -- The Woodruff Arts Center announced Tuesday morning that a former employee had embezzeled $1.48 million over five years.

"An individual was able to find a weakness in our internal controls," Woodruff Arts Center Board Chair Larry Gellerstedt, III said. "No one here knew any of this was going on."

"It's appaling that this has happened," he added. "This is very serious."

The Woodruff has brought in external finance experts and handed information over to the U.S. Attorney.

"We believe the person acted alone and submitted fraudulent invoices for payment," Gellerstedt said.

Despite the fraud, he expressed confidence in the overall accounting process at the Woodruff. "We think we have very good people and processes in place."

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