What Is Lee's Employee Embezzlement?

From September 2002 to 2007, John Y. Lee embezzled funds from Samsung America in New Jersey by creating a fictitious entity called the Engelhard Supple Corporation, and he tried to make it appear as though the transactions which Lee created went through the Engelhard Supple Co. The entity was actually company called Engelhard Corp, which provides metal refining services. Furthermore, the Samsung Corporation and Corning Incorporated were also involved in this case. Lee made many false financial documents to make it appear on the transactions of Samsung Corning Precision Glass Ltd., and ordered services from Engelhard which were not real. Moreover, he controlled a bank account from Samsung America, which the money would directly through into it. The company’s loss was between $1 million and $2.5 million. Moreover, Lee failed to include $339,138 he had embezzled from Samsung America in 2006 when signing and filing Individual Income Tax Return. Consequently, Lee was punished with 75 months in prison, three years of supervised release and needed to pay money to Samsung America Inc. of $1,693,271 on June 29, 2016.

Lee committed an employee embezzlement by using the benefits and power of his position to steal the money. He created the fictitious company to make the unreal order transactions and make the money directly through into the Engelhard Supple Co.’s account which he actually controlled, and these transactions included false invoices, purchase orders and payment applications. In order to conceal the fraud, Lee make an incorrect balance sheet for Samsung Corning Precision Co. Ltd. which included a payable of $811,654.29 to Engelhard Supple Co. which was the Lee’s fictitious company. Furthermore, Lee used the fake signature of H.K. the person who was in charge of reporting Samsung Corning Precision Co. Ltd.’s balance