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CFO Robs Mortgage Company

Intermountain Mortgage lays off employees

February 23, 2007


photo of Patrick Crowley
The misappropriation of company funds by the former chief financial officer of a Montana mortgage company has resulted in layoffs.

Intermountain Mortgage Co. CEO and President Steve Redinger told MortgageDaily.com that the company's former chief financial officer has admitted to stealing the money over a period of four to five years.

Redinger would not identify the woman, who had worked for 20-year-old Intermountain for 15 years. He said he is pursuing federal charges against the woman and cooperating with the U.S. Attorney's office in Montana, which is not commenting.

Redinger would not reveal how much she stole other than to say it was a "sizable" amount.

"Heck, $20,000 is a sizable amount to me, but it is far more than that," he said. "She has admitted misappropriating the money and we are pursing charges."

Redinger said he does not yet know exactly how the employee allegedly stole the money.

The thefts were detected by other employees after the CFO was seriously hurt in an October car accident.

"People filling in for her began noticing irregularities," Redinger said. "We pressed her, and once she was lucid and able to discus it she denied it. But she finally admitted to it Jan. 31."

Because of the theft Redinger had to lay off 11 of its 60 employees.

"We're a little wiser because of this whole experience," said Redinger. "But we're also very tough, very resilient. This has hurt us, it has knocked us down but it hasn't knocked us out. We have formulating and executing and going forward with our plan. Our employees, community and associates have been incredibly supportive.

"You find out when something like this happens you are not alone."

Patrick Crowley is a feature journalist and blogger for MortgageDaily.com. He is also a reporter, blogger and columnist for The Cincinnati Enquirer.
e-mail Patrick at: [email protected]

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