The American Bar Association (ABA) is in news for a very big reason. According to the company, a former team member had stolen about $1.3 million from the company over the last eight years.
This is a huge amount which makes it one of the biggest such crimes in recent times. The incident was made public when the company filed its annual tax form earlier this year.
All tax-exempt companies must file a return with the IRS every year, despite them not having to pay any taxes. This return is for informational purposes and must be filed by all companies big or small.
However, the kind of form submitted depends on the size of total receipts.
The ABA, based in Chicago, is a very well known voluntary organization that mainly caters to individuals interested in law including lawyers and law students.
With a growing list of members (currently 400,000+) it is a well respected organization that was founded in the year 1878.
According to its recent form submissions, the company has 835 employees working for it in addition to 8,500 volunteers.
According to the company, the incident was caught last year and they are in touch with the authorities to investigate the matter. Moreover, the employee said to be involved in the theft has been terminated.
The company took a while to release this news to the public. However, it insists that the employee tried his level best to hide the trails by falsifying documents. Nonetheless, the company is hopeful of recovering a large chunk of the stolen amount.
