Maria Gene Reich was president On Call Accountants. A business named with tongue in cheek. While OCA was a business which supposedly offered booking, accounting and payroll services to small business clients. But in reality, Reich’s primary service was to commit fraud. The name of a company makes a big difference and On Call Fraud just doesn’t drum up business.
One customer unhappy with Reich’s services had their day in court on August 24, 2024. Per their agreement, Reich was contracted to do their accounts payable of which she was to receive $98,400 over a three-year period. Yet Reich’s OCA business bank account received two hundred and seventy payments totaling $596,418 from the clients’ bank accounts. Reich also made three hundred and sixty-six payments totaling approximately $629,265 from her customers’ bank account to her personal and business credit card accounts. An amount that was way more than their agreement. Fraudsters have a broad scope when it comes to agreements. Reich did not have signature authority over any of the company’s financial accounts but possessed a stamp bearing the signature of the owner. Therefore putting her in a position to steal approximately $1,132.693 from the company.
The pandemic didn’t stop Reich from breaking any new agreements. Between March of 202 and April of 2021, Reich applied to the Small Business Administration for $500,000 in Economic Injury Disaster Loans on behalf of her own business. Per the agreement, Reich certified that none of the EIDL funds would be used for non-business expenses. However, Reich used the money on the purchase of a home in Virginia Beach. In addition to the downpayment for the residence, Reich used the EIDL funds from that transfer to put money into her minor children’s bank accounts and to make payments for her mortgages, credit cards, personal loan and life insurance policy.
The government doesn’t like broken agreements. On August 24, 2024, Reich was sentenced to four years in prison.
Excellent job by the F.B.I in this case.
Today’s Fraud of The Day is based on article “COVID-19 Virginia Beach bookkeeper headed to prison for stealing $1.1M from client, COVID fraud” published by Augusta Free Press on August 24, 2024
A Virginia Beach woman was sentenced Thursday to four years in prison for stealing more than $1 million from a client and for fraud related to an economic-disaster recovery loan she received during the COVID pandemic.
Maria Gene Reich, 45, was president of ASOC. Inc., also known as On Call Accountants, a Virginia Beach business which offered bookkeeping, accounting and payroll services to small business clients. According to court documents, beginning in February 2012, Reich performed bookkeeping for a family-owned company that manufactures condiments. Reich would prepare checks and schedule electronic payments to pay the company’s bills.
