Visit Philadelphia could have recovered embezzled funds with insurance
April 4, 2016
The Philadelphia Inquirer
Types : In the News
When a Philadelphia grand jury slammed Visit Philadelphia in a March 16 report for quietly settling a $200,000 embezzlement and failing to go to prosecutors, the tourism agency claimed it had little choice.
Don Kramer, a lawyer at Montgomery McCracken Walker & Rhoads LLP, said nonprofits increasingly are reporting thefts to authorities because of the reputational harm when cases are quietly settled and information leaks out later. Moreover, they are required to report thefts over a certain threshold to the IRS, which Visit Philly did.
“There are many more people reporting thefts to law enforcement because they have to disclose that on their tax returns and because they want to reassure the public that they have done what they could to get the money back,” Kramer said.
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