Please ensure Javascript is enabled for purposes of website accessibility
October 1, 2023

Somehow the City of Dixon, Illinois Just Noticed That $30 Million Was Missing

Rita Crundwell has been the CFO/comptroller of Dixon, Illinois since the 1980s; a typical tenure for even an unelected Illinois official. In those 30-ish years, it appears that she performed her duties adequately enough, but she was just put on unpaid leave. You see, at some point in 2006, it is alleged that Ms. Crundwell started helping herself to money that belonged to the citizens of Ronald Reagan's boyhood home. Prosecutors allege that this went for the last six years and that Crundwell made off with $30,236,503 (and 51¢). 

Federal agents served warrants and seized contents of her bank accounts, seven trucks and trailers, a $2 million motor home  and a Ford Thunderbird—all of which prosecutors allege were paid for with money taken from city bank accounts by Crundwell. […] Bank records obtained by the FBI allegedly show Crundwell illegally withdrew $30,236,503 from Dixon accounts since July 2006 , money she used, among other things, to buy a 2009 Liberty Coach Motor home for $2.1 million; a tractor truck for $147,000; a horse trailer for $260,000; and $2.5 million in credit card payments for items that included $340,000 in jewelry.

So a decent haul, but a Ford Thunderbird? Good Christ, spring a bit for the Lincoln Continental at least. Questionable taste in automobiles aside, one can't help but wonder how Dixon – a city with a population of just ~15,000 – could not notice millions of dollars missing. But they did! It's strange because in a city of that size, people gossip about one another's $35 overdraft fees, never mind millions of dollars being spent on multi-million dollar motorhomes. Anyway, Crundwell (who has a thing for horses apparently) had a good thing going, but then made the mistake of taking a little extra vacation: 

[L]ast year she took an additional 12 weeks of unpaid vacation. A city employee substituting for Crundwell examined bank statements and notified the mayor of activity in an account that, according to the complaint, he didn't know existed. Bank records list the primary account holder as the City of Dixon. An entity named RSCDA also is named on the account, with checks written on the account more expansively identifying that second account holder as "R.S.C.D.A., C/O Rita Crundwell."

So basically the city discovere the missing cash by the virtue of dumb luck, which sometimes is what it takes for these things to get uncovered. Better late than, oh whatever… seriously, a Thunderbird?

Prosecutors: Dixon CFO embezzled $30M [CT]

Latest Accounting Jobs--Apply Now:

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Comments are closed.

Related articles

This SVB Securities Exec’s Resume Reads Like a Wikipedia Page For 21st Century Accounting Trash Fires

The fallout from the collapse of Silicon Valley Bank — the 16th largest bank in the country up until Friday — is only just beginning and while pundits and scribes at better publications than this one dutifully debate why it happened and what comes next, we’re here to point out the hilarious resume of SVB […]

Your Naughty IRS Employee of the Day

Deena Vang Lee of Fresno, CA, was indicted in April 2019 and charged with wire fraud, aggravated identity theft, aiding and assisting in the preparation and presentation of false and fraudulent tax returns, and making and subscribing false and fraudulent tax returns. She was accused of preparing family and friends’ returns for a fee that […]