The former CPA/Accountant for a Bensalem company that supplies cabinet housings for slot machines was charged Monday, with embezzling more than $2.4 million.
On Jan. 12, the Chief Executive Officer of KGM Gaming, located at 2944 Samuel Drive, Bensalem, made a police report regarding the embezzlement of over $1.4 million dollars by the business’ former CPA/Accountant Michael Bull, 47, of Emmaus. The amount taken was later found to be over $2.4 million, police said.
Bull was employed by KGM Gaming since 2014 and was fired in December 2022 when the missing funds were discovered.
KGM Gaming supplies cabinet housings for slot machines, as well as other furniture, to casinos across the U.S. and Canada. The company recently installed fraud mitigation software that flagged suspicious transactions.
During an internal audit, it was discovered that Bull was in the payroll system as a vendor and started issuing checks to himself in December 2015. It appeared that Bull would trace the signature of the CEO on the unauthorized checks before depositing them in his personal bank account.
It was also found that Bull would enter fraudulent vendor invoices then change the payee name on the check to his own.
Bensalem Township Detective Stephen Clark was assigned the case and began by serving search warrants on Citizens Bank to obtain the banking records of the personal accounts of Michael Bull.
A meticulous accounting of all transactions revealed that Bull issued himself 288 checks over a seven-year period. The total amount of the unauthorized checks was found to be $2,404,960.
On Monday, March 27, Bull turned himself in at the Bensalem Township Police Department on felony charges, including dealing in proceeds of unlawful activity, theft by unlawful taking, theft by deception, receiving stolen property and related charges.
Bull was arraigned by District Judge Michael Gallagher and remanded to the Bucks County Correctional Facility on 10% of $500,000 bail.
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