Secret Service investigating after Shepherdsville business owner - WDRB 41 Louisville News

Secret Service investigating after Shepherdsville business owner bilked out of nearly $1 million

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LOUISVILLE, Ky. (WDRB) -- The Secret Service is investigating after a Shepherdsville business owner says a former employee embezzled about $1 million from his company.

Bill Coots started B&B Metals 26 years ago. The company is a railroad contractor and has invented some railroad equipment. But two years ago -- just after an employee who kept the books quit -- he discovered problems, including payments to people who didn't even work there.

Coots says the former employee used elaborate methods to steal the money, including using credit cards and wire transfers. 

"Our first accounting we took here, I believe the number was just a hair below $1 million," Coots said. 

Coots says the former employee was the ringleader, and believes six other people, including another former employee, were also involved in stealing the company's money for more than seven years. 

He says, "She had credit cards that she used for everything, for personal things, gave her husband a credit card, gave her son a credit card. They used them for everything they chose to for years."

When asked why it took so long to figure out what was going on, Coot says, "She had 100 percent of my trust. I didn't question anything she done. I guess that makes me foolish, but i trusted her 100 percent."

Coots says because the case involved multiple locations in different states and the large amount of money, the case was turned over to the Secret Service.

He says, "She gave an interview to the Bullitt County police department. She gave a partial confession. She admitted she had a drug problem." But he says he never known her to have a drug problem.

The Secret Service is hoping to have indictments in the next three months. That agency tells WDRB News, the case is still under investigation.
The Secret Service says it's waiting on information from some banks and is working with the U.S. Attorney's Office for indictments.

Coots says, "Her payroll for 2014, she gave herself a payroll of 180-thousand. What she spent that on, I don't really know." He says her base salary was more than 50-thousand dollars.

Statements show not only Horseshoe Casino visits, but Galt House weekend stays and Coots says even a trip to Las Vegas. All things he says the former employee charged to the company. He says the former employee recorded the transactions in the books as money going to vendors, so it looked legitimate.

Coots says his business is very successful and has absorbed the loss. But, he still wants to see justice in this case and wants to see the accused go to jail.

He says, "I tried to give them an opportunity to repay some of the money so we didn't have to go down this avenue and I haven't gotten the first dollar back in two years. They really left me with no choice."

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