Business Owner Stole Over $500K From Parnters: Prosecutors

Elgin IL

21 November, 2019

11:09 AM

Description

BARRINGTON, IL — A 57-year-old Barrington man is accused of embezzling more than $500,000 from three of his business partners, the Daily Herald reports. Cook County prosecutors say Howard K. Hansen, one of the owners of CavHoah, began stealing from the internet-based retailer, which sold U.S. cavalry-related merchandise, in 2016 shortly after the group started the business. Hansen used a debit card to withdraw cash, which he used for personal expenses; used PayPal to transfer money to himself; wrote checks from CavHooah to NuVision Builders, a business he also owned; and made up fake monthly finance reports, which made it seem like CavHooah was making money, according to the article. Earlier this year, one of his partners learned the company's bank account had less than $1,000 in it and the co-owners determined Hansen had stolen $562,505.09 Hansen has been charged with theft and his bail has been set at $20,000. More via the Daily Herald