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In the Dallas, Texas, region, Tamara Wallace works as an entrepreneur and business consultant. Tamara Wallace is a University of Southern Indiana alumnus.
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Former Executive Found Guilty of Stealing $1.3 Million from the Company
Former Flower Mound firm executive Tamara Wallace was found guilty of embezzling more than $1.3 million in company money.
Tamara Wallace served as the company’s chief operating officer. Donate2Impact, formerly Recycle2Support, collaborates with neighborhood groups. She was detained for felony theft in 2021, and in January 2022, she entered a guilty plea.
According to officials, Tamara Wallace bought costly handbags, made house modifications, went to the spa, and paid for various personal costs with the money she took from the business.
Wallace paid for practically all aspects of her lifestyle using corporate money, including multiple trips.
Wallace took petty cash, wrote herself checks, and made purchases using business credit cards, which she nearly maxed out every month, according to company representatives and the Denton County District Attorney’s Office.
Jamie Beck, the Denton County first assistant district attorney, claimed Wallace was also taking from the payroll.
“She was giving herself bonuses, and both of her sons worked for the company, and she was giving them more than they were authorized to make, and they were also receiving bonuses,” Beck claimed.
Wallace’s collapse started when Matthew Kloeber, the company’s CEO, detected several odd expenditures on the business card.
“I got a fraud alert, and it was for $5,000 for a wedding venue in Plano, and I knew her son was about to get married, I just thought $5,000 — it just didn’t make sense,” Kloeber said.
After Donate2Impact conducted additional research as a result of Kloeber’s revelation, additional charges that did not make sense were uncovered. Over $1.3 million in illicit payments were found by the business.
Wallace’s plea agreement calls for her to make an initial payment of $500,000 in restitution as well as an annual payment to the business of around $86,000.
According to the Denton County District Attorney’s Office, she would violate her probation if she didn’t make the required restitution payments.
Wallace’s attorney submitted a statement, which read:
“Ms. Wallace acknowledged fault for her actions at her official employment and showed heartfelt regret. She consented to an appropriate punishment of 10 years of probation with rigorous anti-theft programs, 30 days in county jail, and—most importantly—personal responsibility for paying back the full amount of restitution she owes during the probationary period.
A Flower Mound executive stole more than $1.3 million from the company.
An ex-executive of a Flower Mound business that collaborates with neighbourhood charities was found guilty of embezzling more than $1.3 million in company money.
Tamara Wallace, who had been charged with felony theft, entered a guilty plea in January. According to authorities, she bought designer handbags, vacations, house improvements, and more using the stolen funds.
She was staring us in the face every day and stealing, according to Matthew Kloeber, president and CEO of Donate2Impact.
Wallace impressed Donate2Impact CEO Matthew Kloeber when she was first hired as COO of the company, which was once known as “Recycle2Support.”
He had no idea Wallace had been stealing from the business, although in little quantities at first and then greater amounts over time.
The Denton County District Attorney’s office and business representatives claim that Wallace was stealing using a variety of techniques, including petty cash, cheques, and almost maxing out business credit cards each month.
She even committed theft using payroll. According to Jamie Beck, first assistant criminal district attorney for Denton County, “She was giving herself bonuses, and both of her sons worked for the company, and she was giving them more than they were authorized to make, and they were also receiving bonuses.”
Wallace paid for almost all aspects of her lifestyle with corporate money, including doggy daycare designer purses, home renovations, and med spa visits. Additionally, she took many trips, including a Disney cruise for her family and herself.
Company executives were also reducing their personal spending because money was scarce.
“It tightened up really soon. For financial security at the time, my wife and I stopped enrolling our children in swimming lessons and took out a home equity loan, according to Kloeber.
Years passed in this manner before Kloeber discovered numerous questionable expenditures on the business card.
The fraud warning read, “I got a fraud alert and it was for $5,000 for a wedding venue in Plano, and I knew her son was about to get married, I just thought $5,000 – it just didn’t make sense,” he added.
The investigation by the corporation revealed other charges that did not add up.
“$60,000, $61,000, $38,000,” he murmured.
More than $1.3 million in total.
Leila Simpson, vice president of Donate2Impact, remarked, “I can’t believe this, how deep it goes. It was just like, oh my gosh.
Wallace was detained last year on suspicion of criminal theft, and she pleaded guilty last month as part of a bargain that required her to make a $500,000 upfront reparation payment. She also owes the business roughly $86,000 annually.
Since then, the business has changed in order to keep a closer eye on its finances.
However, Kloeber added, “At the end of the day, you do have to put things in place, checks and balances. I hope everyone continues to think the best in people.
In a statement regarding Tamara Wallace’s conviction that was provided to FOX4, her lawyer said:
“Ms. Wallace acknowledged fault for her actions at her official employment and showed heartfelt regret. She consented to an appropriate punishment of 10 years of probation with rigorous anti-theft programs, 30 days in county jail, and—most importantly—personal responsibility for paying back the full amount of restitution she owes during the probationary period.
According to the Denton County District Attorney’s office, she will be in violation of her probation if she doesn’t complete her restitution payments.
Tamara Wallace steals almost $1 million.
From 2015 to 2019, Tamara Wallace stole $1.36 million from the neighborhood group Donate 2 Impact, according to public records and local news reports.
Wallace spent money on a variety of things, including Panera dinners and fifth-row seats to Dallas Mavericks games. She then spent another $6,000 at the medical spa Le Beau Visage and over $10,000 of the nonprofit’s finances on SOTA weight-loss therapy in Frisco.
She also spent $6,500 at Louis Vuitton and spent $10,000 at Starpower, an upscale audio and visual outlet.
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Tamara Wallace
Wallace used similar embezzlement techniques to other people where one person is in charge of both the ledgers and the payment systems. Dallas Democrats also had financial issues, but there have been no claims of money being stolen, simply shoddy bookkeeping.
