Former accounting professor pleads guilty to grand theft

A former assistant professor of accounting at the University of Tampa has pleaded guilty to stealing $120,000 from the American Spaniel Club. She was accused of writing 71 Spaniel Club checks to herself between July 2006 and March 2007 to feed an Internet gambling addiction.

Instead of doing jail time, Lippincott, now a part-time accounting professor at Nova Southeastern University in Ft. Lauderdale, FL, was sentenced to 15 years' probation. During that time, she is required to pay $500 a month until June 2009 and $1,000 a month after that until her probation ends, the Tampa Tribune reported.
Some of the money will go directly to the spaniel club; the rest will be used to repay the club's insurance carrier.

Lippincott was arrested last August after the theft was discovered. She had been serving as the club's treasurer, a volunteer position. The 71 checks were written from her home, during the period from July 1006 to March 2007. According to Gregory Nobel, an economic crimes detective with the Pasco County, FL sheriff's office, Lippincott had developed a habit of playing online video slot machines.

Lippincott holds a doctorate degree from University of Missouri and has extensive experience in public accounting and banking, according to a publication from the University of Florida, where she taught previously. Lippincott also raises cocker spaniels for show.

You may like these other stories...

Read more from Allan Boress, CPA, in the "Truth be told about business development" archive. Ours is an unusual business, in that very few CPAs are actively involved in their communities and giving back...
Four Minneapolis-Based Return Preparers Indicted for Conspiracy, Aggravated Identity Theft, and Preparing False Returns A sixty-three-count superseding indictment charging Chatonda Khofi, Ishmael Kosh, Amadou Sangaray,...
By Jason Bramwell, Staff WriterAreas of general accounting and finance – including forecasts and budgets, financial reporting, and mergers and acquisitions – were cited by more than half of CFOs as projects they...

Upcoming CPE Webinars

Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.
Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.