Atascadero bookkeeper convicted of embezzlement
July 29, 2013
While working for A. R. Pete Reed Bookkeeping, Teresa Olmscheid wrote checks to herself and paid her personal bills out of the Lost Oak Mobile Home Park bank account. Reed Bookkeeping had been hired to handle the park’s financial concerns.
After the theft was discovered, Olmscheid sent an email to her victims asking that they allow her to repay them and not send her to jail noting she had two children. Olmscheid said the fear of homelessness after her husband stopped paying child support five years earlier motivated her to write more than 213 checks out of the park’s account.
Olmscheid pled no contest on July 11 and was sentenced to two years in jail on July 16.
Probation has recommended Olmscheid pay $179,004 in restitution to her two victims, Richard Guthrie and Peggy Vanderpool.
Vanderpool told the Atascadero News the losses forced her and Guthrie to sell the park. She has filed a civil suit against Reed seeking restitution.