Atascadero bookkeeper convicted of embezzlement

July 29, 2013

moneyAn Atascadero bookkeeper who embezzled more than $123,000 from a client’s bank account was sentenced to two years in San Luis Obispo County Jail. [Atascadero News]

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.


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Her letter to the victims states the reason she did it was because she feared of becoming homeless? Hmmm she spent lots of money at the Spa and umm didnt she live with Mike Scherer? That’s hardly being homeless. Sounds like she lies as much as she steals from people. Just saying………

No one spends more than a year in county jail. After a year they are sent to state prison.

Not anymore – prison realignment resulted in non-violent convictions being remanded to county jails.

Mayor Tom O’Malley from Atascadero.

Oh, I almost thought this story was about the guy that is currently involved with the activities of the Latino Outreach Council.

Whoops! Different guy, same bad behavior.

Who else is part of Latino Outreach Council?