Frisch's accuses former exec of stealing $3.3 million - Cincinnati News, FOX19-WXIX TV

Frisch's accuses former exec of stealing $3.3 million

(source: frischs.com) (source: frischs.com)
CINCINNATI (FOX19) -

A lawsuit alleges a former Frisch's executive defrauded the company out of $3.3 million over a multi-year period.

Michael Hudson, a former assistant treasurer, allegedly forged payroll documents, created fake documents and account entries to reroute company funds into his personal account, according to the civil suit filed Tuesday by Frisch's.

Company representatives said Hudson has resigned and assumed full responsibility for his actions, according a press release.

Frisch's, which operates 95 restaurants around the Tri-State, is seeking full compensation for the $3.3 million theft, the civil complaint states.

The theft is not expected to impact previously reported net incomes from the last four years, according to Frisch's.

"As a precautionary measure, the Company is implementing an additional layer of checks and balances in our accounting systems to protect against this type of fraudulent behavior in the future," said Craig Maier, Frisch's Chief Executive Officer.

Copyright 2015 WXIX. All rights reserved.

Powered by Frankly