4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

California Fugitive Arrested in New Mexico

Pictured: Booking photo of Elizabeth Sheldon-Masters, 44, from New Mexico.

Authorities in New Mexico have taken into custody a woman fugitive from California who is wanted for allegedly embezzling $5.74 million from a San Marcos business.

Elizabeth Sheldon-Masters, 44, was arrested in Albuquerque on Friday afternoon, June 22, and is being processed for extradition back to San Diego County.

Also known as Elizabeth Ann Masters, the woman is said to have worked as a financial controller for a clothing business for 9 years, where she wrote more than 700 checks averaging over $8,000 each and deposited these into her own personal bank accounts, according to Sheriff’s sergeant Mark Varnau.

Masters allegedly used some of the embezzled money to buy a horse ranch in Riverside County where she kept more than 100 horses, Sgt. Varnau stated.

Although Elizabeth Masters reportedly began the alleged thefts “within weeks of being hired” the embezzlement was not discovered until an audit of financial records by her employers, according to Sgt. Varnau.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Laird Hamilton’s revolutionary idea: stand-up paddling surfboards

“The thing is, most of the time, San Diego waves are gutless. With paddle boards? That’s no problem.”
Next Article

Eureka!: like the Samoa Cookhouse fed the lumberjacks

California’s oldest restaurant and a North County bargain

Pictured: Booking photo of Elizabeth Sheldon-Masters, 44, from New Mexico.

Authorities in New Mexico have taken into custody a woman fugitive from California who is wanted for allegedly embezzling $5.74 million from a San Marcos business.

Elizabeth Sheldon-Masters, 44, was arrested in Albuquerque on Friday afternoon, June 22, and is being processed for extradition back to San Diego County.

Also known as Elizabeth Ann Masters, the woman is said to have worked as a financial controller for a clothing business for 9 years, where she wrote more than 700 checks averaging over $8,000 each and deposited these into her own personal bank accounts, according to Sheriff’s sergeant Mark Varnau.

Masters allegedly used some of the embezzled money to buy a horse ranch in Riverside County where she kept more than 100 horses, Sgt. Varnau stated.

Although Elizabeth Masters reportedly began the alleged thefts “within weeks of being hired” the embezzlement was not discovered until an audit of financial records by her employers, according to Sgt. Varnau.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Comments
2

Once again, one can only marvel at how profitable some of these businesses must be. To tap $5 million out of a company (a relatively small one that I'd never heard of before) with it still standing, is astounding. And yet the owners/principals appear to have been clueless in regard to where the considerable profits were going while she shipped the excess cash out into her own accounts, if this account is correct. But there have been many other cases like this one and the alleged thefts turned out to be true. If any reader misses the point, the bookkeeper/controller/CFO should not be able to write and sign checks. Some sort of rudimentary internal control would prevent this sort of thing from ever starting.

June 24, 2012

My thoughts exactly V-how could they not know $5 MILLION was missing.

June 24, 2012

Sign in to comment

Sign in

Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town Letters — Our inbox [email protected] — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close