Accountant charged in $1M corporate theft

WHITPAIN, TOWNSHIP, Pa. - November 17, 2009

William McKernan III, who resides at 135 Burgundy Circle, Blue Bell, is charged with theft, access device fraud, dealing in proceeds of unlawful activities and related offenses.

McKernan is an employee of McKernan PC, an accounting firm located at 1133 DeKalb Pike in Blue Bell. McKernan PC was hired by K.W. Reese, Inc. to handle various professional accounting services and William McKernan III was the primary accountant assigned to handle the account.

Police say that beginning in 2005, McKernan systematically transferred funds from K.W. Reese accounts to his own personal accounts without permission. He used the money to pay credit card bills and other personal expenses.

An analysis of K.W. Reese accounts following the discovery of the theft showed McKernan took approximately $1,497,693.72.

K.W. Reese officials confronted McKernan on the theft and he then admitted that he had taken company funds.

McKernan is a member of the Whitpain Township Board of Supervisors, where he holds the position of Treasurer. Montgomery County Detectives and Whitpain Police officers are also conducting an investigation to ensure the integrity of the Township funds.

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