When an accounting manager at Olson Manufacturing in Albert Lea disappeared, the company found $119,998 was gone with her, and business and payroll checks were bouncing.

Friday, September 14, 2001

When an accounting manager at Olson Manufacturing in Albert Lea disappeared, the company found $119,998 was gone with her, and business and payroll checks were bouncing.

The county court issued a warrant on Thursday for Rose Marie Modderman, 33, of 615 Oak Lane in Albert Lea in connection with the embezzlement case.

According to the county attorney’s office, Modderman used the company’s business checks to issue approximately $80,194. Modderman is also suspected of drawing other checks totaling $15,650 to subtract cash from the company’s account, and made out $24,143 worth of business checks to friends and creditors.

At Olson Manufacturing, Modderman was Accounting/Administrative Manager who operated the company’s accounts including those for purchase orders and payrolls.

After the theft was reported by the company, the police investigators found out Modderman allegedly stole the money between November 2000 and May 2001 when the employer, Dave Olson, took a personal leave from the company.

On May 27, a colleague found a note on Modderman’s office desk saying she was sorry. Modderman told an acquaintance on the telephone that she committed the crime and was in Colorado, according to the investigation.