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It happened to me, on a much smaller scale, over a period of five or six years. But he wasn't using the bank accounts (I reconciled them straight out of the envelope), he had opened a credit card in the company name, but cards were only issued in two people's names and the issuing bank refused to talk to me even though I was the owner of the company. We didn't choose to prosecute, we just treated the funds as loans, forgave the loans and issued a 1099 for the total amount. Again, a much smaller amount and one that doing it out way was fine. I was surrounded by attorneys and CPA's and we all agreed.
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