Pawnbroker A-OK cites embezzlement in multimillion-dollar bankruptcy

From The Wichita Eagle, “Wichita’s largest pawnbroker, A-OK, has filed for Chapter 11 bankruptcy because of embezzlement, said owner Bruce Harris.

In the bankruptcy filing last week, A-OK says that it has about $9.5 million in assets and $11 million in liabilities — $4 million in liabilities secured by collateral and $7 million unsecured.

Harris said an employee embezzled about $1.5 million from the company, ending in March, which turned a tight financial situation into a bankruptcy.”

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