By Christine Reid
Camera Staff Writer

A Boulder woman entrusted to keep the books for her best friend's business is suspected of embezzling more than $90,000.

Michele Lee Stephens, 33, may face charges of felony theft and forgery after turning herself in to authorities Wednesday. Police said she forged checks and used the corporate credit card issued to a Boulder maternity and breast-feeding specialty store for over a year.

"I trusted Michele 100 percent," said Stephanie Moore, owner of the Becoming Mothers store. "It's really hard for me to trust people, and of all the people in the world, I trusted her unconditionally. ... I feel like a fool."

The women's sons befriended each other six years ago at Washington Bilingual Elementary School, and soon the two mothers became the best of friends. They vacationed together, carpooled for each other and helped watch each other's children.

When Moore decided to open the store on Baseline Road almost two years ago with inheritance money, Stephens stepped up to help her set up the business and was put in charge of bookkeeping.

Moore contacted police in January after she discovered that a check logged in the company books as a payment to a credit card company was actually made out to Stephens' mother, according to an arrest affidavit.

The find was the first sign of a flurry of fraudulent activities with the store's books.

Stephens admitted to police she had taken the money "to get by" as a single mother and had every intention to pay it back, according to the affidavit.

"It started weighing on my conscience for sure, but I had no idea that it was this much, because I had no way to track it," Stephens told police during an interview, according to the affidavit. "I knew what I was doing was wrong, but felt I had no other way to make a living for my son."

Moore described Stephens as someone you'd figure would win a good citizen award because of her involvement in lacrosse and soccer programs in town as well as work at the school.

"It has made a lot of people cry," Moore said.

Stephens remained in Boulder County Jail on Thursday night in lieu of a $25,000 bond. She is scheduled to be formally charged June 5.

Contact reporter Christine Reid at (303) 473-1355 or reidc@thedailycamera.com.

May 31, 2002

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