One day it occurred to the corporate treasurer of the Business Corporation that his personal situation would be easier if he started adding ctitious employees

One day it occurred to the corporate treasurer of the Business Corporation that his personal situation would be easier if he started adding fictitious employees to the payroll and took their checks each month for deposit into accounts opened under the phony names. Are such checks properly payable from the account Business Corporation has with its bank? 

Would the result be different if the treasurer padded the payroll with the names of real former employees and then did the same thing with these checks?

If the depository bank that took the checks were negligent in allowing the treasurer to open the accounts, would that change the result?