Even if one has one's very own personal single-owner company, you keep company stuff separate from personal stuff.
There are accounting reasons for this, there are management reasons for this, there are even legal reasons for this (for example if you own limited company is sued, keeping its shit totally separate from your shit means none of your stuff is part of the discovery process and if it loses the lawsuit, none of your personal stuff gets taken).
This is even more so when the company is not yours and you're just an employee - you don't want company troubles to end up hitting you and the company doesn't want you troubles to end up hitting it, so it's a win-win for both sides.
Always suspect when companies want to start mixing company stuff with personal stuff - in my experience they're either small amateurish operations, they're doing it to get you to do unpaid work for them outside work hours (i.e. the "company phone" that gets calls from management at odd hours) or its some weird tax evasion scheme and/or ties you more to the company (the "company car" that you don't really use for company stuff).
This guy fucked things up massivelly, even if a $118k "lesson" is maybe a bit too much.