Posted on 03/30/2019 12:32:18 PM PDT by patriot torch
Accounts are insured up to $250,000.
SeeBS, huh. I guess it would be bad to not feel sorry for them.
So...CBS Employees get screwed? Cry me a river.
Thank you for the reminder and some small comfort. Who keeps more than that in credit union?
You are so right. Small operations are more likely to be looted.
This guy should go away for years...but not as long as that monster Manafort! /s
That is for individual accounts...not the whole total.
One red flag when embezzlement is involved:
The person NEVER takes a vacation. They don’t want anyone else sitting in while they re gone.
Can’t argue with that!!!!
The more one steals and doesn’t get caught the more they are sure they won’t!!!!
He knew a lot about how the audits work and what to do to avoid being caught.
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I’m going to call bull$#!t on that.
The audit firms probably asked most of the right questions. But if management and/or Board accepts the explanations offered by employees that can greatly reduce what the auditors are able to figure out. Ironically, there was probably COLLUSION in this case.
Over 35 years ago someone we know found evidence of something screwy in company’s books during the annual audit. Controller of the company (apparently a real dope who was example of Peter Principle) said that the questionable relationship and how it was so different from prior year/s looked absolutely normal and reasonable to him.
In retrospect one could have said that someone should have forced the Controller to investigate and prove it. In the real world there are limits to the amount of time that can be spent on each task.
The guy who was issuing fraudulent commission checks, and then endorsing them in pencil, depositing to his own bank account, AND then erasing the pencil endorsement as he reconciled the account each month end was spending much of the money at the dog/horse track; buying cars and clothing with much of the rest.
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