20 years...
So no one does audits?
Who do you think were doing them?
The giveaway is when an employee is obviously living large - gambling, fancy cars, vacations, etc.
I agree, someone wasn’t paying attention, and the auditors were less than thorough.
I’m on a credit union board of directors, and while I wouldn’t say “it can’t happen here,” I think we would spot something like this.
When he shows up. you take the auditor out for a liquid lunch.
Yeah. Idiots.
“So no one does audits?”
Sounds like the guy was previously an NCUA examiner and knew what they look for in audits and how to hide things.
No one notices a missing $2M a year for 20 years?
SeeBS, not the sharpest knives in the drawer.
He should get 20 years. But I’m betting he’ll be out in one.
It is not that hard to pass an audit. And you can do it for years, I was on a grand jury when we discovered massive fraud.
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.