Yale finance director stole $40m in computers to resell on the sly

The Register ^ | Thu 31 Mar 2022 | Katyanna Quach

[Salman]

now-former finance director stole tablet computers and other equipment worth $40 million from the Yale University School of Medicine, and resold them for a profit.

Jamie Petrone, 42, on Monday pleaded guilty to one count of wire fraud and one count of filing a false tax return, crimes related to the theft of thousands of electronic devices from her former employer. As director of finance and administration in the Department of Emergency Medicine, Petrone, of Lithia Springs, Georgia, was able to purchase products for her organization without approval if the each order total was less than $10,000.

She abused her position by, for example, repeatedly ordering Apple iPads and Microsoft Surface Pro tablets only to ship them to New York and into the hands of a business listed as ThinkingMac LLC. Money made by this outfit from reselling the redirected equipment was then wired to Maziv Entertainment LLC, a now-defunct company traced back to Petrone and her husband, according to prosecutors in Connecticut.

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[mass55th]

The Awan brothers did this with Congressional computer equipment, and got off Scott-free.

[immadashell]

Why wasn’t she charged with felony larceny?

[LizzieD]

IN THREE YEARS!!!! How does ANY organization “overlook” $40 Million in fraudulent purchases? How big is the damn budget?

[Grampa Dave]

Did Jamie Petrone, have a Yale MBA or PHD in $crewing the tax payers and Yale University School of Medicine without even a kiss?

[SMARTY]

Guess

[NohSpinZone]

GUILTY! Even with her black privilege membership card.

[minnesota_bound]

The biggest thieves are the Yale administrators who are defrauding billions from the students.

Yale School of Medicine administrator stole $40MILLION in computers and electronics from school to fund her lavish lifestyle that included supercars, multiple properties and European vacations
https://www.dailymail.co.uk/news/article-10669329/Yale-School-Medicine-employee-stole-40-million-computers-electronics-school.html

[DannyTN]

Yale University Operating Budget $4.2 Billion.

[SamAdams76]

Ivy League colleges have money to burn. I can easily see how that kind of money can slip through the cracks when they are charging around 12,000 students at any given time $60,000 a year in tuition. That comes to $723,600,000 annually. Not including endowments which for Yale, currently sits somewhere over $40 BILLION dollars. The average university might spend 5% of its endowment a year giving Yale an additional $2 BILLION dollars annually to spend on things like buildings, athletics and gender bender classes.

This woman probably thought she'd never get caught.

[Reily]

Boola Boola Boola Boola !

https://en.wikipedia.org/wiki/Boola_Boola

[EVO X]

IN THREE YEARS!!!! How does ANY organization “overlook” $40 Million in fraudulent purchases? How big is the damn budget?

It has been a few years since I retired from a major research university as an IT worker bee. My guess is she sucked it out of general funds rather than individual research funds that professors monitor. There were certain thresholds for purchasing equipment which changed over the years. By the time I retired I couldn't order anything without the account holders approval.

[Falconspeed]

The wealthy IVY schools have enough money in endowments to pay for every student’s tuition with the interest on the endowments alone. And most students know that. Sadly, wealthy IVY school administrators can be careless with money which will haunt them when they meet the Supreme Judge. For sure.

[nascarnation]

I read somebody trolling Liewatha on Tweater about how did she justify being the highest paid prof at Harvard Law when the students were in so much debt.

[muir_redwoods]

I’ve worked in a finance capacity for a couple of Fortune 100 companies. I’m not sure I could have hidden a $100,000 theft but a $40million heist could only happen if Yale didn’t give a shit about reasonable controls.