The Comptroller of a small Illinois town was arrested and charged with misappropriating $30 million over a span of six years. Neither the city’s bank nor its independent auditors discovered the suspicious transactions during the period of time the CFO was allegedly taking funds. Poor oversight and negligence are blamed for the delay in discovering the missing funds as well as the general economic downturn being the assumed reason why the town was loosing money. Calculated Risk Advisors assists clients in assessing their employee theft exposure and recommending practices to help mitigate the risk.
April 23, 2012