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Story said the fraud was committed over ten years, so you could imagine a more reasonable $4MM/year. Although, usually these schemes get caught because the perp
by 0cf8612b2e1e 2y ago
Story said the fraud was committed over ten years, so you could imagine a more reasonable $4MM/year. Although, usually these schemes get caught because the perpetrator starts small and keeps amping up the score. Below highlight said that individual purchases were kept below some of the reporting requirements.
She would break up the fraudulent purchases into orders that were below $10,000 each so that she wouldn't need to get additional approval from school officials.
- hi-v-rocknroll 2y agoBloody hell. Still, that's a lot to miss. The accounting department and internal audit controls absolutely failed. They should also have external auditors audit through transactions every couple of years to flag unusual activity for expanded auditing. Furthermore, it seems like if banks can do reasonable fraud detection then accounting software should include an ability to detect patterns of suspicious transactions for additional scrutiny. The accounting department and her supervisor also share culpability.