News & Events
YesCFO and CPA Forensics Managing Director Ed Yakely, recently led the fraud examination of an alleged misappropriation of $81,000 by a trusted Director of Finance at a NJ based healthcare facility.
The fraud was accomplished through the unauthorized use of a company credit card to purchase multiple retail gift cards, which were subsequently used to acquire items of a non-company nature. The fraud also involved the improper status reporting and employee contribution withholdings related to the organization’s employee health benefit plan, which further enriched our fraudster. This individual used his position of trust to facilitate his actions.
In conclusion, Ed clearly pointed out in his final report, that if some basic internal controls were in place and were enforced, that could have prevented most if not all of this scheme from proceeding unchecked for as long as it did (approximately 18 months).