Berkley Crime News

08Dec

State Audit Reveals More Than $1.7M in Missing Cash

Prevent This From Happening to YOU!

State audit revealed that more than $1.7M in cash that was paid to the city of Hartshorne for utility payments went missing from July 2009 to July 2016. The audit stated that the former city treasurer did not make any deposits of the cash she received for the utility payments during this time.
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16Nov

$1.2M Worth of Fajitas Stolen By Texas Juvenile Justice Worker!!

Prevent This From Happening to YOU!

A former Cameron County Juvenile Justice Department employee missed work one day in August for a medical appointment, the same day a delivery driver called the kitchen about the delivery of 800 pounds of fajitas. The delivery driver was informed by a worker that the juvenile department did not serve the Tex-Mex food, but the driver insisted that he had been delivering it for the past nine years.

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27Oct

Bookkeeper Embezzles $1.6M from Former Employer Using On-Line Payment System!

Prevent This From Happening to YOU!

Former bookkeeper of a New Jersey based telecommunications company has been charged with embezzling almost $1.6 million from his former employer over a ten year span. According to federal prosecutors, he opened a PayPal account in his employer’s name, moved the money from his employer’s bank account to that PayPal account, then moved the money to a second PayPal account that belonged to his girlfriend before finally transferring the money to his personal bank accounts.

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03Oct

What A Sham! 61 Counts of Embezzlement and Conspiracy

Just Because Its a Non-Profit – Don’t Use the Trust Model

The CEO of Chicana Service Action Center along with two other top executives were charged with 61 counts of embezzlement and conspiracy. All three executives are suspected of operating the non-profit with a sham Board of Directors spending taxpayer dollars.

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22Sep

Berkley FinSecure Hires Scott Mynatt

Towson, MD – September 20, 2017 – Berkley FinSecure, a Berkley Company®, announced today that Stephen Scott Mynatt has joined the company as Southeast territory director. In his role, Mr. Mynatt will focus on promoting Berkley FinSecure to financial institutions through agents and brokers in the territory that will include Georgia, Florida, North and South Carolina, Mississippi, Alabama, Tennessee and Kentucky.

Mr. Mynatt has worked for the last 20 years in the insurance industry with the last 16 of those for a major insurance company, specializing in financial institutions. Prior to insurance, Mr. Mynatt worked for a regional bank providing finance and leasing services for eight years. He serves as a member of the leadership board for Insure the Cure, raising money for Cystic Fibrosis Foundation. Mr. Mynatt graduated from Presbyterian College with a B.S. degree in Business Administration. He and his wife, Stephanie, have nine-year-old triplets, keeping them plenty busy when not working.

“We are pleased that Scott has decided to join the Berkley FinSecure team,” stated Jon Martin, vice president of sales. “He has deep relationships within the territory and knowledge of financial institutions that supports our role as specialized experts. Scott will be an integral part of our growth plans, and provide service in the Southeast to our agents and brokers.”

About Berkley FinSecure

Berkley FinSecure, a Berkley Company, is dedicated to providing customized, comprehensive insurance solutions and outstanding personalized service to financial institutions. We offer bond, management liability coverages and all standard property-casualty lines as well as specialty products catering to mortgage lenders and trust managers.

Our Berkley Crime unit provides crime related insurance products to commercial organizations, financial institutions and governmental entities.

The post Berkley FinSecure Hires Scott Mynatt appeared first on Berkley FinSecure.

14Sep

Equifax Breach: Leaves Many Questions for Consumers and Businesses

Resources and Communications

The breach revealed and confirmed by Equifax on September 8, 2017 leaves many questions for consumers and businesses. At this point in time, additional information continues to become available which we will monitor with regard to our insured institutions.

We encourage financial institutions to provide links for their account holders to the Federal Trade Commission (FTC) and Equifax pages. There are also steps some experts recommend, which individual consumers may or may not determine is applicable to their situations (monitoring, freezes, etc). Because we do not have full knowledge of the details of the breach or the circumstances existing between Equifax and each of our insureds, we are not able to comment on specific coverage at this time. Based on what we do know, Equifax is taking measures to provide monitoring and working to comply with notification requirements based on differing jurisdictions. It is because of this effort that we encourage financial institutions to direct consumers to the Equifax and FTC pages.

This situation stands as a reminder for organizations of all sizes to review their own internal response to potential breaches. It’s equally important to review third-party relationships to ensure controls through those vendors handling sensitive information. Berkley FinSecure makes some resources available via prior communications, and many associations make resources available to members.

Resources and Communications

As information becomes clear and details emerge we will provide updates as appropriate to our many insured financial institutions via our webpage.

  • Federal Trade Commission (FTC) Page
  • Equifax Page
  • a href=”http://www.berkleyfinsecure.com/news-events/no-excuses-business-continuity-planning/”>Continuity Planning
  • a href=”http://www.berkleyfinsecure.com/news-events/average-cost-data-breach-soars-29/”>Data Breach Costs
  • a href=”http://www.berkleyfinsecure.com/news-events/cybersecurity-help-your-financial-institution-clients-assess-their-risk/”>Cyber Security

Make Sure Your Financial Institution Clients Have The Right Coverage For Their Foreclosed Properties

Through our financial strength and knowledge in the coverage, we can help remove questions when a loss does occur. That’s what it means to be experts focused on your protection. Knowing how policies and procedures will impact coverage is an important step to ensuring appropriate insurance is purchased. Contact any one of the FI insurance experts below for help in making sure your FI customers have the right coverage from a strong, stable company!

The post Equifax Breach: Leaves Many Questions for Consumers and Businesses appeared first on Berkley FinSecure.

14Sep

Living Beyond Her Means, Budget Analyst Arrested for Alleged Embezzlement

Be In Control Of Your Controls

The 60 year old former Arizona City of Kingman’s budget analyst pleaded guilty to four counts of felony theft on August 25th! After an internal audit was conducted, the former Kingman employee was immediately terminated in November and arrested in January after being indicted.

It appeared that she stole the money by altering access settings and giving herself sole authority to both initiate and approve the same transactions. She was also accused of misusing a city credit card and transferring money from a JP Morgan Chase city account to cover personal expenses including gambling debt, car payments and credit cards.

Special agents with the State Attorney General’s office and the Federal Department of Homeland Security served search warrants to City Hall and her home which lead to her admitting to the embezzling.

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04Aug

Former Business Manager Of Local School District Pled Guilty To Embezzling $1.6M

Too Much Power With No Checks and Balances

Former Business Manager pled guilty to the charge of mail fraud in connection with the embezzlement of $1.6M from her local school district.

Working her way up the ranks over the past 20 years in her local school district, she developed the trust of so many. During this time the former business manager was falsifying the school districts records to hide her own crimes. At one point, she admitted that she concealed her embezzlement by inflating employee wages which caused those individuals to pay additional taxes to the IRS.

After the school board authorized a special audit, the case was investigated by the Federal Bureau of Investigation. It has been reported that the district did in fact have insurance coverage and a claim has been filed.

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19Jul

Hacker Drained $438K from Local Union

When Overdraft Protection Doesn’t Protect

A local Connecticut chapter of a nationwide union suffered a $438K loss as the result of a cyber crime. A hacker posed as the union’s secretary-treasurer after gaining access to her personal email account. Over a six week period the hacker requested about a dozen payments from the union’s payroll service company. The theft finally ended when the union’s bank contacted the customer to inform them their account was overdrawn.

Police, FBI and the Secret Service are involved in the investigation to identify and track down the perpetrators.

Luckily the union had insurance but it only covered part of the loss. They are hoping to get the remainder from their payroll company’s insurer.

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