University Was Prepared With Insurance
A former administrative officer of the University of Missouri – Columbia pled guilty recently to charges of stealing over $716,000 during a nine year span.
The bulk of the theft resulted from fake vendor billings that the employee initiated through several shell companies that she and her husband controlled. In addition, she used university credit cards for personal expenses, made unauthorized cash withdrawals and manipulated her own time sheets.
After their investigation, the university admitted that many of its own controls were lacking and have made several major changes to reduce the possibility of embezzlement in the future. Luckily, the university had crime-related insurance and was able to recover most of their losses.
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