During the years of 2015 through 2019, a Plano Texas man who oversaw his company’s fleet management department accumulated close to $1.6 million in personal expense charges using company credit cards.
The former fleet manager of the publicly-traded construction products manufacturer would charge company credit cards for transactions via Square or Intuit for his own personal expenses. Once the cards were scanned, the payment processors would then dispatch money from the company funds directly the fleet manager’s or his co-conspirator’s account often classifying the expense as car repair or fundraiser. Some of these bogus charges were for first class airline tickets, luxury hotels, expensive dining, cars, and kitchen appliances to name just a few. The former employee also used the credit cards for inventory for his and his co-conspirator’s respective candle businesses.
The 45 year old manager was indicted on one count of conspiracy to commit wire fraud and nine counts of wire fraud. If convicted, he could face up to 200 years, 20 years per count in federal prison.
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Prevent This From Happening To YOU!
The Association of Certified Fraud Examiners (ACFE) provides a Fraud Prevention Check-Up to see if your business is vulnerable to fraud. This PDF is available free to both ACFE members and non-members. The check-up is a simple yet powerful test of your company’s fraud health.
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