Thread: Almost $1,000,000 in credit card fraud

A man in Galt CA was charged with close to a million dollars in fraud on his employers credit card.

March 26, 2011 http://www.lodinews.com/news/article...b52825706.html

If he was spending $40,000/month fraudulently as claimed then there is serious mis-management going on at the company. Such gross fraud should have been uncovered almost immediately. Cash advances at casinos? Jewelry store purchases? Car payments? And you are telling me no one in HR thought the credit card statements were suspicious? The HR department must have either been in on the con or grossly incompetent of their basic responsibilities.

Whatever punishment maybe given to any man like this, the crime trend does not seem to reduce. Everyday you find a new fraud case somehow around your area, by your friends or in the news.

That is a bucket load of money - I could not in a lifetime charge that much money in one year. Hopefully the company cracks down so something remotely like this never happens again.

Interesting read.

As the controller I am sure he thought he would never get caught. Hopefully the company has learned its lesson, always check the checker when it comes to the finances in your business. I am sure this is why many companies have outside auditors look at the books.

I firmly believe that companies should have internal control. In the case of the credit card, aren't they supposed to check if the expenditure is in large amounts and frequent?