“The formal accusation detailed how Czap would use the personal identification information of another employee to create false payment requests, designed to appear legitimate, to the company’s vendors. Then, using her own credentials, Czap authorized nearly 500 payments with company funds.
The indictment further alleged that, between January 2013 and July 2016, using the company’s funds that had been fraudulently deposited into her personal accounts, the defendant and her husband would withdraw approximately $2.7 million dollars in cash at various casinos in Delaware and elsewhere. Though Czap gambled regularly, the indictment claimed, she would also frequently cash out the casino credit for U.S. currency and, over time, deposited approximately $1.2 million dollars in two separate bank accounts held in her husband’s name”.
That’s an average of $12K per payment. I expect the financial services firm will be lowering the dollar threshold for payments requiring an officer’s approval. I don’t know the identity or size of the firm, but its operating expenses increased an average of $1MM/year and it took them six years to get wise?
I hope they give her at least 20 years and seize all assets. They got to start getting tough on crime. 2 years in jail for stealing $6,000,000 is insanely lenient.
What I don’t understand is why these big fraud cases keep popping up? Are owners asleep at the switch or just high on dope? Anything going on with financial statements?
From wdel.com:
“The formal accusation detailed how Czap would use the personal identification information of another employee to create false payment requests, designed to appear legitimate, to the company’s vendors. Then, using her own credentials, Czap authorized nearly 500 payments with company funds.
The indictment further alleged that, between January 2013 and July 2016, using the company’s funds that had been fraudulently deposited into her personal accounts, the defendant and her husband would withdraw approximately $2.7 million dollars in cash at various casinos in Delaware and elsewhere. Though Czap gambled regularly, the indictment claimed, she would also frequently cash out the casino credit for U.S. currency and, over time, deposited approximately $1.2 million dollars in two separate bank accounts held in her husband’s name”.
That’s an average of $12K per payment. I expect the financial services firm will be lowering the dollar threshold for payments requiring an officer’s approval. I don’t know the identity or size of the firm, but its operating expenses increased an average of $1MM/year and it took them six years to get wise?
I hope they give her at least 20 years and seize all assets. They got to start getting tough on crime. 2 years in jail for stealing $6,000,000 is insanely lenient.
I agree, Jack. She needs to spend significant time in prison.
What I don’t understand is why these big fraud cases keep popping up? Are owners asleep at the switch or just high on dope? Anything going on with financial statements?