Attorney For Financial Institution Officer

$100,000 in Suspected Fraudulent Expense Reports Resolved

A high-ranking executive was accused by the owner of a financial institution of submitting fraudulent expense reports in excess of $100,000 over an undetermined period of time. According to the owner, the officer often times traveled to branch locations as a regular part of his duties. During those travels, it was common to entertain business associates and accumulate expenses related to the trip. As amounts in expense reports were submitted for reimbursement, questions were raised as to whether the expenses were in fact for business or if the officer was passing off personal and entertainment expenses as business-related.

As the questions mounted, accusations flew and relationships were strained. The officer hired an attorney who in turn hired SVA to investigate the claims for his client. SVA’s fraud professionals conducted interviews, completed an analysis of all the data in question and provided a special Agreed Upon Procedures Report. Because of SVA’s forensic accounting procedures, the defense was able to resolve the dispute with the financial institution, keeping the reputation of the financial institution and that of the officer intact.

*Due to the sensitivity of fraud cases, as well as for the security of our clients, individuals and organization names are not disclosed in the SVA Fraud Measurable Results stories.