App State ripped off for $2M in Email Scam

[ASU3432Mi]

IMO, a transfer of this size should require the Chancellor's approval.

[Yosef84]

I certainly wouldn't disagree that large transfers should require additional approval rigor but the biggest problem here was the person who updated the transfer instructions based on an invalid email, not the person who sent the transfer. Of course, if they are the same person there really IS a problem in segregation of duties. Bottom line is that it looks like the controls failed at more than one point here. I'm glad they recovered most of the money, and hope they manage to recover the rest.

[firemoose]

http://www.wataugademocrat.com/news/asu ... 9bcdd.html

[Cro-Magnon App]

In the coaching business, high school, (my business), the old saying is "You won't get fired for winning and losing, it'll always be the money or the honey." Use to tell that to all the young coaches coming in like we were told. Now you can add "or texting and tweeting or jacking up some kid." I can remember a few that were fired for not winning, but I cannot count the ones that were fired for stealing or misusing the money and even more for messing with a woman on school grounds or elsewhere. Too many to count. But never have I known here or elsewhere that amount of money being handled. In this century, I can count six or eight fired for grabbing a kid. Most not evil, just trying to motivate like my coaches did me.

[NattyBumppo'sRevenge]

So money went to a drone company and a hydrogen peroxide company, which in some physical states, hydrogen peroxide can be explosive. And some random Holding Company, which is likely used to wash the money.

[firemoose]

I posted the story to show that, so far, we've gotten around 3/4 of the money back and until the case is closed we may still get some more. That is a lot better than a lot of businesses/schools/people who get ripped off ever see. I didn't put it here so we could go back and rehash what happened and why it shouldn't have. That ship sailed long ago. In fact it's already been cut up and sold for scrap. Just for those who don't know App has addressed the huge screw up that happened and taken steps so that it doesn't happen again.

Even if it ends here $500,000 is better than $2,000,000.

Should have put it in it's own thread but that wouldn't have done any good either.

[firemoose]

[NoLongerLurking]

One of you lern-id individuals should explain to me why this tool was only charged (or was it only convicted?) of laundering the money he had already stolen.

[T-Dog]

https://www.wataugademocrat.com/news/ar ... b8f6d.html

More details.

[ASU3432Mi]

".....fraudsterS"??

[ASU3432Mi]

Sum Ting Wong also involved.

[CVAPP]

One of you lern-id individuals should explain to me why this tool was only charged (or was it only convicted?) of laundering the money he had already stolen.

I ain't lern-id, but I am sure an indictment is not a conviction. According to the article, the accused, Mr. Lee, is charged with fourteen counts of money laundering. The maximum penalty for each charge is 20 years in prison and a $500,000 fine. 280 years in prison and a 7 million dollar fine for stealing less than 2 million seems sufficient to me. I would settle for half of that or less as a victim of such a crime.

[NoLongerLurking]

One of you lern-id individuals should explain to me why this tool was only charged (or was it only convicted?) of laundering the money he had already stolen.

I ain't lern-id, but I am sure an indictment is not a conviction. According to the article, the accused, Mr. Lee, is charged with fourteen counts of money laundering. The maximum penalty for the each charge is 20 years in prison and a $ 500,000 fine. 280 years in prison and a 7 million dollar fine for stealing less than 2 million seems sufficient to me. I would settle for half of that or less.

Like I said, I is ignernt but sometimes I also summarize without actually paying attention to important words such as indict vs convict. In thi case, I am ingernt and not giving the attention I should. Thanks for the clarification!