Just a week ago, we reported on a case where a highly trusted contractor employee embezzled $825 thousand from his company by using a company issued credit card for personal expenses. Now we have another misuse of company credit card case being reported by the Department of Justice. This time, the perpetrator made $1.3 million in unauthorized personal charges to a company credit card. He has pleaded guilty and has agreed to pay restitution and when he appears for sentencing, faces additional fines and possibly prison time. This time however, the perpetrator was not someone in a trusted position in the company – he was a lowly accountant who got away with the embezzlement for four years. Cases like these should really be wake up calls for companies to examine their own company-issued credit card policies and related internal controls. As we all know, “trust” is not an internal control.
Source: PNWC’s Government Contracting Update: Another Credit Card Embezzlement Scheme
New Regulation Formalizes Ombudsman Practice and Identity for IDIQ Contracts
An ‘ombudsman’ is an official charged with addressing and/or investigating the interests of individuals’ or companies’
