RADIO SILENCE

 By Kahlef Ross

 

Maintaining a close relationship with clients, vendors, and the like is key to the success of a business. Regardless of the industry, a great client relationship goes a long way towards efficiency and long-term success working together. It also helps prevent missed payments or in some cases fraudulent payments.

WFYI is an Indiana public radio, TV, and news station. In 2022 two employees: Alicia Wilson and Mindi B. Madison, allegedly embezzled approximately $270,876.00 from their employer. The scheme involved the creation of falsified invoices which Ms. Madison would allegedly create checks for Ms. Wilson, who would deposit the checks and split the monies with Ms. Madison. The two allegedly used the acquired monies for groceries, utilities, rent, and other expenses. Luckily according to a statement from WFYI the embezzlement caused no monetary impact due to insurance coverage.

This is a positive case dissimilar to most. The insured was able to prevent negative impacts through proactively gaining insurance coverage. To transfer risk, however, it is important to verify the accuracy of invoices and analyze for discrepancies to prevent payments for false invoices. This does not always include an employee. There are also cases where fraudsters may intercept emails and divert payments to themselves. Noticing the slight differences is what can make a dramatic difference to mitigating fraud or embezzlement.

 

            WFYI News. (2024, January 18). Former WFYI employee and co-conspirator sentenced in $270,000 embezzlement case. WFYI Public Media. https://www.wfyi.org/news/articles/former-wfyi-employee-and-co-conspirator-sentenced-in-270000-wire-fraud-case