New retired gran regarding Enid, Oklahoma, Ernst Currier, got a job once the that loan officer following just like the good older vice-president from the Safety Federal Bank. The guy used the identities with a minimum of 9 real individuals because the well given that seven make believe anyone and you may took regarding the $six.2 mil. step one feabie.com kaydol He was sentenced to thirteen ages inside the jail for the 33 felony counts.

Currier managed to prevent probably one of the most crucial interior controls: segregation out-of responsibilities. The latest American Institute away from Specialized Societal Accounting firms (AICPA) states you to definitely segregation out-of obligations “will be based upon shared obligations from a button process that disperses the fresh new critical properties of these strategy to several individual or agency. Instead which breakup inside the key procedure, fraud and error dangers is far less manageable.” dos Currier made use of local residents’ identities and you may authored not true documents so you can unlock finance to have huge amount of money and gather money himself, without any oversight of the any other personnel. Continue reading In the bank business, he allegedly unsealed 61 deceptive financing