When fraud occurs It’s often a trusted employee having too much control over the organization’s finances, with no checks or proper fraud prevention measures in place.
Such is the case for Mr. Mark Cina who worked as a comptroller at two companies in Poughkeepsie, New York. Company One designed and manufactured solar energy products and Company Two fabricated molded plastic. Cina was responsible for the day-to-day financial operations of both companies. A part of his duties, Cina had authority to sign checks for both companies and use their credit cards and ATM cards.
During his time as a comptroller from 2009 to 2015, Cina is accused of embezzling $2.5 million and spending it on gambling, rent, $125,000.00 for personal credit card bills, $881,000.00 in checks, and $825,000 in cash withdrawals. In August 2015, Cina was terminated and the owner of both companies reported the suspected fraud to the New York State Police.
Unfortunately, schemes like this are not rare. It is important for companies to have thorough fraud risk assessments to guarantee proper controls are in place to avoid unforeseen theft.
Theft is not always easily discovered, and often fraudsters have a high level of trust and access that causes a lack of oversight. Due to factors like this, Cina was able to defraud two companies simultaneously for years.
Photo to Tima Miroshnichenko
