After the Super Bowl, a majority of football fans look forward to the offseason to see which teams make moves towards improvement.
However, after one Super Bowl, the Jacksonville Jaguars terminated an employee due to alleged misappropriation of funds.
The Jaguars franchise allegedly lost $22 million during the span of 2019 to 2020. Amit Patel allegedly used these funds to purchase multiple vehicles, a condominium, designer watches, cryptocurrency, and even online gambling. As the former manager of financial planning and analysis, Patel was able to conceal the fraud for years.
Proper internal controls are important for reasons such as this case with the Jacksonville Jaguars. Failing to have responsibilities split between multiple individuals for reconciliation of bank accounts increases the likelihood of a fraud scheme finding success.
In December of 2023, Patel pled guilty to wire fraud and illegal monetary transactions. The result of this plea agreement is a maximum penalty of 30 years in prison at sentencing, a $500,000 fine, full restitution, and forfeiture of property.
If there is a lesson to be learned, it is to consistently look to improve practices, not just on the field, but in the front office as well.
Strang, K., & Kahler, K. (2023, December 12). Former Jaguars employee accused of stealing more than $22 million from team. The Athletic. https://theathletic.com/5118308/2023/12/06/jacksonville-jaguars-employee-theft-amit-patel/
Times-Union, F. (2024, February 2). Jaguars employee pleads guilty to $22 million fraud; attorney says he gambled money away. Florida Times-Union. https://www.jacksonville.com/story/news/crime/2023/12/14/amit-patel-to-plead-to-stealing-22-million-from-jacksonville-jaguars/71917176007/
Photo by Gezer Amorim
