Bad Checks and Balances

Watts, Jim
October 2004
Bond Buyer;10/26/2004, Vol. 350 Issue 31997, p27
Trade Publication
The article reports that a Topeka Public Schools accountant could have stopped an international check scam that cost the school system at least $554,000 if he had properly reconciled bank accounts. The U.S. Federal Bureau of Investigation is investigating the fraud. Though schools officials aren't sure how the scam worked, they said the fraud perpetrators created duplicate checks with the same check number as district checks. The check numbers, signatures, and bank name were all outdated on checks that continued to clear the bank.


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