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The Cover-up

Online Exclusives ​Art Stewart Jun 19, 2019

One fraudster is bad, but multiple people carrying out separate schemes can be particularly costly without appropriate controls.

​Detectives in New South Wales, Australia allege that a senior manager at Commonwealth Bank covered up an employee's theft so that his own fraud wouldn't be detected, The Sydney Morning Herald reports. Police say Lee Zaragoza discovered that the employee had made 107 fraudulent transactions totaling AU $64,000 ($43,980) from the bank's internal accounts in 2015 and 2016.

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​Art Stewart

Art Stewart is an independent management consultant with more than 35 years of experience in internal audit, financial management, performance measurement, governance, and strategic policy planning.​​​