Accountant buys $6-million in Apple iPhones and iPads on company credit cards and nobody notices for five years

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All of the Apple electronics — along with other personal goods and services — were charged to her company Amex

TORONTO — On a November afternoon in 2011, Nadia Minetto waited in the parking lot of Yorkdale Shopping Centre, one of the largest malls in the country, to meet a stranger who responded to her ad on Kijiji offering an iPad for sale.

What Fung did with them was straightforward: he resold them, some through his electronics store in a mall north of Toronto, but most to companies in Hong Kong or to wholesalers.Minetto was the accounting manager for Wescom Solutions Inc., a Mississauga software company. It had been her job to approve payments on all of the firm’s American Express credit cards used by employees for business expenses, including her own.

Over five years, at least $6,831,834 of Wescom’s money was misappropriated, according to court documents, most of it on the Apple phones and tablets. Although required to provide the company with a list of all her assets and expenses, she kept some secrets. Fung began bringing money in pre-counted rolls of $5,000 and $2,000, wrapped in elastics, which Minetto accepted without counting. In 2012, their meetings moved from the Yorkdale mall to the Ikea in Vaughan, north of Toronto, where Minetto and Fung would swap the goods between their cars in the large parking lot, court heard.

 

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Wow! An amazing story...however she must have had to answer to a CFO at some point? Whoever the CFO was at the time has lots of explaining to do as to how this was missed for so long...

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