Week 3 Assignment Konica Devasser

Week 3 Assignment Konica Devasser - Konica Devasser Week 3...

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Konica Devasser Week 3 Assignment Case 7-1: The Greater Providence Deposit & Trust Embezzlement 7-1 Q1 Guisti committed the fraud by trusting a employee that was employed within the company for 14 years. He also trusted a manager of Greater Providence Deposit & Trust branch office. He used his authority within the company to create 90-day notes that required no collateral at all. The total estimated 90 day notes was made to the amount of 90 day notes that was created was 67. He then was able to skip the loan committee approval because of the loan limits that were exceeded. In the end he was charged with embezzling $1.83M from the bank overall. Guisti had made out the loans to a total of five people that included his wife that used her maiden name, his father, 2 of his close friends, and a person that did not exist. He also made sure that the loans were coming through and they would never have a chance of being examined. When the loans matured overtime, he would take out a new loan or re-write the old one. As a result, he was capable of paying the principal and interest that he owed.
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  • Spring '11
  • Smith
  • Debt, Cheque, Guisti, Greater Providence Deposit

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