Algoma U responds to fraud charges laid against former employee
Friday, December 14, 2012 by: SooToday.com Staff
NEWS RELEASE
ALGOMA UNIVERSITY
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Statement from Algoma University President Dr. Richard Myers re: alleged fraud
SAULT STE. MARIE - Earlier today, Sault Ste. Marie Police laid charges against Cynthia Jacobs, a former employee of Algoma University for embezzling $391,454.82 from the University over a period of seven years.
The University initiated an investigation earlier in the year, which led to an admission by the employee.
The University terminated her employment on October 25.
The file was turned over to the police for investigation immediately thereafter.
Since most of the money was taken in previous years, there is little impact on the University's current operating budget.
As a public body that derives most of its operating revenue from student fees and government operating grants, the University takes very seriously its fiduciary responsibility to manage that revenue properly.
New leadership in the financial department initiated the investigation, and the institution is now adding an additional staff position, as well as enhanced controls, to prevent similar problems in the future.
The University is also taking all reasonable steps to recover as much of the money as possible.
About Algoma University
Algoma University offers a wide variety of liberal arts and sciences degree options including programs in Psychology, Computer Science, Business Administration, Fine Arts, Community Economic and Social Development, and Biology in Sault Ste. Marie, Brampton, Timmins and St. Thomas.
As a partner with Shingwauk Kinoomaage Gamig, Algoma U is committed to respecting Anishinaabe knowledge and culture.
Algoma University has launched its Essential Elements Campaign to expand its campus and offer more scholarships and awards to students.
To learn more, visit www.algomau.ca
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Just Curious 12/14/2012 5:45:12 PM ReportDude,she's 53,how much you figure she'll make in a year? The days of the silver dollar are long gone,never mind the fifty cent piece...
Just Curious 12/14/2012 5:48:16 PM ReportSo now this new employee they have hired to keep an eye on the first position is gonna make 300,000 over the next 6/8 years. What,pray tell,are they saving???
the coach 12/14/2012 5:58:50 PM ReportWow, give em another $100 big ones, they have everything under control. Wow.
Ricatoni 12/14/2012 5:59:23 PM ReportBeej: A very educated answer and your nickname pretty much sums up your mentallity.... LOL......get a life........
Beej 12/14/2012 6:03:04 PM ReportBite me, Pasta pooch!!
Resident 12/14/2012 6:10:25 PM ReportJust Curious: She'd probably make lots of money considering the men? who troll places like Albert St. E!!
Slick Nick 12/14/2012 6:10:32 PM Reportlol
ThinkAgain 12/14/2012 7:09:32 PM ReportPUC will just have to fork over another 100k to compensate
molder2 12/14/2012 7:10:39 PM Reportl need some more Lube please...l`m running dry...
Working Man 12/14/2012 7:21:09 PM ReportI'm guessing she was some 'financial controller'. She's probably highly skilled, but after this fraud she might have a hard time finding a job.
This kind of stuff happens all the time in the financial industry. It's just too bad 'she' got caught.
Prrrrrrr 12/14/2012 7:22:42 PM ReportBeej 12/14/2012 6:03:04 PM Report
Bite me, Pasta pooch!!
OMG...too funny!!!!
Sam C 12/14/2012 8:42:31 PM ReportJC... but if she hadn't been caught, the amount could have been much, much more.
KMF61MCF 12/14/2012 9:17:54 PM ReportThat's really so sad to bad she wasn't Management maybe they would have just hushed it under the Carpet and sent her on her way.
Jazz10 12/14/2012 10:23:47 PM ReportShe signed all my financial aid documents...hmmmmmm.....she was a well known name in the financial aid department. Common Algoma, look at your books. $400,000 is quite an amount to go missing over 7 years....
sportsfan17 12/15/2012 6:14:02 AM ReportTypical armchair critics, making ignorant comments and jumping to various conclusions on things. Let's wait and see the whole story for people start saying "maybe" there are others involved.
And they clearly they did look at the books and that's why she got caught. Note "new leadership in the financial department initiated the investigation".
Fact is, it's a great institution that is working to bring lots of students and therefore lots of money into the community. For those of you complaining that the city doesn't bring any jobs to town, this is a prime example. This school will do wonders for the city in the years to come.
Grump 12/15/2012 8:12:22 AM ReportThis happened under Celia Ross' watch. Now seems like a good thing she didn't get elected Provincialy. Maybe she can take another run at it with Harper next. lol
Wobbler 12/15/2012 9:43:59 AM ReportAn institution like Algoma University handles hundreds of thousand of dollars per year. I am sure they must have some kind of “employee dishonesty policy” that will pay them back a large percentage of the stolen funds.
icecoldstare 12/15/2012 1:25:23 PM ReportFraud is extremely difficult to detect. It is done in a deceptive manner with the intention of making it look legitimate.
The financial statements of Algoma U are audited each year and even then professional accountants are not able to detect this fraud through normal auditing proceducres.
Unless there is a specific reason to look at each transaction, fraud can go unnoticed for a long time.
Look at multi-nationals that can have millions of dollars taken before they notice.
Even with the tightest controls people will still try to circumvent them. There has to be some trust among employees. It isn't Algoma's fault, it is the employees.
keeper 12/15/2012 2:46:49 PM ReportIts to bad that the punishment in Canada for white collar crime lags behind other countries. We need some serious time handed out to send a message
littlejoe 12/15/2012 5:55:45 PM ReportThats real smart hire an extra employee to make sure nobody else steals money.
Should have just kept the same person.
Let her work for half the pay for the next ten years.
(1) She won't steal no more.
(2) University will get their money back.
(3) Don't need an extra employee.
THATS THE BEST THING TO DO
Norm 12/16/2012 3:05:10 PM ReportIf it's a gambling addiction, and I think it is, then no amount of jail will help anyone. Counselling, of the most intense kind, would be more like it. Addictions are a form of mental illness, therefore, should be treated as such.
Note: Comments that appear on the site are not the opinion of SooToday.com. Keep discussions civil and on topic. Refrain from obscenity and don't post anything that your grandmother would be ashamed to read. Those who do not abide by these guidelines will have their membership revoked without notice. If you see an abusive post, please click the link beside the post to report it.
