Algoma U responds to fraud charges laid against former employee

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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