When the music stopped ...

Caitlin Glass, CFE, CPA, is a 2010 graduate of Birmingham Southern College where she founded the ACFE Student Chapter. She’s a forensic analyst at Forensic Strategic Solutions Inc., a national financial investigation firm specializing in fraud examination and investigative financial consulting services. The firm’s president is ACFE Regent Emeritus Ralph Q. Summerford, CFE, CPA, ABV, CIRA. In this column, Glass recounts the case of the president of a small bank who stole funds through a complex loan fraud scheme. Glass examines the scheme and discusses the motivation of using stolen funds for unconventional purposes. She’s changed all names because this is an ongoing case. — ed.

Richard Jones, a successful president of a local bank in a small Mississippi town, was a devoted businessman and community leader. His colleagues liked him, valued his reputation and appreciated his professional and personal relationship-building skills. Jones never missed a company social or neighborhood block party and could often be found on the golf course or tailgating at his son’s high school football games. Jones’ story is one of a Southern family man, motivated by a growing disinterest in his career, who found himself in the midst of a multimillion-dollar loan fraud.

LURED BY A MORE EXCITING LIFE