Project Management Company
Over a period of 9 months, an employee of the insured project management company misappropriated $80,000 of their employer’s money by pocketing cash received from Clients in payment of their invoices billed (via EFT transfers). The employee had a gambling problem and admitted to stealing the funds. The employee was prosecuted by the police and was unable to pay the stolen funds back to their employer as the funds were gambled away.
With the assistance of an crime investigator, the insured was able to prove the loss of $80,000 and was then able to claim this from back from the insurer.