One More Lap to Go

Jane Lamog was the proud mother of a nineteen-year-old and a sixteen-year-old who was easily able to climb up to the profile of branch manager at Meneo Bank in Aloa, Greece. Her success was story of inspiration for those who worked around her, and hardly ever drew any suspicion until a few facts surfaced later. Jane was investing the majority of the client’s money in short-term government bonds; however, she promised them higher rates that one usually got after investing in long-term government bonds. Jane had gained her clients’ confidence because she delivered on her promises, regardless of how unbelievable they were. Jane was pocketing the money that clients deposited without recording it to the Internet banking system. With this money, she paid double interest to other clients. However, when Jane had run out of money, she took advantage of the online banking system to take money from one account to pay another: a lapping scheme. By acquiring passwords and unauthorized access to about twenty five accounts, Jane transferred funds from clients’ accounts to wherever she willed. Later when she was caught, because of her high profile connections, she was able to evade the law. The lesson one learns is, no single employee should be granted exclusive trust, regardless of the profits he/she produces.