NEW ROCHELLE, NY (October 27, 2010) On May 26, 2009, it had been brought to my attention that a senior school official was involved in misappropriation of funds. That senior official was immediately terminated. The College continued to act swiftly. On June 5th, forensic accountants were brought in to investigate allegations of waste, fraud and abuse.
An exhaustive investigation was conducted over 6 months by experts in criminal investigations, forensic accounting and computer forensics. The investigation included interviews of Iona personnel and outside vendors. In addition, forensic analysis was conducted in a manner that identified the theft, how it occurred and whether other individuals were involved. Based on the firm’s findings, the College implemented additional procedures in order to safeguard against another situation. The College complied with regulatory reporting requirements.
Please rest assured that the College recovered a major amount of its loss.
Appropriate personnel actions were taken in accordance with our human resources practices. As per college policy, we do not discuss specific details of personnel matters. We have no further comment.