Don’t count on bank to prevent loss on embezzlement

A nonprofit cooperative that operates the world’s largest fully-refrigerated wholesale produce market in the world has been rebuffed in trying to recover from its bank for embezzlement by its CEO of nearly $5.5 million in checks written on the coop’s account. A federal District Court has issued summary judgment against the coop on all but a small claim for negligence in the final year of the embezzlement scheme.

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Don’t count on bank to prevent loss on embezzlement

Don’t count on bank to prevent loss on embezzlement