Saugeen Shores Police Service

press release

Saugeen Shores Police Service

Press Release

17 May 2010

Chamber of Commerce reports a major fraud

On the 29th of April 2010 members of the Chamber of Commerce in Port Elgin attended to the police office to report a possible fraud.

The Chamber and CIBC were looking to discover why there were certain discrepancies in the account balances that the Chamber believed it to have and the CIBC indicating they actually have. The discrepancies are in the Chamber of Commerce bank accounts. Upon initial investigation it appears that the bank statements the Chamber was using to reconcile at the end of each month had been altered prior to them receiving them and after being mailed out by the bank.

Further investigation revealed that the discrepancies initiated with the Pumpkinfest accounts. Currently the police are waiting to receive all banking material from all sources and that is going to take some time. It was explained to the Chamber staff that this investigation will take weeks maybe months. There are many pieces to this puzzle and you need all the pieces before you can put it together and identify criminality.

The Chamber staff has put financial measures in place from this point forward to stop the loss. What has occurred from this point going backward cannot change. There is a paper and computer file trail and it is just a matter of time to get the paperwork in one place. Police do have a suspect but no arrest or charges will be laid until the investigation is complete. Once police have everything in place a forensic accountant will go over the documents to corroborate the results of the investigation if required.

All staff at the Chamber and the bank has been very co-operative. No further losses are being incurred by the Chamber and police have a suspect. A dollar value of the fraud and the scope of the charges are not definitive at this time but will be released when known. To be clear, fraud offences take a considerable amount of time and effort especially when you look back several years. A Sergeant from the criminal investigation branch is assigned to this matter.  

           

Dan Rivett

Chief of Police

 

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