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Post by oldtimer on Oct 22, 2010 9:35:42 GMT -5
It's interesting that our former PA announcer, Kevin Van Meter, decided to enter this discussion due to his discontent with prior decisions regarding coaches. I don't see the relevance to this matter other than sour grapes. As to this subject, now that it is public knowledge, I agree that the college must be more forthcoming. The one problem I could see was if the firing also contained a non-disclosure agreement with the former employee based upon that person's agreement to make restitution. If anyone thinks that the persons involved have the means to provide restitution of $800,000 they are living in fantasy land....The money is gone and the perpetrators also...... Go Gaels!!!! |
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Post by gregcrow on Oct 22, 2010 10:10:12 GMT -5
I have to admit I am torn by this. It's upsetting that it seems there is an attempted cover-up here. Now that the cat is out of the bag the administration needs to explain itself. It's possible there is a logical explanation for all this, but I have not heard it yet.
I am with OT, I can't see any way that the perpetrators of this made full restitution.
So here comes the real dilemma - Do I send in my donation now or do I demand an explanation? I would like to hear the explanation, but to not send the money seems like it could punish the wrong people.
Is anyone else thinking along the same lines? I'd hate to see the school take a double hit - first they get money stolen, then as a result donations go down. I realize that that my small donation really doesn't make much difference, but if enough people don't donate it could really hurt.
Whatever happened to honesty?
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Post by St. Louis Gael on Oct 22, 2010 10:44:13 GMT -5
As one who has gone through a similar episode, this can be a very difficult situation. A public airing of this can give the perpetrator a cause of action that is not mow there - Driscoll to cite an example. The people who do this are usually very bright and very creative accountants. This person(s) pulled this off for ten years.
In our situation, our attorneys went the civil route and not criminal for two reasons. I wanted to throw her ass in jail.
1. Proof beyond a "reasonable" doubt. These people are very creative accountants.
2. It is most difficult to get restitution out of a jailbird.
We have all heard the story of the employee who submitted an expense report with a briefcase on it. The boss said "No. that is a personal expense." The employee Resubmitted the Report for the exact amount with a comment: "Now, find the briefcase". This is happening every day, and a variation of this may be what happened at Iona.
Now that the story is out, I do think that Iona needs to give its constituents comfort that strong financial controls are in place to get at this in a more timely manner going forward.
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Post by GuyF on Oct 22, 2010 11:20:41 GMT -5
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Post by Mr Doom on Oct 22, 2010 11:22:15 GMT -5
Gregcrow, while I understand your conflict, I think to hold your donation simply serves to punish the victim.
Iona College was the victim in this. The college is the one which has suffered the loss. There is not one major business in this nation which at one time or other has not been the victim of someone who was thought to be a member of the family and who was a trustworthy part of that family.
Hopefully, the college has taken appropriate steps to make such an event as unlikely as possible in the future - please notice that I said unlikely and did not say impossible - nothing is impossible.
There is no indication that Iona is anything but an innocent victim in this matter.
That being the case, I, for one, have no intention of delaying my annual contributions to Iona.
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Post by gregcrow on Oct 22, 2010 11:44:36 GMT -5
Thanks Doom, that makes sense to me. And I do agree that it is not unusual for organizations to deal with these type of incidents in this way. I would still like to see the situation clarified. Won't hold up my contribution.
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Post by oldtimer on Oct 22, 2010 12:14:37 GMT -5
Guy....Best piece yet on the fiasco..It confirms my suspicions...
Sister Thorton was a big basketball fan, and frequently sat in the same section....We had many conversations, and rooted together...Noticing her absences, I inquired if she was ill from a person who should have knowledge..I was met with a blank stare and a shrug of the shoulder which I thought strange at the time.......
Piece by piece......
Go Gaels!!!!!!!!
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Post by Mr Doom on Oct 22, 2010 12:23:24 GMT -5
Earlier this morning an extremely reliable source had told me the same info. which was stated in the article Guy posted.
Hopefully, Iona has taken the necessary steps to try to prevent this from happening again. Unfortunately, as is the case so many times, it appears to have been a trusted "friend" who was not worthy of that trust.
A hard and costly lesson learned!
Now, let's get on with the business of dominating the MAAC and getting back to our rightful spot in the NCAAs!
GO GAELS!
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Post by ghostofwillard on Oct 22, 2010 12:23:45 GMT -5
Iona needs a truthful disclosure here. Earlier this year, the Pastor of my parish resigned. Soon after it was revealed that financial improprieties were the issue. This was acknowledged by the Archdiocese, yet a full disclosure of amount and duration was never communicated, however they claim there has been full restitution. This is (some might say was) a vibrant parish; if you don't arrive early you won't get into a pew. Now you can come late find a seat and weekly donations are down 20-25% from last year. I still participate in my parish, but I can understand why others don't; to many unanswered questions. I think if Iona comes clean the effects will be minimal, if they don't they will feel it their pocketbooks. I for one am getting a little upset with the institutions I have the most faith in, eroding that trust by not being informative.
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Post by ichoops on Oct 22, 2010 13:01:42 GMT -5
Sounds like chump change... Let it go to the grave... lol
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Post by ichoops on Oct 22, 2010 20:13:57 GMT -5
Guy....Best piece yet on the fiasco..It confirms my suspicions... Sister Thorton was a big basketball fan, and frequently sat in the same section....We had many conversations, and rooted together...Noticing her absences, I inquired if she was ill from a person who should have knowledge..I was met with a blank stare and a shrug of the shoulder which I thought strange at the time....... Piece by piece...... Go Gaels!!!!!!!! Thats a funny story. Everything is very hush hush over there.... |
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Post by hawaii bill on Oct 23, 2010 9:13:17 GMT -5
Boy, these are difficult situations. On one hand the primary focus is to recover the money. On the other hand, you simply have to prosecute these people for reasons noted above. You have to send a message to all EE's that this kind of behavior will not only be punished by termination, but criminal prosecution as well.
Sounds like a case of the fox guarding the hen house; someone in a position of trust, who abused that trust. A nun for God's sake. The College at least should detail what policies and procedures have been changed to give confidence to donors.
Hopefully they had fidelity bond coverage which would reimburse them for the loss. With such coverage in place, you don't have to worry about restitution from the embezzler. You file a claim and subrogate your rights to the insurance company. Then they go after it.
BTW, where were the college's outside auditors?
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Post by Mr Doom on Oct 26, 2010 20:22:23 GMT -5
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Post by Super on Oct 26, 2010 23:25:53 GMT -5
Ruland had it right! Francesa might have some fun with this.
"Each of them declined to reveal their identities publicly out of fear of retribution from Liguori and the school." Not surprising based on his previous antics.
"She was also the moderator for the women's basketball team and played a role in the shakeup of the men's basketball program earlier this decade." I had heard she was the mover in the dismissal of the assistants and that Ruland was furious about that.
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Post by Super on Oct 27, 2010 11:20:50 GMT -5
Unfortunately, an above the fold front page piece today. (Good thing that circulations is down.) Picture of Sr. Susie lifted from IC Gaels.
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