Friday, July 15, 2005

Walmart Reports Executives Committed Fraud

Walmart has reported that Thomas Coughlin, one of their former vice presidents took as much as $500,000 for his own benefit by performing unauthorized gift card transactions and falsifying expense reports. This is now the subject of a federal grand jury investigation. Jared Bowen, another former vice president, is also being accused by Walmart of being involved in the scheme and helping Coughlin cover it up.

Bowen contends that he reported this misconduct and was in fact terminated in violation of federal whistle blower laws. According to Walmart, they conducted a professional investigation, that proves otherwise.

This is yet another sad commentary on the reason fraud is becoming so prevalent and growing in scope. Daily, we are confronted with people, who are considered leaders being accused of criminal activity. It is refreshing to see that actions are being taken against it, but in the end, it bespeaks a lack of moral fortitude becoming commonplace in the higher echelons of society today.

Click on the title for an article on this by the San Francisco Chronicle.

1 comment:


the key word is 'former'

so it would appear when mideeds come to light, the company feels the heat and responds!