News story about alleged embezzlement of chapter funds -- Delta Tau Delta at U of Nebraska - Lincoln:
Excerpts from article:
Lincoln police arrested a former fraternity president and treasurer on suspicion of embezzling from Delta Tau Delta accounts.
Cody Brown, 23, was arrested Thursday.
According to a search warrant . . . UNL Chapter Adviser Alexander Wolf noticed multiple suspicious transactions in the fraternity's general account between January 2007 and June 2008 while preparing yearly tax returns.
Police say . . . records indicate Brown used Delta Tau Delta money to buy more than $1,500 in goods and services from clothing stores, bars and restaurants for his personal use.
In addition, they say, he made cash withdrawals with the ATM card assigned to him every month between February 2007 and July 2008. . . .
Reports like this, while not frequent, underscore the importance of audits and appropriate financial controls as part of risk management.
Naturally, the person who's been arrested is presumed innocent at this point.