Friday, July 26, 2013

Police investigate alleged Penn State fraternity embezzlement

A Penn State fraternity has discovered $90,000 is missing from its bank accounts while almost $38,000 in bills have not been paid, police records show.
The investigation has been going on for several months, the Centre Daily Times in State College, Pa., reported Wednesday. The Theta Delta Chi fraternity turned over financial records to police in January after members reviewing bank statements for late 2012 noticed a low balance and found thousands of dollars had been withdrawn from accounts.
In an application for a search warrant to give them access to the fraternity's records at Citizens Bank, police said $57,000 was withdrawn from accounts under suspicious circumstances between August 2011 and December 2012. Fraternity members found more than $30,000 drained from accounts by unauthorized use of debit cards.
The financial review found $38,000 owed to the local Fraternity Purchasing Association had not been paid.
No arrests have been made. The newspaper said police would not comment Wednesday on the investigation and officers of the fraternity could not be reached

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