{"id":2891,"date":"2019-12-01T23:19:44","date_gmt":"2019-12-01T23:19:44","guid":{"rendered":"https:\/\/suretyone.com\/blog\/?p=2891"},"modified":"2019-12-01T23:19:44","modified_gmt":"2019-12-01T23:19:44","slug":"fidelity-bond-covered-3mn-loss","status":"publish","type":"post","link":"https:\/\/suretyone.com\/blog\/fidelity-bond-covered-3mn-loss\/","title":{"rendered":"Fidelity Bond Could Have Covered $3mn Dishonesty Loss"},"content":{"rendered":"

A fidelity bond (commercial crime coverage) is generally an inexpensive insurance protection when unexpected losses occur due to employee theft. A recent case example was reported by Matthew LeBlanc of the Journal Gazette.<\/p>\n

“An Auburn man, his sister and her former husband bilked a Fort Wayne company out of more than $3 million from 2012 to 2018, according to a federal indictment.\u00a0Brian Nordan, 42, Angela Jasinski, 29, and Dustin Coleman, 42, allegedly worked together to defraud the company \u2013 which is not named in court documents \u2013 by using business credit cards to pay for personal purchases.Nordan also arranged for Coleman to be paid nearly $300,000 in salary and more than $54,000 in benefits for about six years \u2013 from 2012 to 2018 \u2013 despite Coleman not being an employee, prosecutors say. The couple divorced in 2016.\u00a0Jasinski, Nordan’s sister, left the company in 2016 but earned nearly $70,000 in wages and benefits, into September 2017, according to the indictment.<\/em><\/p>\n

Nordan worked as chief marketing officer and manager, making personnel decisions, supplies orders, negotiating with vendors and paying company expenses. In August 2012, he \u201cknowingly devised and intended to devise a scheme to defraud and to obtain money and property by means of materially false and fraudulent pretenses,\u201d the 14-page indictment charging them with wire fraud stated.\u00a0Nordan faces thirteen counts, Coleman is named in three counts, and Jasinski is named in two counts.<\/em><\/p>\n

He used company credit cards to pay for about $668,000 in personal charges, investigators said. An additional $563,000 from the company was allegedly used to pay the credit card expenses of Nordan and Coleman. From January 2017 to May 2018, Nordan claimed \u201cexpense reimbursements\u201d worth nearly $180,000 \u201cfor monies over and above his salary,\u201d court documents said. Prosecutors said part of the scheme involved Coleman filling out employment documentation, but he did no work for the company. In 2014, investigators said he lied to a financial institution, so he could buy a Mercedes, when he said he worked there.”<\/em><\/p>\n

A fidelity bond\u00a0is issued to protect a\u00a0business organization from the often disastrous impact of the dishonest acts of the organization’s employees. The preceding article is an excellent example of the perils which are covered by a fidelity bond. There are many coverage parts available but the primary insurance part is employee theft. Surety One, Inc.<\/a> offers broad forms for both domestic and international business operations, generally following the S.F.A.A. formats. A\u00a0basic\u00a0fidelity bond will offer:\u00a0Employee theft,\u00a0Depositors forgery or alteration,\u00a0Theft, disappearance and\/or destruction of money and securities,\u00a0Robbery and safe burglary,\u00a0Computer Crime (theft, funds transfer fraud, etc.), and counterfeit currency\/money order covers. Call (800) 373-2804, email Underwriting@SuretyOne.com or visit our fidelity bond page for more here<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

A fidelity bond (commercial crime coverage) is generally an inexpensive insurance protection when unexpected losses occur due to employee theft. A recent case example was reported by Matthew LeBlanc of the Journal Gazette. “An Auburn man, his sister and her… Continue Reading →<\/a><\/p>\n","protected":false},"author":1,"featured_media":2892,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[101],"tags":[2506,2507,2508,108,105,106,1991,2449,2452,2509],"yoast_head":"\nFidelity Bond<\/title>\n<meta name=\"description\" content=\"A fidelity bond (commercial crime coverage) is generally an inexpensive insurance protection when unexpected losses occur due to employee theft.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/suretyone.com\/blog\/fidelity-bond-covered-3mn-loss\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fidelity Bond\" \/>\n<meta property=\"og:description\" content=\"A fidelity bond (commercial crime coverage) is generally an inexpensive insurance protection when unexpected losses occur due to employee theft.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/suretyone.com\/blog\/fidelity-bond-covered-3mn-loss\/\" \/>\n<meta property=\"og:site_name\" content=\"Surety One, Inc.\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Surety1\/\" \/>\n<meta property=\"article:author\" content=\"https:\/\/www.facebook.com\/Surety1\" \/>\n<meta property=\"article:published_time\" content=\"2019-12-01T23:19:44+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/suretyone.com\/blog\/wp-content\/uploads\/fidelity-bond-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"903\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:site\" content=\"@SuretyOne\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"C. 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