JTA reports $95m defrauded in two years, audit on for other period
Auditors reviewing the accounts of the Jamaica Teachers' Association have concluded that in two years and four months, $95 million was defrauded in a racket that involved the use of fictitious invoices to make payouts.
However, the figure is likely to go higher when the auditors review the books for a further two years and eight months.
The auditors, PricewaterhouseCoopers, have been undertaking a forensic audit of the JTA since January this year, shortly after the fraud was uncovered.
Outgoing JTA president, Dr Mark Nicely, says with the audit less than half way complete, the JTA may have incurred close to $150 million in losses.
Arising from the fraud, two employees were dismissed.
The suspected mastermind, Marlon Francis remains on the run.
The police say Francis has migrated to the United States.
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