While the recent years have shown some improvement in the economy, things are far from back to normal. As a result, many businesses are looking for ways to reduce basic costs in order to improve their bottom line. Ideally, companies would like to reduce costs in ways that do not result in firing employees or poor service to their customers. Unfortunately, one company feels a man they hired to cut costs has cheated them out of hundreds of thousands of dollars. As a result, the Chicago area man has been accused of fraud.
According to the complaint filed with the court, the 60-year-old man was hired to find ways to reduce the amount the company had to pay for wireless costs. As an incentive for finding savings, the company promised the man 40 percent of whatever savings he could find. He allegedly reported he found savings of almost $2 million.
As a result, the man was given approximately $700,000. Unfortunately, the company who hired him now alleges that the man made up the reports of savings. He has now been charged with wire fraud. The accused man has already attended one hearing and has another upcoming within the week. If convicted, he could spend 20 years in prison.
A representative for the Chicago area businessman accused of fraud has stated that there is absolutely no merit to the accusations. It is unclear what evidence the prosecution has against the accused man. However, as in all cases, prosecutors will have to prove his guilt beyond a reasonable doubt in order to gain a guilty verdict.
Source: Belleville News Democrat, Suburban businessman charged with fraud, No author, Sept. 18, 2013