Lower, a mortgage industry provider, recently filed a lawsuit against four of its former employees, claiming they caused a financial loss of $4 million. The lawsuit alleges fraud that took place over several years, with three of the defendants accused of unlawfully managing company money and commissions and the fourth accused of diverting and embezzling money.
Lower asserts the misappropriation of funds could not be discovered until a comprehensive financial review was conducted after the termination of the former employees. While the company is taking financial action against its ex-employees, current procedures are being revised to prevent future occurrences of fraud and financial mismanagement.
Main Points:
• Lower sued four former employees for fraud
• Allegations state the fraud caused $4 million in financial loss and damages
• Three of the defendants accused of unlawfully managing company money and commissions
• Fourth accused of diverting and embezzling money
• Financial review conducted after employees’ termination
• Current procedures being revised to prevent future occurrences of fraud and financial mismanagement
You can read this full article at: https://www.housingwire.com/articles/lower-sues-former-employees-for-fraud-that-cost-the-firm-4m/(subscription required)
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