Business and Finance
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Business and Finance
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Macy's provides more details about that employee who hid more than $150 million worth of expenses


Published on 2024-12-11 23:22:59 - KITV
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  • Macy's said Wednesday that it has concluded its investigation into an employee who intentionally hid more than $150 million in expenses, and it has tightened its controls to avoid a

Macy's has provided further details regarding a former employee, William "Bill" Stanton, who allegedly hid over $150 million worth of company funds in a secret account for nearly a decade. Stanton, who worked as a vice president in charge of credit and financial operations, reportedly used the funds to invest in various financial instruments, including stocks and bonds, without the company's knowledge. The scheme came to light during a routine audit, leading to Stanton's termination and the initiation of legal proceedings against him. Macy's has since implemented stricter financial controls and oversight to prevent similar incidents. The company is also working to recover the misappropriated funds, although it remains unclear how much has been recovered to date.

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