Saturday, September 16, 2006

$20 Million "Lost" from First Freedom Bank

Auditors for the FDIC indicate that First Freedom Bank cannot account for over $20 Million in various corporate accounts. The monies, primary kept in special Escrow accounts used to cash buy-outs for corporate mergers is missing. Bankers are investigating whether the funds were embezzeled, stolen, or simple lost due to inaccurate accounting procedures (rounding off fractions in massive interest calculations). Security representatives for that bank say that there have been no robberies or hacking of their systems, but cannot explain the losses.


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