Monday, August 06, 2007

Indiana Dems Suing National City Bank For Employee Theft

The Indiana Democratic Party is suing National City Bank for nearly $73,000 in unauthorized expenditures a former controller charged to the state party on a credit card issued by the bank without the party's permission. According to the Star's Jon Murray, Kim Bostic opened up the credit card account with the bank on a party letterhead containing the stamped signature of the wrong party official. The lawsuit charges NCB with negligence and violation of the Truth in Lending Act. All told, the party is seeking at least $150,000 in damages for the charges, the cost of an audit and attorneys' fees. Bostic is currently facing felony theft charges for her role in the unauthorized credit card charges.

9 comments:

Jen said...

Gary,

It's Kim Bostic, not Karen.

Advance Indiana said...

Got it, Jen. Thanks.

Anonymous said...

The Tax and Spend party hasn't the common since to watch their own money and they want us (citizens) to continue trusting them with ours?

Yea right!!!

It’s just like the Democrats to blame someone else when the money is gone.

Anonymous said...

If there's anyone more annoying than Democrats, its credit card companies.

Anonymous said...

Gee, Jen, if your party spent as much time watching its books as they do watching blogs, it wouldn't seem to have this problem.

Advance Indiana said...

Well, anon 4:27, on that score the Republicans had the same problem with an ever larger loss. And, the last time I checked, Jen's duties don't entail anything to do with the party's finances.

Anonymous said...

So the two parties are competing for the title of least careful with money? My, what a high bar our state establishments set for themselves. Given the state of affairs in the county, at least, I would certainly believe that the Republicans are even more incompetent.

And I don't blame Ms. Wagner for the loss. But if they have enough money to pay for her services, one would think they could hire an accountant. It's fair to blame the party for misplaced priorities. If they can't handle their own financial affairs, why should the voters trust them with the people's?

Anonymous said...

Good God Almighty, blame the party for a thief's actions? Surely you jest.

I've been involved with this kind of theft before, with a client's company. It can occur right under your nose, and accountants can miss some of it until it's way too late.

The credit card thing is puzzling. If she committed fraud, it is the bank's responsibility to make sure signatures are valid, or the bank is on the hook.

If they approved a card on a stamp signature, they should be held responsible.

Memo to self: withdraw funds from NCB tomorrow.

Anonymous said...

If former Detroit Mayor Coleman Young were alive I'm sure he would be proud of Mayor Peterson.
The similarities are indeed frightening.