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re: LSU notified as OLOL reveals $810K lost in foundation head's alleged embezzlement.
Posted on 3/14/19 at 4:50 pm to NFLU
Posted on 3/14/19 at 4:50 pm to NFLU
Add to OP
BATON ROUGE, LA – Our Lady of the Lake issued the following statement today:
“Working with a leading independent third-party financial audit firm, we have recently completed a comprehensive evaluation of fraudulent activities committed by Mr. John Paul Funes and the safeguards we have in place to protect our ministry and the funds we raise through our Foundation.
We’ve identified approximately $810,000 lost due to fraudulent activity committed by Mr. Funes, former president of the Foundation. We will complete replacement of those funds within the next 30 days and will seek restitution from Mr. Funes.
The work by the independent third-party firm has confirmed that Mr. Funes acted alone and was the only member of the organization involved. Over several years, he orchestrated a series of fraudulent transactions that involved the purchase and distribution of gift cards, charter flights and payments to individuals, including forged documents, invoices and signatures. He misled hundreds of people in and outside of our organization.
The forensic investigation also revealed two questionable issues that warranted we notify legal counsel for LSU. Since we are not involved and the outcome does not impact our operations, we will not have any further details or comments on this issue.
Although no system is foolproof, we will do everything we can to ensure this doesn’t happen again. Our donors’ contributions are safe and being used with integrity and responsible purpose. The work we’ve done with the third-party audit has given us a clear roadmap to address the vulnerabilities Mr. Funes exposed. We’ve already begun immediate changes including additional approvals for expenditures and more oversight on adherence to our policies and processes.
We continue to cooperate with law enforcement. We remain shocked and appalled by Mr. Funes’ fraudulent activities and are truly sorry for the harm that he has caused our community.”
Statement from Julio Melara, Chairman of the Our Lady of the Lake Foundation and Member of the Our Lady of the Lake Board - "The results of the third-party investigation have provided our ministry with the answers to how we fell victim to Mr. Funes' pattern of deception and offer a clear path forward to make sure this never happens again. Mr. Funes acted alone and abused the trust he had gained over nearly two decades.
We remain grateful for your continued prayers and devotion to our Foundation and the Sisters’ ministry in Louisiana.”
Statement from K. Scott Wester, Our Lady of the Lake President & CEO - “The situation that occurred in our Foundation has hurt so many people and we’ve been working to understand the details in order to put things right and move forward. My promise is integrity for everyone in the community and the organization to ensure the contributions to our ministry are protected and safe and going toward the good work that our donors trust and expect
BATON ROUGE, LA – Our Lady of the Lake issued the following statement today:
“Working with a leading independent third-party financial audit firm, we have recently completed a comprehensive evaluation of fraudulent activities committed by Mr. John Paul Funes and the safeguards we have in place to protect our ministry and the funds we raise through our Foundation.
We’ve identified approximately $810,000 lost due to fraudulent activity committed by Mr. Funes, former president of the Foundation. We will complete replacement of those funds within the next 30 days and will seek restitution from Mr. Funes.
The work by the independent third-party firm has confirmed that Mr. Funes acted alone and was the only member of the organization involved. Over several years, he orchestrated a series of fraudulent transactions that involved the purchase and distribution of gift cards, charter flights and payments to individuals, including forged documents, invoices and signatures. He misled hundreds of people in and outside of our organization.
The forensic investigation also revealed two questionable issues that warranted we notify legal counsel for LSU. Since we are not involved and the outcome does not impact our operations, we will not have any further details or comments on this issue.
Although no system is foolproof, we will do everything we can to ensure this doesn’t happen again. Our donors’ contributions are safe and being used with integrity and responsible purpose. The work we’ve done with the third-party audit has given us a clear roadmap to address the vulnerabilities Mr. Funes exposed. We’ve already begun immediate changes including additional approvals for expenditures and more oversight on adherence to our policies and processes.
We continue to cooperate with law enforcement. We remain shocked and appalled by Mr. Funes’ fraudulent activities and are truly sorry for the harm that he has caused our community.”
Statement from Julio Melara, Chairman of the Our Lady of the Lake Foundation and Member of the Our Lady of the Lake Board - "The results of the third-party investigation have provided our ministry with the answers to how we fell victim to Mr. Funes' pattern of deception and offer a clear path forward to make sure this never happens again. Mr. Funes acted alone and abused the trust he had gained over nearly two decades.
We remain grateful for your continued prayers and devotion to our Foundation and the Sisters’ ministry in Louisiana.”
Statement from K. Scott Wester, Our Lady of the Lake President & CEO - “The situation that occurred in our Foundation has hurt so many people and we’ve been working to understand the details in order to put things right and move forward. My promise is integrity for everyone in the community and the organization to ensure the contributions to our ministry are protected and safe and going toward the good work that our donors trust and expect
Posted on 3/14/19 at 4:50 pm to TBoy
quote:
How come when one of these guys steals $800k he doesn't just give it to me?
Are you 6'9" and can hit a jumper from 22 feet?
Posted on 3/14/19 at 4:51 pm to NFLU
Welp, see ya later LSU Athletics
Posted on 3/14/19 at 4:51 pm to NFLU
Well I WAS on the first page.. damn
Posted on 3/14/19 at 4:52 pm to Geaux_Tigers_08
Goodness gracious we have some chicken littles on here
Posted on 3/14/19 at 4:52 pm to NFLU
So was it just two instances? On the surface that seems a bit less concerning
Posted on 3/14/19 at 4:53 pm to NFLU
Just please don’t have anything to do with LSU football.
Posted on 3/14/19 at 4:53 pm to Upperdecker
quote:
Upperdecker
quote:
frick we’re done
I cant believe this shite.
Posted on 3/14/19 at 4:53 pm to JPLSU1981
quote:
Over several years, he orchestrated a series of fraudulent transactions that involved the purchase and distribution of gift cards, charter flights and payments to individuals, including forged documents, invoices and signatures.
Oh boy.
Posted on 3/14/19 at 4:54 pm to LSUFanHouston
quote:
Are you 6'9" and can hit a jumper from 22 feet?
The only correct answer.
Posted on 3/14/19 at 4:54 pm to Draconian Sanctions
I’m so confused. Not sure which panic I should give in to.
Posted on 3/14/19 at 4:54 pm to NFLU
At least we have competent leadership to navigate us through these troubled times.
Posted on 3/14/19 at 4:54 pm to JPLSU1981
quote:
Over several years, he orchestrated a series of fraudulent transactions that involved the purchase and distribution of gift cards, charter flights and payments to individuals,
That's, uhm, not good
Posted on 3/14/19 at 4:54 pm to Drunken Crawfish
It may only be two instances but damn how much money moved in those two instances is the big question and where did it go?
Posted on 3/14/19 at 4:54 pm to Smalls
quote:
#JoeMustGo
Where does it implicate Joe in this statement?
Posted on 3/14/19 at 4:55 pm to Tigercowboy
lsu already knew about it and they aren’t major infractions. It’s already been reported to the ncaa and has nothing to do with Will wade. The lsu stuff is not recent.
Posted on 3/14/19 at 4:55 pm to NFLU
Honestly, it sounds like this guy was stealing money. Doesn’t sound like he was using OLOL as a money laundering scheme.
I an Sure some of that money made it to LSU, but “two questionable issues” is a far cry from “LSU stollenallnoir money for players”
I an Sure some of that money made it to LSU, but “two questionable issues” is a far cry from “LSU stollenallnoir money for players”
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