Business Services Industry
Texas-Based Investment Capital Company Finds, Corrects Refund Discrepancy.(Knight Ridder/Tribune Business News)
Knight Ridder/Tribune Business News, March, 2000 by Fuquay, Jim
Mar. 8--Surety Capital discovered the diversion of certain insurance premium refunds during an internal audit last fall, the company's chief executive said yesterday.
Surety Chairman Charles Ireland said the company immediately launched an extensive investigation, leading to the announcement Monday that $2.1 million had been shifted to the wrong customer accounts.
Ireland said yesterday that customers had been notified of the discrepancies and that $2.6 million has been set aside to cover refunds and interest due. He said the amount should be more than enough to cover anticipated losses.
The company also said it will restate its earnings back to 1996 to reflect losses of $1.7 million on an after-tax basis.
But Ireland, who joined...
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