Former Treasurer Embezzled NRCC Funds

by Ben Pershing, Washington Post: National Republican Congressional Committee (NRCC) officials acknowledged . . . that they have found discrepancies in their books of more than a million dollars and evidence that the NRCC's former treasurer, Christopher Ward, made "several hundred thousand dollars" worth of unauthorized wire transfers out of the committee that appear to have ended up in Ward's own bank accounts. The NRCC launched an internal probe and contacted the FBI in January after learning that Ward "apparently fabricated and submitted 2006 financial statements to the NRCC's bank," . . . . The initial dollar amounts disclosed by the NRCC today suggest that this case could be the biggest campaign swindle ever recorded.

"Based on analysis conducted to date, it appears likely that over a period of several years Ward made several hundred thousand dollars in unauthorized transfers of NRCC funds to outside committees whose bank accounts he had access to, including joint fundraising committees in which the NRCC participated," said the NRCC memo. "He also appears to have made subsequent transfers of several hundred thousand dollars in funds from those outside committees to what appears to be his personal and business bank accounts. Those unauthorized transactions date back to at least 2004." . . .

"The evidence we have today indicates we have been deceived and betrayed for a number of years by a highly respected and trusted individual," NRCC Chairman Tom Cole (Ok) said in a statement. Ward and his attorney have not spoken to the media since news of the NRCC investigation first broke. While the FBI's investigation is ongoing, the NRCC has also hired the law firm Covington & Burling to conduct an internal probe, and that firm has in turn hired PricewaterhouseCoopers to do a forensic audit of the committee's books. NRCC officials now believe the last bona fide audit of the committee took place in 2001, and that Ward submitted "bogus audits" every year from 2002 through 2006 on faked stationary from a genuine, respected accounting firm.

Rob Kelner of Covington & Burling explained to reporters today that his firm's initial probe revealed a "pattern in which Ward would wire transfer funds to other committees where he did accounting work and had signature authority." The evidence further showed transfers from those committees to Ward's bank accounts. "The exact dollar figures are currently a moving target, and as the investigation progresses, it is entirely possible that these figures will change, either by increasing or decreasing," the NRCC memo said. . . . In addition to the NRCC, Ward has served as treasurer for more than 80 other GOP fundraising committees, many of which are now concerned they may also have had money stolen. . . . [Read More]
See also: NRCC Scandal: How Did It Happen?

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