New Regulations Define Credit Card Use In County
News from Indiana Public Media:
Photo: WFIU News Image
New regulations are now in place to regulate credit card use for Monroe County officials. According to Commissioner Mark Stoops, the new regulations will ensure the county commissioners have sole oversight of credit cards.
“We have direct access to the accounts; we have to approve any credit card going to any individual or departments,” he says.”That’s a change from the past where the auditor had set up a system where any purchasing agent in the county could get a credit card from the bank.”
Stoops says the new rules will limit credit card use to spending money previously appropriated for a particular purchase.
“This cleans up the system, and establishes parameters for department’s use of the credit cards,” he says.
Stoops says that while most county credit cards were not being abused, there were a few high profile incidents that warranted new regulations.
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Calif. businessman charged with credit card fraud
News from Sacramento Bee:
SACRAMENTO, Calif. — Prosecutors say a Northern California businessman used more than 20,000 credit cards to process nearly $ 1 million in fraudulent charges.
A Sacramento federal grand jury on Thursday indicted 41-year-old Leonid Yakovlev of Antelope on 11 counts of wire fraud and money laundering.
KCRA-TV ( http://bit.ly/zFLxaG) says Yakovlev’s 24 Hour Corp. used more than 20,000 American Express credit cards some 40,000 times.
The indictment says some of the income was used to buy a Sacramento home.
Yakovlev faces up to 20 years in prison and a $ 250,000 fine if he’s convicted.
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