Prepared a two pages of memo
(1) a brief description of the fraud
(2) a general description of internal controls
(3) a description of the internal controls implemented due to the fraud. The description of the internal controls implemented due to fraud is the most important portion of the memo.
HOC #4 BSU Investment Fraud
During 2008 to 2011 the Ball State director of cash and investments, Gale Prizevoits, made questionable
investments totaling $13.165 million. The investments resulted in an investments fraud requiring the
University to record a loss of $12.6 million (see the attached articles for additional details of the fraud).
For this hands-on-case, you will prepare a memo to Ball State alumni explaining the investments fraud
and the internal controls that have been implemented due to the fraud. The memo should include three
elements: (1) a brief description of the fraud, (2) a general description of internal controls, and (3) a
description of the internal controls implemented due to the fraud. The description of the internal controls
implemented due to the fraud is the most important portion of the memo. Therefore, be sure to explain
each of the internal controls described in the email from President Ferguson. Additionally, explain to the
readers why each of the controls have been implemented and what function they serve. Keep in mind
that the readers are not familiar with internal controls or financial frauds, so adjust your level of detail
and tone accordingly.
The memo should be in memo format and be a full two pages in length. Please double-space and use 12-
point Times New Roman font with one-inch margins. The points will be allocated as follows:
Description of the fraud 2 points
Description of internal controls, in general 1 points
Description and explanation of the internal controls implemented 3 points
(As described in the email from President Ferguson)
Proper memo format, length, spacing, font size, and margins 1 point
Proper tone for level of reader, grammar, punctuation and sentence structure 1 point
Total Points Possible 8 points
1
Brasel, Kelsey
From: [emailprotected]
Sent: Friday, October 17, 2014 11:31 AM
To: Brasel, Kelsey
Subject: Findings of university investments review and action plan
October 17, 2014
Dear Friends and Colleagues,
Today we presented to the State Budget Committee the analysis, results, and enhanced
internal control management action plan related to the Ball State University Board of
Trustees-initiated investigation into the investment fraud case. We were pleased to report
that the current investments portfolio represents all valid investments and assets to the
university.
The investigation clearly indicated that this fraud was committed with the intent to
circumvent the university internal controls in place at the time. The review also informed
us that several of our internal controls must be improved and elevated to current best
practices.
Through the work of Deborah Daniels of Krieg DeVault with financial audit expertise from
Crowe Horwath working with the Ball State administration, a comprehensive management
action plan has been developed and will be fully implemented. This plan, which we also
presented to the State Budget Committee, represents new controls already instituted
since the discovery of the fraud as well as new recommendations from Crowe Horwath.
The plan will generally include improved policies and procedures related to:
A new direct report of the university internal auditor to the Board of Trustees Audit
and Compliance Committee and the president, beyond the vice president for
2
business affairs.
The Board of Trustees Audit and Compliance Committee will now provide direct
oversight of the investment strategy and policy and will review the investment
portfolio on a scheduled basis.
The university’s whistleblower policy will be supported with a hotline through an
independent third-party provider.
Improvements have been made in the selection and authentication of brokerage
firms.
All purchased securities are held for safekeeping through a registered third party.
The schedule of reconciliations of accounts has been improved.
External support and expertise will be engaged for the auditing of certain areas,
such as information technology.
Although we continue to review our options regarding legal action and potential recovery
of the $10,022,705 remaining balance of the fraudulent transactions, the uncertainty of
the timeline and outcome of that process has led us to directly address the potential loss
in this year’s financial accounting. This year, we will “write down” the loss with funds
from reserves and grant-derived revenue. The university has worked throughout this
process with the State Board of Accounts to ensure that these losses are accurately
reflected in our financial statements.
We strongly believe that this difficult period in Ball State’s long and distinctive history is
now at an end. We have fully accepted the facts, issues, and challenges with a new
commitment to moving forward together with a stronger financial system and a more
collaborative leadership team that pursues excellence in best practices management and
accountability as well as strategic thinking and innovation.
We are deeply appreciative of the support and encouragement through this time
expressed by the Ball State community and value your continued commitment to our
excellence and success.
With best personal regards,
3
Paul W. Ferguson
President
Richard J. Hall
Chair, Board of Trustees
1 of 1 DOCUMENT
The Chronicle of Higher Education
June 30, 2014 Monday
How One Investment Manager Gambled Away $13.1-Million of Her University’s
Money
BYLINE: Vimal Patel
SECTION: ADMINISTRATION; News
LENGTH: 1926 words
ABSTRACT
As fraudulent investments are made public, Ball State University creates new safeguards.
FULL TEXT
Lured by promises of quick returns, a midlevel administrator at Ball State University gambled on a series of risky
investments. Unchecked and undetected by others, the decisions made by the former director of cash and investments
resulted in the loss of $13.1-million of the university’s money.
How was Gale Prizevoits, the former director, who was earning $84,000 a year shortly before she was fired, able to sign
off on questionable high-dollar contracts with no authorization from higher-level administrators? Why didn’t Ball State
officials, as well as state and internal university auditors, catch the deals, which enabled a swindler to buy luxury cars
and real estate with public funds?
The incidents at Ball State serve as a cautionary tale about what can happen if a university fails to enforce effective
safeguards to ensure prudent investing of its money.
Ms. Prizevoits, who was fired by the university in 2011, five years after she began working there, may have been
motivated in part by a desire to demonstrate to Ball State officials that they should pursue a more aggressive investment
strategy, according to emails provided by the university. In one, she wrote that she had made at least one of the
investments with the hope of earning quick returns, to “prove” to the Board of Trustees that a change in the university’s
investment policy was warranted.
University officials describe their general financial approach as conservative, built around low-risk investments like
certificates of deposit and money-market accounts.
Facing dwindling budgets and intensifying revenue pressures, colleges across the country have become more creative
over the past decade or so in how they invest, said Antony Page, an Indiana University law professor who teaches
courses on contracts and international securities regulation.
These “alternate investments” include foreign markets, commodities, certain kinds of real estate, and what Ms.
Prizevoits believed she was buying in at least one of the deals that went wrong-collateralized-mortgage obligations, a
type of mortgage-backed security.
Page 1
Eventually, however, Ball State’s problem was not the soundness of Ms. Prizevoits’s investment strategy but her dealing
with people who, the courts have found, committed fraud. Ball State, a 21,000-student institution in Muncie, Ind., also
lacked the right kinds of safeguards to detect problematic investments.
“It just seems like there wasn’t anybody at Ball State checking,” Mr. Page said. “You must make sure there are controls
so that one misguided employee can’t blow so much money.”
‘Lack of Due Diligence’
Over a series of three contracts, Ms. Prizevoits signed over more than $8-million of the 96-year-old university’s money
in 2008 to a Florida-based company called Betts and Gambles Global Equities LLC, to invest in collateralized-mortgage
obligations. The founder of the company, federal-court documents state, instead spent part of the money on a Ferrari, a
Maserati, and real estate.
By 2010, Ms. Prizevoits had become suspicious of the investments she had made with Betts and Gambles, documents
state. Even so, she made another questionable investment on behalf of Ball State, sending $5-million to a California
company, Blackhawk Wealth Solutions Inc., to invest in fixed-income securities called Treasury Strips. Much of that
money flowed to another company, and was then used to buy a series of real-estate properties in the Bronx, N.Y.
Seth Beoku Betts, founder of Betts and Gambles, was sentenced in June to 51 months in federal prison for securities
fraud. A Brooklyn man, George C. Montolio, was sentenced to 36 months in federal prison for wire fraud in March
2013 in connection with the $5-million investment.
Ms. Prizevoits was fired a month after the U.S. Attorney’s Office alerted the university to the California investment.
Ball State officials didn’t publicly reveal the fraud incidents until this June, administrators say, because law-enforcement
officials asked them not to disclose the cases as investigations were continuing.
Ms. Prizevoits had the qualifications for the university investment job, according to information about her credentials
and work experience that Ball State released in June. Only a bachelor’s degree was required for the position, which
controls about $270-million to $350-million of the university’s unrestricted net assets, although an M.B.A. was
preferred. Ms. Prizevoits earned an M.B.A. at Indiana University in 1985.
She owns a home in Palm Coast, Fla., with Lawrence Cistrelli, Ball State’s director of risk management, according to
records from the Flagler County property appraiser’s office.
University officials say that Mr. Cistrelli and Ms. Prizevoits reported to different supervisors, and that their duties did
not overlap.
Randall Howard, Ball State’s treasurer and vice president for business affairs, said that the university had checks in
place, but that Ms. Prizevoits worked around them.
“It was a combination of deceit, concealment, mischaracterization, and, to be fair, probably some lack of due diligence
on other folks’ part,” he said.
Ms. Prizevoits mischaracterized the type of security that was being purchased, concealed information from auditors, and
did not show the contracts she had signed to any other university official, Mr. Howard said.
She did not respond to an email from The Chronicle requesting comment for this article.
New Safeguards
Ball State officials learned of the existence of the deals when an investigator from the U.S. Attorney’s Office for the
Southern District of New York contacted them in September 2011 about the California investment, Mr. Howard said.
Page 2
How One Investment Manager Gambled Away $13.1-Million of Her University’s Money The Chronicle of Higher
Education June 30, 2014 Monday
That prompted the university to review all of its holdings, a step that revealed the Betts and Gambles fraud, he said.
University officials say they have seen no evidence that Ms. Prizevoits personally benefited from the transactions. A
federal investigator’s report from the -Betts case portrays her as a victim of fraud, and the emails show her as becoming
increasingly worried as returns-along with the principal investment, which she eventually requested back-did not
materialize.
However, when the U.S. Attorney’s Office is done with the case, Ball State officials plan to sit down with a local
prosecutor and present information that university investigators have uncovered.
“We will let that person determine whether any state crimes have been committed,” Mr. Howard said. “The evidence we
have uncovered makes it appear that somebody went to great lengths to conceal information and mischaracterize
investments from the very beginning.”
Mr. Howard described the new safeguards that Ball State has adopted, which he said would probably have prevented
this situation. Investments now can be purchased only through brokers on an approved list, and only Mr. Howard can
put brokers on that list. All investments must also flow through a single prime broker, who cross-checks all purchases,
he said.
Ultimately, he said, no risk-management strategy is foolproof.
“The several controls we’ve added would prevent this particular fraud from happening again,” he said. “Unfortunately, if
you combine at least one person wanting to commit a crime with somebody else who is either helping to conceal the
crime or not being diligent in the controls, you can’t have enough controls to protect for everything.”
Mr. Page, the Indiana University professor, said this type of fraud is uncommon at universities because they have
typically done a good job of creating safeguards. He called it “the upside of bureaucracy.”
“But there’s a trade-off: The more safeguards you put in place, the more costly it is,” he said. “Was Ball State in the
right place? Probably not. But on the other hand, I’m sure there’s a hundred other small colleges that were doing the
same as Ball State was doing, and they weren’t victimized.”
The fraud incidents also pose a public-perception problem at a university that, like many public institutions across the
country, has faced state budget cuts in recent years.
The fraud has had no impact on Ball State’s day-to-day operating budget, Mr. Howard said. The millions of dollars that
were invested and lost are “unrestricted net assets,” which are typically set aside for long-term obligations, he explained.
This money comes from a variety of sources, including tuition, the previous year’s interest earnings, and revenues from
housing and dining, parking, and student-services fees. All budget reductions that the university has had to make in
recent years can be tied directly to cuts in state appropriations, he said.
The university’s explanation is not sitting well with some alumni and others.
“It drives me nuts,” said Bobby Ellis, a photographer in Nebraska who graduated from Ball State in 2013. “If you’re
supposed to get approval from higher-ups, you shouldn’t be able to invest the funds until you get it. It’s kind of like
giving someone a check. You have to sign off on the check for it to be cashed in your name. Why wasn’t the university
doing that?”
Mr. Howard said the university’s priorities have been to make sure this kind of fraud doesn’t occur again, catch the
guilty parties, and recover as many assets as possible. Federal investigators have seized assets purchased by both of the
men who were convicted of using Ball State’s money illegally, and the full value won’t be known until the government
sells those assets. Mr. Howard said his understanding is that most, if not all, of the proceeds from the sale of the assets
Page 3
How One Investment Manager Gambled Away $13.1-Million of Her University’s Money The Chronicle of Higher
Education June 30, 2014 Monday
will go to Ball State.
“Right now,” he said, “that includes five properties, several automobiles, and some sports memorabilia.”
Investments Gone Wrong: At Ball State, a Loss of Millions
The investment deals under investigation by federal officials began two years after Gale Prizevoits began to work for
Ball State University. Here are some key events:
March 2006: Gale Prizevoits begins working at Ball State as manager of cash and investments.
July 2008: Ms. Prizevoits signs two agreements-one for $2.5-million and the other for more than $3.1 million-with
Betts and Gambles Global Equities LLC. The company’s founder, Seth Beoku Betts, says he will invest the money in a
type of security called a collateralized-mortgage obligation.
December 2008: Ms. Prizevoits signs a third agreement with Mr. Betts, for $2.5-million. A federal investigator would
later write that Betts, that same day, transferred $325,000 of the un1iversity’s money to a car dealership to buy a Ferrari
and a Maserati.
April 2010: Ms. Prizevoits signs a $5-million agreement with a California-based company, Blackhawk Wealth
Solutions Inc., to invest in fixed-income securities called Treasury Strips.
September 2011: Investigators from the U.S. Attorney’s Office for the Southern District of New York alert Ball State
officials that the institution may have been defrauded as part of the California investment. That leads administrators to
examine all of Ball State’s investment holdings, and the university discovers the three contracts with Betts.
October 2011: Ms. Prizevoits is fired.
March 2013: A Brooklyn man, George C. Montolio, is sentenced to 36 months in federal prison after pleading guilty to
one count of wire fraud in connection with the unauthorized $5-million investment made by Ms. Prizevoits.
June 2014: Mr. Betts is sentenced to 51 months in prison in connection with the $8.1-million in Ball State investments
after pleading guilty in February to one count of securities fraud.
LOAD-DATE: July 3, 2014
LANGUAGE: ENGLISH
PUBLICATION-TYPE: Newspaper
Copyright 2014 The Chronicle of Higher Education
All Rights Reserved
Page 4
How One Investment Manager Gambled Away $13.1-Million of Her University’s Money The Chronicle of Higher
Education June 30, 2014 Monday
10/22/2014 BSU writes off $12.6 million from scam
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BSU writes off $12.6 million from scam
BSU officials appear before lawmakers.
Seth Slabaugh, [emailprotected] 7:43 a.m. EDT October 18, 2014
RICHMOND A report released Friday by a former
federal prosecutor who investigated the Ball State
University investment scandal does not include what
everybody wants to know:
How did a lone employee, Gale Prizevoits, the
former director of cash and investments, invest
$13.165 million with two criminals without the
knowledge of anyone else at the university?
“There was not a detailed, play-by-play report about
what transpired and how these investment frauds were accomplished,” Indianapolis
attorney Rick Hall, chairman of the BSU board of trustees, told The Star Press on
Friday, after he and President Paul Ferguson appeared before the State Budget
Committee.
“That information was reviewed by (CPA firm) Crowe Horwath and (former U.S.
Attorney) Deborah Daniels,” he said, “and we will provide information in that regard to
prosecutors, and they will make a decision as to who should be prosecuted.”
Hall told the State Budget Committee, meeting in Richmond, that the university
doesn’t expect to recover any more than half a million dollars of the investments
made with two perpetrators of securities fraud, one from Bronx, N.Y., and one from
Boynton Beach, Fla. Both pleaded guilty to federal charges.
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Attorney linked to BSU scandal prosecuted
One of the perpetrators actually made a payment of about $100,000 to BSU after
being pressured by Prizevoits, and Ball State has recovered another $417,500 from
one of its insurance companies.
“We are looking at this point in time at about a $12.6 million loss,” Hall told state
lawmakers on the budget committee. “The State Board of Accounts and our internal
auditors, based on their assessment of the possibility of future recovery, have told us
to value the investments at zero. … it should not be reflected as having any value on
our financial statements.”
Asked in an interview whether the two men convicted in federal court in Manhattan
might make restitution, Hall said, “At this point in time we are operating under the
assumption we have lost $12.6 million.”
One of the convicts, Seth Beoku Betts, from Florida, will be homeless and penniless
when he is released from prison, his attorney said. However, Betts did forfeit to
federal authorities a $1.2-million waterfront house in Palm Beach County, Fla., that
he had purchased with money he stole from Ball State University. BSU hasn’t yet
received any restitution from that forfeiture.
THESTARPRESS
Figure in BSU investment scandal bankrupt
After the State Budget Committee received a new “management action plan” and two
reports from Crowe Horwath evaluating Ball State’s internal controls and investments
portfolio and after it heard presentations by Hall and Ferguson the committee
was convinced the university has done everything possible to minimize the risk of
fraud in the future.
“Thank you, folks, for realizing the problem and stamping it out immediately,” Rep.
Terry Goodin, D-Austin, told the two BSU officials. “And I think you guys are doing a
great job.”
Rep. Tim Brown, R-Crawfordsville, said Ball State’s transparency “re-establishes and
elevates your trust in this state.”
“I appreciate your response today,” said Sen. Luke Kenley, R-Noblesville, who chairs
the committee.
Afterward, Ferguson told The Star Press, “I think we heard a very clear affirmation of
their support for Ball State University, for the way that the board (of trustees) has
handled it, the due diligence, the thoroughness.”
Hall told lawmakers: “We had a single individual, our director of cash and
investments, who intentionally decided to circumvent our internal controls. She
knowingly entered into investment contracts outside the scope of the investment
policy, and subsequently proceeded to try to cover up those efforts.”
He added, “We had internal controls in place that should have prevented this fraud.
Individuals with responsibility of following those internal controls failed us. Those
individuals are no longer with the university, so the personnel has changed. This loss
of money was not the result of a flawed system. This was a result of flawed
individuals.”
In an interview, Hall declined to name any responsible parties other than Prizevoits,
http://www.thestarpress.com/story/news/local/2014/09/10/attorney-linked-bsu-scandal-prosecuted/15405649/?from=global&sessionKey=&autologin=
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Rick Hall
When I talk
about this
incident, its hard
for me not to get
emotional. When
you have $13
million taken
from you by
criminals, it
angers you.
When you think
about the lost
opportunities that
that represents
for our students,
it really makes
you sick.
saying, “I don’t want to dive into the gory details and re-live that. It’s important to
move forward with best management practices in place.”
Prizevoits was fired, but no other BSU employees in the controller’s office or business
affairs were disciplined.
Bill McCune, who was BSU controller at the time of
the fraudulent investments, would have been the
proper check on much of the scandal.
But he retired about 1 months before Ball State
officials learned of a $5 million fraudulent
investment scheme involving supposed U.S.
Treasury STRIPS from federal prosecutors in
Manhattan.
A subsequent internal investigation by BSU
uncovered a second scheme involving $8.165
million in supposed collateralized mortgage
obligations.
Because of retirements and other turnovers, only a
couple of the nine people who worked in the
controller’s office at the time of the investment fraud
scheme still works there today.
“Some of the individuals that have left the institution,
there was no finding they were criminally involved or
they had knowledge of these fraudulent
investments,” Hall said, adding local prosecutors,
not Ball State, will decide how many people will be
targeted in the upcoming criminal investigation.
Ferguson, who has only served as BSU president since August, assured lawmakers
that the university today has “a healthy portfolio, legitimate and valid, and internal
controls are contemporary and best practice.”
“In other words,” Hall said, “there’s not another $5 million shoe that’s going to drop.”
The new action plan includes best practices for selection of brokerage firms; ensuring
that a single safe-keeping firm holds all securities; state of the art investment
software; a whistle-blower hotline operated by an independent third party; and
greater separation of duties in the controller’s office.
“There is no singular control for our investments,” Ferguson told lawmakers.
He said the most profound changes have been stronger oversight of investments by
the board of trustees and the president; expanding the role of the director of internal
auditing, who now collaborates directly with the president and the board of trustees,
not just the university treasurer; and more frequent and robust discussion among the
president, the board and the director of auditing “so there is no insularity that occurs
in the division of business affairs.”
Hall told lawmakers, “When I talk about this incident, it’s hard for me not to get
emotional. When you have $13 million taken from you by criminals, it angers you.
When you think about the lost opportunities that that represents for our students, it
really makes you sick.”
Contact Seth Slabaugh at (765) 213-5834.
Ward:Millionsgone,nooneaccountable
JeffWard,[emailprotected] 5:30p.m.EDTAugust10,2016
ConsideritcaseclosedonthemissingmillionsofBallStateUniversityfunds.Noonewillbecharged,
accordingtoprosecutorJeffreyArnold.
Someonemanagedto”lose”$13.1millioninuniversityfundsandnooneisheldaccountable
(/story/news/local/2016/08/05/prosecutorclosesbookbsuinvestmentscam/87968326/).Incredible.Wasthis
theperfectcrimeoragrosscaseofincompetence?Maybeacombinationofboth.
Don’tblameArnoldandtheprosecutor’soffice,thelastlinkinalonglineofinvestigationsatthefederaland
statelevelthatalsoresultedinnocharges.
Ifyourecall,theuniversity’sformerdirectorofcashandinvestment,GalePrizevoits,enteredintocontractswith”investors”in2008and2010that
resultedinthelossofuniversityfunds.Someofthemoneyfunneledtowardthe”investors”wasusedtobuymansions,townhousebuildings,luxury
carsandsportsmemorabilia.AllofthishappenedwithouttheknowledgeofBallStateofficials.Theuniversityhassinceclosedloopholestomake
thesekindsofactionsharderhopefullymuchhardertoconceal.Prizevoitsenteredintothecontractsonherownandmanagedtocoverher
tracksfromuniversityofficials.
Ofthat$13.1million,only$1.5millionhasbeenrecovered.Theresthasbeenwrittenoff,lost.Nooneheldaccountable.
Don’tthinkofthisavictimlesswhitecollarcrime.BallStateasaninstitutioniscertainlyavictim.So,too,thestudents,parentsandscholarship
providerswhopaidmoneytoBallState,withoutworrythemoneywouldbesquandered.Sure,theymightnothavebeendirectlyaffectedbytheloss,
buttheirmoneywastakenjustthesame.
Togiveanideaofhowbigthislossis,let’ssayafter$1.5millionwasrecovered,therealizedlosswas$11.5million.That’sequivalenttoabout620full
timeBSUundergraduatestudentsattendingforanacademicyear.
Twoofthose”investors,”SethBeokuBettsofFlorida,pleadedguiltyinfederalcourttosecuritiesfraudandGeorgeMontolioofNewJerseypleaded
guiltytowirefraud.Otherplayersinthissagahavepleadedguiltytochargesandonelawyerwasdisbarred.
Ifsomeonecanmakeoffwithmorethan$13millionandnotfacecharges,that’saclearindicationtherearemajorgapsinthelegalsystem.Those
gapsoughttobeclosed.Statelawmakers,someofthemshowingkeeninterestinaprosecution,shouldinvestigateandcraftlegislationthatmakesit
easiertofollowthemoneyandholdpeopleaccountable,withseverepenaltiesforbreakingthelaw.IfthesekindofshenaniganscouldhappenatBall
State,itcouldhappenatotheruniversitiesorotherinstitutionsthatusepublicfunds.
ItappearsallPrizevoitsisguiltyofismakingincrediblyfoolishinvestmentchoices.Aflawedpersontakingadvantageofaflawedprocess.
Someaccountssuggestshewantedhighyieldreturnsbecauseshethoughttheuniversity’sinvestmentstrategywastooconservative.
BallStatesaiditwouldbefruitlesstopursuePrizevoits,whoapparentlydoesnothaveassetstojustifycontinuingtospenduniversitytimeandmoney
inattemptstorecoverlostfunds.
Thatmightbetrue,butitalsosetsabadprecedent.MaybeacivilcaseagainstPrizevoits,wheretheburdenofproofislower,mightresultinaverdict
thatacknowledgeswrongdoing.Itmightalsosendamessagetootherpotentialwrongdoersthatactionshaveconsequences.
Collectingdamagescouldbeanothermatter.
Todonothing.Towalkawayfromalossofmorethan$11million,isunconscionable.
Itappearssomeone,maybeseveralsomeones,gotawaywiththeperfectcrime,andthepublicislefttowonderhowithappened.
JeffWardisanewscolumnistforTheStarPress.Emailhimat[emailprotected](mailto:[emailprotected])withtips,suggestions
orstoryideas.
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