CFO Gambled Away Funds From US Fraternity In The Casino

The US federal prosecutor’s office this week brought charges against the former chief financial officer of the renowned US student association Kappa Alpha Psi. Curtis D. Anderson (58) is said to have brought the organization around $ 3 million to finance his gambling addiction.

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A regular guest in the casino

According to media reports, Anderson had to vacate his post as CFO of Kappa Alpha Psi in December 2018 after more than two decades. Investigations had revealed that the 58-year-old had accessed the accounts of the student union with the help of various checks he had issued. In total, he is said to have caused damage of around USD 3 million.

“In 1911, Kappa Alpha Psi was founded at Indiana University. This had been considered the first African-American fraternity in the United States. The organization has more than 160,000 members and all are structured within the states of America. International offshoots are located in Japan, Great Britain, and Germany. The organization’s head office is located in Philadelphia.”

The first thing that caught my eye was the unusual account movements of employees at Santander Bank. The financial institution had thereupon informed the board of Kappa Alpha Psi about the “suspicious activities”. After that, according to local media, everything went very quickly.

So the Kappa CEO and the then President of the Association went to the bank to clarify the matter. At the meeting, they happened to see CFO Anderson leaving the building and ordered him back without further ado.

When asked about the checks, Anderson immediately admitted his actions. While there, he said he had serious gambling and alcohol problems. Most of the money went to Harrah’s Casino in Philadelphia, where Anderson was a regular.

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Trust abused

Later investigations revealed that not only the Kappa Alpha Psi Santander accounts had been stolen, but also the funds held by the student association at Wells Fargo Bank. Of these alone, Anderson is said to have diverted around USD 978,000 from June 2017 until his flight in December 2018.

The responsible federal attorney William M. McSwain condemned Anderson’s actions in a statement:

“Anderson held a reliable exec position with his employer and apparently employed that access to rob (…) huge amount of money. My business will work with our partners in law enforcement to safeguard innocent businesses from becoming victims of this kind of fraud.”

The prosecution accuses Anderson of identity theft, breach of trust, and computer fraud, among other things. If convicted, he faces up to 20 years imprisonment.