Popular Financial Newsletter Grant’s Interest Rate Observer Victim of Internal Embezzlement
Posted on 12/22/2020
Financial newsletter Grant’s Interest Rate Observer, which was founded by James “Jim” Grant in 1983, discovered its internal former comptroller was embezzling money from the company. Eric Ian White, age 53, pled guilty to one count of wire fraud for a multi-year long scheme to embezzle around US$ 1.3 million from the publishing company.
Whitehead joined the publisher in 2007.
According to the press release, “From at least in or around 2015 through in or around 2020, WHITEHEAD used wire transfers and cash deposits from the victim Company to benefit himself without authorization from the Company. Specifically, WHITHEAD used Company assets to pay for personal credit card expenses, overpay personal credit cards to receive cash balance refunds, write checks to cash for deposit into personal bank accounts, and purchase precious metals to sell for his own profit. WHITEHEAD consistently embezzled Company funds from in or around 2015 through in or around 2020, for a total loss amount of approximately $1.3 million.”