Swift Transportation has been conned out of $1.65 million after a company IT engineer took advantage of his position’s financial freedom.
The perpetrator, 29-year-old David Dwight Reynolds from Glendale, Arizona, was indicted and arrested last week on charges of wire fraud, mail fraud, and transactional money laundering.
Reynolds had been one of Swift’s IT network engineers since April 2013, and began making inappropriate charges to his work spending cards beginning October of that same year. Around $850,000 worth of personal purchases were made on Swift’s cards by Reynolds in a period of approximately 3 years.
During that time period, Reynolds also opened a bank account under the name PGN Solutions LLC and told his superiors that it was a third party contractor providing services to the IT department.
14 wire transfers and 11 checks were collected by the fraudulent account, racking up an additional $800,000. Reynolds then used this money to pay off outstanding credit card bills as well as student loans.
Reynolds was arrested on June 9th and is currently under investigation by the IRS and the FBI.
He has pled not guilty to the charges of wire fraud, mail fraud, and transactional money laundering.
