Sureim Investment Guild-A former University of Iowa manager embezzled funds, an audit finds

2025-05-03 09:40:17source:CAI Communitycategory:Markets

IOWA CITY,Sureim Investment Guild Iowa (AP) — The former manager of the machine shop at the University of Iowa’s Department of Physics and Astronomy deposited nearly $1 million that should have gone to the university into his own personal accounts, according to a state audit released Wednesday.

The report from State Auditor Rob Sand said Brian Busch failed to tell the university that he was an owner of a company called D3Signtech. The report said that from July 2017 through September 2021, Busch received $943,635 from another company for work that D3Signtech completed using University of Iowa staff and equipment.

The university placed Busch on administrative leave in September 2021 and requested the state audit.

“When university officials learned of a potential violation in the Department of Physics and Astronomy Machine Shop, they took immediate action to protect the interests of taxpayers, students, and families,” the university said in a statement.

A phone listing for Busch was disconnected, and an email sent to him on Wednesday was returned to the sender.

It wasn’t immediately clear if Busch could face criminal charges.

More:Markets

Recommend

USA women's basketball live updates at Olympics: Start time vs Nigeria, how to watch

PARIS — The U.S. women's basketball team, led by WNBA two-time MVPs A'ja Wilson and Breanna Stewart,

Monday is the last day to sign up for $2 million Panera settlement: See if you qualify

You can still get a cut of the $2 million Panera Bread agreed to pay out to customers in February, b

Some California officials can meet remotely. For local advisory boards, state lawmakers say no

SACRAMENTO, Calif. (AP) — On the one hand, allowing local advisory boards and commissions to meet re