XM Satellite Radio lost $900,000 of company funds in a case of embezzlement by a former employee. Valencia Person an employee of XM Radio colluded with Brenda Jones another XM Radio employee to defraud the company. The two diverted a couple of dozen payments that were intended for XM’s vendors to bank accounts owned by Jones, and to cover this up they went into the accounting systems to change the information.
Interestingly even after Jones left XM in 2006, she continued to receive money in her bank accounts. Both Jones and Person pleaded guilty of the theft in January and March 2012 respectively.
