GIDDINGS ECONOMIC DEVELOPMENT CORP. LOSES $25,000 IN SCAM

  

The Giddings Economic Development Corporation was the target of an out-of-state scam that cost them $25,000.

The electronic transfer scam was discovered after a review of the GEDC’s financials by its accounting firm. The $25,000 was supposed to have been paid electronically to a vendor for a housing study that took place last summer. However, the money was diverted to a fake account in another state and the money was then withdrawn by someone outside of the country.

In an attempt to avoid this in the future, the board voted to no longer allow direct transfers from the organization to vendor bank accounts. The matter has been reported and turned over to the Giddings Police Department and the Federal Bureau of Investigation Cyber-Crimes Division.