Phaninc Exchange-A former University of Iowa manager embezzled funds, an audit finds

2025-05-03 09:55:21source:TradeEdge Exchangecategory:Contact

IOWA CITY,Phaninc Exchange 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:Contact

Recommend

Toyota to invest $922 million to build a new paint facility at its Kentucky complex

GEORGETOWN, Ky. (AP) — Toyota said Thursday it will build a new paint facility as part of a $922 mil

Pakistan says suspects behind this week’s killing of an anti-India militant have been arrested

LAHORE, Pakistan (AP) — Pakistan said Friday that police arrested several suspects behind this week’

Unpublished works and manuscript by legendary Argentine writer Cortázar sell for $36,000 at auction

MONTEVIDEO, Uruguay (AP) — A buyer from Argentina paid $36,000 for a manuscript of works, including