12 LEXPERT
|
2016
|
WWW.LEXPERT.CA
PHOTO:
SHUTTERSTOCK
FINANCIAL REGULATION
Canada's outdated financial
regulation is incapable of
dealing with today's cyber-
crime. Lawyers in the field
are calling for an overhaul
By Sandra Rubin
Behind the Crimes
Any company that has ever suffered embezzle-
ment at the hands of an employee has run smack
into Canada's arcane maze of financial regulation,
whether they know it or not. At Teva Canada Ltd.,
one of Canada's largest generic pharmaceutical
companies, they know it. Over three years, a for-
mer finance manager at Teva had systematically
been defrauding the company by draing false
purchase orders using six entities for which he had
set up five separate bank accounts.
ey were either former, existing or fictitious
customers with names very similar to real Teva
customers. He sent the paperwork to accounts
payable and, once they were authorized and me-
