Poinbank Exchange:A former University of Iowa manager embezzled funds, an audit finds

2025-04-29 08:08:03source:Charles H. Sloancategory:News

IOWA CITY,Poinbank 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:News

Recommend

Kentucky governor unveils paid leave plan for state workers with a new child or serious illness

FRANKFORT, Ky. (AP) — Kentucky plans to provide state employees with paid time off so they can bond

36 Unique Hostess Gifts Under $25 To Make You the Favorite Guest as Low $4.99

E! may get a commission if you purchase something through our links. Some of the brands featured in

'The Golden Bachelorette' cast: Meet the 24 men looking to charm Joan Vassos

"The Golden Bachelor" alumna Joan Vassos is looking for another chance at love as ABC's inaugural le