MSU recovers $1M in missing funds

Missouri State University has received a $1 million insurance check, representing the majority of missing funds stolen by its former bookstore manager.

Fidelity and Deposit Co. of Maryland - which serves as underwriter for MSU's employee theft policy via Zurich American Insurance Co. - issued the check. MSU recorded a documented loss of $1.2 million, resulting from former bookstore manager Mark Brixey's 10-year embezzlement scheme, according to a news release.

“This check does not negate the criminal act or minimize the damage it has done to the university’s reputation, but it does recover a significant portion of the funds that rightfully belonged to the university and its students," MSU President Clif Smart said in the release.

The university also is seeking certificates of deposit seized by the government that are subject to a forfeiture proceeding. The policy held a $5,000 deductible.

Brixey pleaded guilty in March to illegally misusing the university's textbook buyback program for his own gain. MSU made the theft public in August 2012, when Smart held a news conference to announce more than $81,000 in cash had been found in Brixey's desk following a routine audit that picked up on missing funds at the bookstore.

Brixey is scheduled for a sentencing hearing - on charges of wire fraud, money laundering and filing a false tax return - on Aug. 29, according to the release.[[In-content Ad]]