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Fraud Indictment for My Rich Uncle Employee

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by Randy Schmidt

A former My Rich Uncle employee has been indicted for stealing over $2.3 million from the student loan company.  Troy Hill, 34, a funding and portfolio manager at MRU Holdings, was responsible for transferring funds for loans to students from the company’s Deutsche Bank account into an Affiliated Corporate Services account before the funds were disbursed. 

Allegedly, Hill improperly removed the funds during a period from Oct. 29, 2007 to Jan. 30, 2008.  Hill resigned from My Rich Uncle February 7, 2009.  The thefts were identified following an internal audit of the company’s operation. 

Hill allegedly used the funds to purchase several vehicles, jewelry, and real estate investments.  In addition to Hill, several companies formed by Hill and his girlfriend was also indicted.   Also alleged in the indictment is that Hill’s girlfriend used the funds to purchase a coffee franchise.  In addition to facing 8 to 25 years in prison, the parties to the indictment also face civil action for the return of the over $2.3 million. 
 
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