MPS bank impersonation scam, oversight gaps identified years ago

A bank impersonation scam resulting in a $450,000 loss for Milwaukee Public Schools raises new questions about financial safeguards with the district.Bank impersonation scamThe district announced Tuesday that it recovered $255,000, but officials are still trying to retrieve the remaining $195,000. FREE DOWNLOAD: Get breaking news alerts in the FOX LOCAL Mobile app for iOS or AndroidIn the district’s letter to its finance team, officials recommended a list of best practices to consider and implement to mitigate and prevent disbursement frauds. Recommendations now call for the same type of safeguards, including extra oversight and greater attention to payment requests, which were outlined in the audit.Audit reveals oversight gapsRecords obtained by FOX6 Investigators reveal gaps in the district's financial oversight had already been identified two years before the scam took place.A 2024 audit from the MPS Office of Accountability and Efficiency identified several weaknesses in how the di