U.S. Postal Service Deposits At Risk

Jan 1, 2003 12:00 PM

           

U.S. Postal Service deposits totaling $65 billion a year are vulnerable to theft, robbery and mishandling because of inadequate security and failure to follow procedures, according to a General Accounting Office (GAO) report.

About $6.3 million was at least temporarily lost in the 2001 fiscal year, although much of it was recovered, the GAO said in its report. In June 2001, Louis Malcolm Holley, a 28-year Postal Service employee, stole $3.2 million from a Phoenix facility. Holley was convicted and sentenced to three years and five months in prison. About $1.7 million in cash was recovered, but prosecutors said he destroyed about $400,000 in checks and money orders.

The GAO report noted that cameras at the Phoenix site were not used, and the key to a cage where valuables were held was left in the lock.

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