How and why aren’t armored trucks all that secure? Find out all about the risks in this video!
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Lost Money
Brian Newell, a manager at one of GardaWorld’s armored truck branches, was given a bizarre order in 2018: to load all the coins stored at his facility in Connecticut onto a truck bound for Massachusetts. Auditors from Bank of America were taking a trip to GardaWorld’s Massachusetts location to count money that Garda was being paid to protect, and some of it was missing.
GardaWorld
Garda is a Canada-based company, but has grown far into the U.S. and beyond. They consistently post strong operating margins that have allowed it to attract investors and grow rapidly; in just 15 years, Garda has increased its annual revenue from under $200 million to $2.7 billion.
Missing Millions
There was a major money shortage at the Massachusetts branch, even after several other New England branches had also sent money. Garda sends banks a daily accounting of their balance in each vault, so any discrepancy should have been reported long before high levels of money vanished.
Keep On Truckin’
With money protection and holding, comes the well-known Garda armored truck empire. This aspect of the company is operated out of Boca Raton, Florida, shuttling money between businesses and Garda vaults across the state of Florida. But as with other branches of Garda, there are indications that the company’s rapid growth came at the expense of basic safeguards that are the norm at other companies.
Hunting
Shellie Crandall had been hired to oversee Garda’s vaults several months before the Bank of America deal was finalized, and she later began to uncover that multiple locations were missing money. Patrick Prince, the chief financial officer for Garda’s operations across the world and second-in-command to Garda’s founder and CEO, gave Crandall the approval to investigate.
Continued Thefts
Meanwhile, theft continued to occur in Garda’s vaults. Footage from vault security cameras were of such poor quality that it looked like the lenses were covered in frost. To make matters worse, the Garda checks on vaults were so disorganized and infrequent that they often didn’t realize money had gone missing until a client pointed it out.
Don’t Bank on It
Garda constantly attempted to shift the blame to another party. According to the U.S. government, banks are required to keep meticulous track of customers’ money, even if they outsource handling to another company. Although certain banks were storing money in Garda’s vaults, it’s technically still the bank’s vault, and they must make sure it’s operated in a safe and regulated manner.
Risk Management
Despite the outlook of both Revere and Garda, all employees of these establishments weren’t corrupt. In 2016, Garda’s risk manager, Christine Bouquin, sent an email to her supervisor detailing extensive safety problems at the company. Bouquin also accused the company of misrepresenting Garda’s financial condition.
Garda’s World
Overall, the GardaWorld case was a fiasco, although Garda touts itself as a runaway success. Garda saw expansive growth in its formative years, and much of the growth came from acquisitions. However, these acquisitions were financed with huge amounts of debt. As concerns about Garda’s ability to pay off debt grew, stock prices began to plummet.
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