A North Texas man is headed to federal prison while more than 90 exotic cars tied to his fraud scheme are set to be sold to help repay his victims.
As part of his plea agreement, Iley agreed to forfeit more than 90 exotic collector vehicles obtained with funds from his fraud scheme. Federal investigators have seized several of the vehicles, which will be sold to fund restitution owed to Iley’s victims.
Following Iley’s guilty plea in June and October sentencing, the federal government released a list of vehicles seized in the case, including a 2012 Lamborghini Aventador, 2016 Ferrari 488, 1990 BMY M923A, 1989 Humvee and 1968 Pontiac Firebird, among others.
The sentencing follows Iley’s role in defrauding customers using at least two businesses he controlled. Court records say Iley ran Clayton Texas Legacy Insurance Group LLC, an insurance brokerage based in Cross Plains. The company…
PAYROLL & HR CONTROLS (PREVENTING “GHOST” SCHEMES)
Payroll fraud is often the hardest to detect because it “looks” like a normal business expense.
- Segregation of Duties (SoD): The person who adds new employees to the system must not be the same person who approves the monthly pay run.
- Mandatory Vacation Policy: Require all financial and HR staff to take 5–10 consecutive days of leave annually. Fraud often surfaces when the perpetrator isn’t there to “hide” the trail.
- Ghost Employee Audit: Perform a quarterly “Headcount Reconciliation” where managers must physically verify every name on their payroll list exists.
- Self-Pay Blocking: Ensure the payroll software has a hard-coded block preventing administrators from editing their own salary or bank details.