Chapter 8: The Money Behind the## Chapter 8: The Money Behind the White Watch
I asked Martin to send the White Watch
I asked Martin to send the records directly to me and the board's ethics records directly to me and the board's ethics committee.
“Don't confront anyone yet committee.
“Don't confront anyone yet,” I told him.
“Preserve the original documents, verify the approval trail, and make sure the review follows our established procedures.””
“Understood.””
“And Martin,” I told him.
“Preserve the original documents, verify the approval trail, and make sure the review follows our established procedures.””
“Understood.””
“And Martin?””
“Yes, Ms. Mercer?””
“If any employee feels pressured to alter a statement or?””
“Yes, Ms. Mercer?””
“If any employee feels pressured to alter a statement or withdraw a complaint, I want to know immediately.””
He promised to keep me informed.
When the call ended, I remained at my withdraw a complaint, I want to know immediately.””
He promised to keep me informed.
When the call ended, I remained at my desk, staring at the figures he had given me.
The payments were not all identical.
Some were relatively small.
Others were large enough to require desk, staring at the figures he had given me.
The payments were not all identical.
Some were relatively small.
Others were large enough to require additional approval under Bellweather's internal controls.
Several had been described as vendor consulting fees, temporary additional approval under Bellweather's internal controls.
Several had been described as vendor consulting fees, temporary operational expenses, or special project costs.
The amounts weren't proof of wrongdoing operational expenses, or special project costs.
The amounts weren't proof of wrongdoing by themselves.
Companies made legitimate payments to vendors every day.
But the supporting records were incomplete, and some of by themselves.
Companies made legitimate payments to vendors every day.
But the supporting records were incomplete, and some of the approvals appeared to have bypassed normal review.
That was enough to warrant a serious investigation.
It wasn't enough to accuse the approvals appeared to have bypassed normal review.
That was enough to warrant a serious investigation.
It wasn't enough to accuse anyone.
I opened the first file.
A payment had been made to a consulting firm that anyone.
I opened the first file.
A payment had been made to a consulting firm that had supposedly helped Bellweather improve its regional logistics operations.
The contract was signed.
had supposedly helped Bellweather improve its regional logistics operations.
The contract was signed.
The invoice was present.
But the final project report was missing.
The second file contained a similar payment to a differentThe invoice was present.
But the final project report was missing.
The second file contained a similar payment to a different vendor.
The third was more troubling.
The invoice described work that should have been completed months earlier, yet the approval had vendor.
The third was more troubling.
The invoice described work that should have been completed months earlier, yet the approval had been entered only recently.
I checked the authorizations.
Paige been entered only recently.
I checked the authorizations.
Paige's administrative account appeared repeatedly.
Daniel's approval appeared on several transactions.
I leaned back in my chair.
There were's administrative account appeared repeatedly.
Daniel's approval appeared on several transactions.
I leaned back in my chair.
There were explanations that might account for individual discrepancies.
A missing attachment.
An improperly filed invoice.
An administrative shortcut that had become routine.
But when explanations that might account for individual discrepancies.
A missing attachment.
An improperly filed invoice.
An administrative shortcut that had become routine.
But when similar irregularities appeared across multiple transactions, the responsible thing to do was examine the entire pattern.
My phone rang.
Daniel.
I let similar irregularities appeared across multiple transactions, the responsible thing to do was examine the entire pattern.
My phone rang.
Daniel.
I let it ring twice before answering.
“Have you seen the finance records?”” he asked.
I looked at the folder open on my screen.
“Martin it ring twice before answering.
“Have you seen the finance records?”” he asked.
I looked at the folder open on my screen.
“Martin has briefed me on the preliminary findings.””
His breathing changed.
“Those records are incomplete.””
“I understand has briefed me on the preliminary findings.””
His breathing changed.
“Those records are incomplete.””
“I understand they're still being reviewed.””
“Then you should know that some of those payments relate they're still being reviewed.””
“Then you should know that some of those payments relate to projects I personally supervised.””
“That's exactly why the approval trail needs to be verified to projects I personally supervised.””
“That's exactly why the approval trail needs to be verified.””
He lowered his voice.
“Natalie, I don't want you making decisions based on incomplete information.””
“Neither do I.””
“.””
He lowered his voice.
“Natalie, I don't want you making decisions based on incomplete information.””
“Neither do I.””
“Then stop this before it gets out of hand.””
I sat veryThen stop this before it gets out of hand.””
I sat very still.
“Stop what?””
“The investigation.””
I glanced at the folder again.
“Daniel, did you just still.
“Stop what?””
“The investigation.””
I glanced at the folder again.
“Daniel, did you just ask me to stop an internal review of potentially irregular payments?””
“I'm asking you to use common sense.””
“Common sense doesn't mean ignoring financial ask me to stop an internal review of potentially irregular payments?””
“I'm asking you to use common sense.””
“Common sense doesn't mean ignoring financial discrepancies.””
“You don't understand the context.””
“Then provide the context to the investigators.””
He went silent.
I waited discrepancies.””
“You don't understand the context.””
“Then provide the context to the investigators.””
He went silent.
I waited.
Finally, he said, “Some of those vendors have worked with us.
Finally, he said, “Some of those vendors have worked with us for years. If the board starts questioning every transaction, we'll for years. If the board starts questioning every transaction, we'll damage relationships that took a damage relationships that took a long time to build.””
“Legitimate relationships can withstand legitimate questions.””
“You're making this personal.””
I felt a familiar ache in my chest.
Not because he was accusing me of long time to build.””
“Legitimate relationships can withstand legitimate questions.””
“You're making this personal.””
I felt a familiar ache in my chest.
Not because he was accusing me of being emotional.
Because he was trying to turn my refusal to ignore a problem into evidence that being emotional.
Because he was trying to turn my refusal to ignore a problem into evidence that I was creating one.
“Daniel, I didn't create these records.””
“No, but you're the one deciding what happens next.””
“That's I was creating one.
“Daniel, I didn't create these records.””
“No, but you're the one deciding what happens next.””
“That's correct.””
He exhaled sharply.
“Do you realize what an investigation could do to my reputation?””
I closed the folder.
“Do you realize what unexamined financial irregularities could do to the company correct.””
He exhaled sharply.
“Do you realize what an investigation could do to my reputation?””
I closed the folder.
“Do you realize what unexamined financial irregularities could do to the company?””
He didn't answer.
I continued.
“If the payments were legitimate, the review will establish that. If procedures were violated, we'll determine how. If someone acted improperly, we'll follow the evidence.””
“And if the?””
He didn't answer.
I continued.
“If the payments were legitimate, the review will establish that. If procedures were violated, we'll determine how. If someone acted improperly, we'll follow the evidence.””
“And if the evidence points toward me?””
I took a slow breath.
“Then you'll have the opportunity to respond to the findings.””
His voice became bitter.
“So that's it? Ten years evidence points toward me?””
I took a slow breath.
“Then you'll have the opportunity to respond to the findings.””
His voice became bitter.
“So that's it? Ten years of marriage, and you treat me like a suspect?””
I looked at the wedding ring on my finger.
“Ten years of marriage should make honesty of marriage, and you treat me like a suspect?””
I looked at the wedding ring on my finger.
“Ten years of marriage should make honesty easier, Daniel. Not harder.””
He ended the call.
I sat quietly for a moment before returning to the documents.
It would have been easy to let my personal feelings influence the investigation.
I could have ordered Daniel removed immediately.
easier, Daniel. Not harder.””
He ended the call.
I sat quietly for a moment before returning to the documents.
It would have been easy to let my personal feelings influence the investigation.
I could have ordered Daniel removed immediately.
I could have treated every missing invoice as proof of guilt.
I could have treated every missing invoice as proof of guilt.
I could have decided that the watch, the lies, and his behavior that morning explainedI could have decided that the watch, the lies, and his behavior that morning explained everything.
But that wasn't leadership.
If I wanted Bellweather to become a company where authority didn't replace accountability, I everything.
But that wasn't leadership.
If I wanted Bellweather to become a company where authority didn't replace accountability, I had to follow the same standard I expected from everyone else.
The investigation would be independent.
The evidence would be preserved.
And no conclusion would be reached before the facts were established.
At 5:30, Martin sent the first formal summary.
The review had identified discrepancies involving several consulting payments.
The approval records suggested that Paige had processed some transactions using administrative credentials associated with the operations office.
Daniel had authorized multiple payments.
But the available documents did not establish whether he had reviewed every supporting attachment or understood had to follow the same standard I expected from everyone else.
The investigation would be independent.
The evidence would be preserved.
And no conclusion would be reached before the facts were established.
At 5:30, Martin sent the first formal summary.
The review had identified discrepancies involving several consulting payments.
The approval records suggested that Paige had processed some transactions using administrative credentials associated with the operations office.
Daniel had authorized multiple payments.
But the available documents did not establish whether he had reviewed every supporting attachment or understood the full nature of each transaction.
The ethics committee would need to examine that question.
I forwarded the report to Evelyn.
Then I called her.
“We need an independent forensic review,” I said.
“Someone outside the reporting chain for the full nature of each transaction.
The ethics committee would need to examine that question.
I forwarded the report to Evelyn.
Then I called her.
“We need an independent forensic review,” I said.
“Someone outside the reporting chain for both Daniel and Paige.””
“Agreed.””
“And no one involved in the transactions should control access to the relevant records.””
“I'll speak to the committee.””
After the call, I closed my laptop.
For the first time all day, I felt exhausted.
I had expected my first day as CEO to be demanding.
I had expected difficult both Daniel and Paige.””
“Agreed.””
“And no one involved in the transactions should control access to the relevant records.””
“I'll speak to the committee.””
After the call, I closed my laptop.
For the first time all day, I felt exhausted.
I had expected my first day as CEO to be demanding.
I had expected difficult meetings, competing priorities, and the usual resistance that came with changing a company's direction.
I hadn't expected to spend meetings, competing priorities, and the usual resistance that came with changing a company's direction.
I hadn't expected to spend it confronting the possibility that my husband had concealed financial information from me.
I hadn't expected the woman it confronting the possibility that my husband had concealed financial information from me.
I hadn't expected the woman who humiliated me in an elevator to become central to a financial review.
And I certainly who humiliated me in an elevator to become central to a financial review.
And I certainly hadn't expected to question whether the man I had trusted for ten years had allowed his personal life to compromise his professional hadn't expected to question whether the man I had trusted for ten years had allowed his personal life to compromise his professional judgment.
I was gathering my things when someone knocked.
“Come in.””
Margaret Mercer judgment.
I was gathering my things when someone knocked.
“Come in.””
Margaret Mercer stood in the doorway.
She looked more tired than I had ever seen her.
“Marg stood in the doorway.
She looked more tired than I had ever seen her.
“Margaret?””
She closed the door behind her.
“I hope I'm not interrupting.””
“Of course notaret?””
She closed the door behind her.
“I hope I'm not interrupting.””
“Of course not. Please, sit down.””
She lowered herself into the chair opposite my desk and placed a small envelope on the table.
“I. Please, sit down.””
She lowered herself into the chair opposite my desk and placed a small envelope on the table.
“I spoke to Daniel this afternoon.””
I waited.
“He told me he gave spoke to Daniel this afternoon.””
I waited.
“He told me he gave the watch to Paige.””
Margaret's voice was steady, but her hands were clasped tightly together.
“He said it the watch to Paige.””
Margaret's voice was steady, but her hands were clasped tightly together.
“He said it was temporary. He said he intended to get it back before my birthday.””
I glanced at the envelope.
“Did he explain was temporary. He said he intended to get it back before my birthday.””
I glanced at the envelope.
“Did he explain why he gave it to her?””
“He said she had helped him with something important.””
“What kind of thing?””
“He why he gave it to her?””
“He said she had helped him with something important.””
“What kind of thing?””
“He wouldn't tell me.””
Margaret looked down at her hands.
“I asked whether he was involved with her. wouldn't tell me.””
Margaret looked down at her hands.
“I asked whether he was involved with her. He said no.””
I didn't respond.
She raised her eyes.
“I don't know whether he's telling me He said no.””
I didn't respond.
She raised her eyes.
“I don't know whether he's telling me the truth.””
It was the first time I had heard Margaret admit that she doubted her son.
the truth.””
It was the first time I had heard Margaret admit that she doubted her son.
I moved around the desk and sat beside her.
“I'm sorry.””
She shook her head.
“YouI moved around the desk and sat beside her.
“I'm sorry.””
She shook her head.
“You didn't do this.””
For a moment, neither of us spoke.
Then she opened the envelope.
Inside was a printed didn't do this.””
For a moment, neither of us spoke.
Then she opened the envelope.
Inside was a printed message from Paige.
*Mrs. Mercer, please contact Daniel as soon as possible. There message from Paige.
Mrs. Mercer, please contact Daniel as soon as possible. There is a matter involving your birthday gift that needs to be resolved before the board becomes involved.
I is a matter involving your birthday gift that needs to be resolved before the board becomes involved.*
I read it twice.
“Did she send this to you today?””
“This morning.””
“Did she explain why the read it twice.
“Did she send this to you today?””
“This morning.””
“Did she explain why the board would be involved?””
“No. When I asked, she told me I should speak to Daniel.””
board would be involved?””
“No. When I asked, she told me I should speak to Daniel.””
Margaret studied my face.
“Natalie, what is happening at Bellweather?””
I considered giving her a reassuring answer.
I couldMargaret studied my face.
“Natalie, what is happening at Bellweather?””
I considered giving her a reassuring answer.
I could have told her that everything was under control, that the watch would be returned, and that the company was have told her that everything was under control, that the watch would be returned, and that the company was simply reviewing a few administrative discrepancies.
But Margaret deserved more than another carefully managed explanation.
“There's simply reviewing a few administrative discrepancies.
But Margaret deserved more than another carefully managed explanation.
“There's an internal investigation into several financial transactions,” I said.
“Some records are incomplete, and both an internal investigation into several financial transactions,” I said.
“Some records are incomplete, and both Daniel and Paige appear in the approval trail.””
She went very still.
“Do you think Daniel stole money?””
“I don't know. Daniel and Paige appear in the approval trail.””
She went very still.
“Do you think Daniel stole money?””
“I don't know. The investigation hasn't established that.””
“Would he?””
I looked at her.
She The investigation hasn't established that.””
“Would he?””
I looked at her.
She wasn't asking as a board member or a shareholder.
She was asking as a mother who had spent years believing wasn't asking as a board member or a shareholder.
She was asking as a mother who had spent years believing she knew her son.
“I can't answer that for you,” I said gently.
“I can she knew her son.
“I can't answer that for you,” I said gently.
“I can promise you that the investigation will be fair.””
Margaret nodded slowly.
Then she looked toward the window.
“When promise you that the investigation will be fair.””
Margaret nodded slowly.
Then she looked toward the window.
“When Daniel was younger, he used to tell me that the worst thing a person could do was lie to protect a mistake.””
She Daniel was younger, he used to tell me that the worst thing a person could do was lie to protect a mistake.””
She gave a sad smile.
“He said mistakes could be corrected, but lies made everything gave a sad smile.
“He said mistakes could be corrected, but lies made everything worse.””
I felt my throat tighten.
“I'm sure he remembers.””
“I worse.””
I felt my throat tighten.
“I'm sure he remembers.””
“I hope he does.””
She stood and picked up her handbag.
Before leaving, she turned toward me.
“Natalie, there's something hope he does.””
She stood and picked up her handbag.
Before leaving, she turned toward me.
“Natalie, there's something else you should know.””
I waited else you should know.””
I waited.
“Last month, Daniel asked me to sign a document related to a family investment. He said it was routine paperwork for a financial arrangement he was organizing.””
My attention sharpened.
“What kind of arrangement?””
“He didn't explain the details. He said I didn't need to worry about them.””
“Did you sign it?””
She hesitated.
“Yes.””
My stomach tightened.
“Do you have a copy?””
“No. Daniel said.
“Last month, Daniel asked me to sign a document related to a family investment. He said it was routine paperwork for a financial arrangement he was organizing.””
My attention sharpened.
“What kind of arrangement?””
“He didn't explain the details. He said I didn't need to worry about them.””
“Did you sign it?””
She hesitated.
“Yes.””
My stomach tightened.
“Do you have a copy?””
“No. Daniel said his office would send one.””
I stood.
“Margaret, please don't sign anything else until his office would send one.””
I stood.
“Margaret, please don't sign anything else until an independent adviser has reviewed an independent adviser has reviewed it.””
She nodded.
“I won't.””
After she left, I called it.””
She nodded.
“I won't.””
After she left, I called Martin again.
“I need to add another item to the review,” I told him.
“A possible transaction involving a family investment and documents signed by Margaret Mercer.””
“Is there evidence of a connection to the company Martin again.
“I need to add another item to the review,” I told him.
“A possible transaction involving a family investment and documents signed by Margaret Mercer.””
“Is there evidence of a connection to the company?””
“Not yet. That's what we need to establish.””
“I'll notify the ethics committee.””
I ended the call?””
“Not yet. That's what we need to establish.””
“I'll notify the ethics committee.””
I ended the call and looked at the message Paige had sent Margaret.
Before the board becomes involved.
Paige had known the and looked at the message Paige had sent Margaret.
Before the board becomes involved.
Paige had known the board might become involved before the investigation was formally initiated.
That didn't prove she had done anything wrong.
But board might become involved before the investigation was formally initiated.
That didn't prove she had done anything wrong.
But it suggested she understood that the watch was connected to a larger problem.
I it suggested she understood that the watch was connected to a larger problem.
I opened the preliminary transaction report once more.
One consulting firm appeared repeatedly across opened the preliminary transaction report once more.
One consulting firm appeared repeatedly across several payments.
I read the name carefully.
Then I checked the registration information attached to the file.
The company had been several payments.
I read the name carefully.
Then I checked the registration information attached to the file.
The company had been established less than a year earlier.
Its registered address was a private office suite.
And one of its established less than a year earlier.
Its registered address was a private office suite.
And one of its listed directors shared a surname with Paige.
I leaned closer to the screen.
It listed directors shared a surname with Paige.
I leaned closer to the screen.
It could have been a coincidence.
A common surname meant very little by itself.
But when could have been a coincidence.
A common surname meant very little by itself.
But when I compared the incorporation date with the first payment, the timing caught my attention.
The company had been established shortly before the consulting agreement was approved I compared the incorporation date with the first payment, the timing caught my attention.
The company had been established shortly before the consulting agreement was approved.
I called Martin.
“Please have the independent reviewers verify the ownership and control of every vendor appearing.
I called Martin.
“Please have the independent reviewers verify the ownership and control of every vendor appearing in the disputed transactions.””
“Understood.””
“And make sure they check for relationships that in the disputed transactions.””
“Understood.””
“And make sure they check for relationships that weren't disclosed during the approval process.””
After hanging up, I sat back in my chair.
The white watch had weren't disclosed during the approval process.””
After hanging up, I sat back in my chair.
The white watch had started this investigation.
But the watch was no longer the most important thing.
started this investigation.
But the watch was no longer the most important thing.
Somewhere beneath the carefully maintained image of Bellweather Technologies, a series of financial decisions required closer examination.
And Daniel, who had spent theSomewhere beneath the carefully maintained image of Bellweather Technologies, a series of financial decisions required closer examination.
And Daniel, who had spent the afternoon warning me against digging too deeply, appeared to know more than he was willing to say.
At 7: afternoon warning me against digging too deeply, appeared to know more than he was willing to say.
At 7:12 that evening, my phone rang again.
This time, the caller was Evelyn.
“We've received another document,” she said.
“The committee believes you should see it before tomorrow morning12 that evening, my phone rang again.
This time, the caller was Evelyn.
“We've received another document,” she said.
“The committee believes you should see it before tomorrow morning.””
“What is it?””
“A copy of a proposed financial authorization.””
“Who signed it?””
There was a brief pause.
Then Evelyn answered.
“Your husband.””
I.””
“What is it?””
“A copy of a proposed financial authorization.””
“Who signed it?””
There was a brief pause.
Then Evelyn answered.
“Your husband.””
I looked at the empty chair across from my desk.
“Send it to me.””
A minute later, the document arrived.
I looked at the empty chair across from my desk.
“Send it to me.””
A minute later, the document arrived.
I opened the attachment.
The first page looked ordinary.
The second contained a list of authorized representatives.
The third showed opened the attachment.
The first page looked ordinary.
The second contained a list of authorized representatives.
The third showed a transfer arrangement connected to the same consulting firm Martin had flagged earlier.
And at the bottom of the page, beneath Daniel's signature, was a transfer arrangement connected to the same consulting firm Martin had flagged earlier.
And at the bottom of the page, beneath Daniel's signature, was a second signature.
Margaret Mercer's.
But the date beside her signature was a date when she had been out of the country.
I stared a second signature.
Margaret Mercer's.
But the date beside her signature was a date when she had been out of the country.
I stared at the screen.
I didn't yet know whether the document had been improperly prepared, whether the date had been recorded incorrectly, or whether someone had used Margaret's signature without her knowledge.
I knew only that at the screen.
I didn't yet know whether the document had been improperly prepared, whether the date had been recorded incorrectly, or whether someone had used Margaret's signature without her knowledge.
I knew only that the question could no longer be dismissed the question could no longer be dismissed as a family misunderstanding.
And if the document was authentic, the consequences would reach far beyond a watch.
May you like
as a family misunderstanding.
And if the document was authentic, the consequences would reach far beyond a watch.
