Summary

In this episode, Clyde shares a story from a past audit where he and his team discovered a major theft scheme in a parking garage. The property manager initially resisted their presence but eventually allowed them to proceed. After conducting the audit, Clyde and his team suspected that an employee in the garage was stealing, but they couldn't figure out how. They eventually discovered that the employee was using steam to remove validation stickers from tickets and then selling them to cash customers. The theft amounted to over a million dollars, and the property manager was shocked but grateful for Clyde's work. Clyde also discusses the history of validation in the parking industry.

Takeaways

Audits in the parking industry can uncover major theft schemes

Validation stickers have been used for a long time in parking garages

Employees can find creative ways to steal from parking facilities

Third-party auditors play an important role in improving the financial and operational functions of parking facilities

Chapters

00:00Introduction and Setting the Scene

02:56Discovering Suspicious Behavior

07:09Uncovering the Theft Scheme

09:38Filming the Evidence

11:54Dealing with the Consequences

15:26The Evolution of Validation in the Parking Industry

17:29Lessons Learned and Conclusion