ClearSky, a unit of PFPC’s Automated Business Development regulatory and compliance division, has sent a would-be employee embezzler packing.

An employee of the firm, who was not identified, reportedly stole a relatively small amount of money that had been set aside for use in payment of the firm’s usual regulatory filings for clients, according to a source close to the company.

The company’s control procedures allowed Clear Sky executives to uncover the employee’s five-fingered discount within a few days, confirmed another source. The stolen money was recovered, and the employee was fired, confirmed both sources. This is the first time in the company’s history that a theft of this nature has taken place, noted one source.

"The funds have been returned and the matter has been resolved," said a PFPC spokesperson.

Founded in 1994, ClearSky manages over 250,000 state mutual fund permits for 150 companies, representing over $3 trillion in mutual fund assets.

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