Fidelity Guarantee insurance generally covers “fraudulent misappropriation” of funds. Was the secretary trying to acquire personal sunshades on the strata scheme’s dime? Or was he or she just over-reaching on the remit they had been given. If it’s the latter, it’s not even close to fraud or misappropriation.
Don’t ascribe to malice anything that can just as easily be explained by incompetence.
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