Parts had been ordered.
Services completed.
And invoices paid correctly.
But other entries raised serious questions.
One invoice charged Ashford for a component supposedly installed during a maintenance event that never occurred at the named facility.
Another billed specialized inspection labor without a corresponding work record from the organization that allegedly performed it.
Several expensive items appeared to have been purchased through Keystone at prices far above those charged by the original supplier.
The accountants also found duplicate charges.
The total disputed exposure was substantial.
Not every questionable dollar represented proven fraud.
Some records were incomplete.
Certain charges might have valid explanations.
And the investigators needed more time to reconcile the accounts.
But the preliminary report identified approximately eighteen million dollars in transactions requiring deeper examination, including several million associated with work that could not currently be verified.
Noelle read the findings.
For several seconds, she remained quiet.
Then looked toward the accounting partner.
“Where did the money go?”
The accountant opened another schedule.
“Most payments went to Keystone's business accounts. From there, some were distributed to parts suppliers and maintenance providers.”
He paused.
“But there are transfers to related entities that need further investigation.”
Noelle leaned forward.
“Which entities?”
The accountant displayed an ownership diagram.
At the top was Keystone Aero Logistics.
Beneath it were several holding companies.
One led to a private investment vehicle.
Another led to a management consulting company.
Then Noelle saw a name.
Royce Strategic Partners.
She stared.
For a moment, she couldn't breathe.
The accountant continued.
“We have indications of relationships involving entities associated with Mr. Royce's investment network. We're still determining the nature and extent of those interests.”
Noelle looked toward the screen.
The same billionaire who offered to rescue Ashford from its financial problems appeared connected to businesses receiving substantial payments from those very problems.
She took a breath.
“Does the board know?”
Margaret sat beside her.
Her face had gone pale.
“No.”
Noelle looked toward Diane Shaw.
The lawyer's expression was serious.
“This needs independent investigation, appropriate preservation of records, and a careful review of related-party disclosures.”
Noelle nodded.
Then asked.
“Who approved the contracts?”
The accountant opened another file.
The initials appeared near the bottom of a vendor authorization.
A.P.
Adrian Pike.
Noelle closed her eyes.
For several seconds, she remembered their conversation.
The commercial relationship.
The financing discussions.
The pressure to reinstate Gavin.
And Adrian's insistence that the company couldn't afford to lose the Royce account.