York issues statement about fraud investigation

York University issued the following statement yesterday:

Today, York University announced that it is working closely with the Toronto Police Service with respect to apparent fraudulent activities at the University from 2007 to early 2010.
York deeply values the trust placed in the University by our students, faculty, staff, alumni and other members of the York community and we have no tolerance for abuse of this trust.
In December 2009, York senior management began a comprehensive investigation upon learning of a possible fraud at the University. Following a preliminary internal investigation which suggested that fraud had been committed, York engaged Navigant, an independent third party forensic accounting firm, to prepare a detailed case file, and advised the Toronto Police Service.
At the end of May 2011, York received Navigant’s report, which outlined a number of irregularities. The University immediately handed over the relevant materials to the Toronto Police Service.  
The Toronto Police Service is currently investigating these allegations and will be determining if any criminal charges will be laid. To preserve the integrity of the investigative process, York will not comment on any specifics regarding this case.