Meta Financial Group Inc. announced Friday that former bank employee may have issued “bogus” certificates of deposit for about $3.8 million that clients are now trying to cash, the Associated Press reported.

The Storm Lake based bank holding company said it had discovered that a former employee at a subsidiary perpetrated the scheme over a period of years.

“The investigation is continuing and no assurance can be provided that additional fraudulent certificates will not come to light,” the company said Friday in documents filed with the Securities and Exchange Commission.

The bank said it has contacted law enforcement authorities and its fidelity bond insurer. Meta Financial has a Depository Institutions Blanket Bond, which should cover any losses sustained by the company as a result of this possible wrongdoing, a company release said.

The company also said its quarterly earnings filing will be delayed “pending the engagement of its new independent accountant.” The company release stated that the company anticipates an improvement