How was he caught? Involving the internal designer seems like a huge mistake. Keeping the scam quiet without collaborators or actively rocking the boat could have probably persisted for a long time.
The CFO had raised it as a problem but nobody ever bothered to check.
When a new CTO started, he actually checked it out on his first week and discovered the company emitting invoices belonged to the PM.
The CTO also demanded talking with the designer from Fiverr and in the end the amount of money actually paid to him was negligible.
I never really understood the involvement of the internal designer but she was also fired on the spot together with the PM and the company's highest paid engineer (but I don't think this one is involved).