Thursday, April 14, 2011

California, Michigan & Pennsylvania Top 1st Quarter 2011 For Major Embezzlement Cases; Vermont Gets Dishonorable Mention

An analysis conducted by Marquet International of major embezzlement cases discovered in the first quarter of 2011 reveals that California, Michigan and Pennsylvania top the list with the highest number of cases, at 10, 8 and 8 new incidents, respectively. Those included are cases where an employee misappropriated at least $100,000 from his or her employer. California has historically topped the list, along with other large states such as New York, Florida, Texas and Illinois. Dishonorable mention goes to tiny Vermont, which had three new major embezzlement cases. On a relatively size basis, Vermont has had more than its unfair share of employee theft cases. In fact, these three build upon the 7 major cases Vermont experienced in 2010. The problem seems to be so dire in the Green Mountain State that the state auditor put forth a plan last month to enact better controls at state agencies and municipalities, which have been hard hit. It is unclear why a state like Vermont has had a disproportionate number of major employee thefts. One small business owner based in Vermont explained to me that "people up here generally tend to be more trusting and believe that people will do what they are supposed to do and not do what they are not supposed to do. As a result, a lot of the checks and balances that that might seem like common sense don't get put in place until after someone gets caught taking advantage of the situation." It always comes down to the level of business controls in place... Christopher T. Marquet, CEO, Marquet International, Ltd.

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