Tuesday, April 12, 2011

The Top 10 Embezzlement Cases In Modern US History

Marquet International conducted an analysis of the largest embezzlement cases in modern US history (since 1900). To do so we converted the amount misappropriated into 2010 dollars, using the Consumer Price Index comparison with the median year the scheme was active. We came up with the following list (perpetrator; actual amount in parenthesis, victim organization; and year scheme was discovered):

  • Yasuyoshi Kato; $132 million ($90M); Day-Lee Foods, Inc.; 1997

  • Gilbert Beesemyer; $100 million ($7.7M); Guaranty B&L Assoc.; 1930

  • Ricardo Carrasco; $88.3 million ($66M); BankBoston; 1998

  • John F. Doorly; $70.5 million ($58.2M); Tenens Corp/Ayer estate; 2006

  • Ausaf U. Siddiqui; $69 million ($65.6M); Fry’s Electronics; 2008

  • L. Ben Lewis; $64 million ($21.3M); Wells Fargo Bank; 1981

  • Melissa G. King; $47.6 million ($42.6M); Sandhogs’ Union Local 147; 2009

  • William S. Deloach; $49 million ($36.6M); PBS&J Corp.; 2005

  • Sujata Sachdeva; $40.9 million ($34.5M); Koss Corp.; 2009

  • Minnie Mangum; $35.7 million ($2.9M); Commonwealth B&L Assoc.; 1955
Note that half of these cases have occurred in the past decade. We will be putting these together with their stories as a separate article. There are many dishonorable mentions not included here. My guess is that this list represents the largest employee thefts in ALL of American history, but due to the paucity of information available prior to 1900, we did not find any worthy of inclusion. Please let us know if you have any cases for consideration for this "hall of shame."

Read the whole article here.

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