2011 was another banner year for employee theft in the United States, continuing the frenetic pace set in 2010. In this report, we identified, researched and analyzed the details of 473 major embezzlement cases in the US active in 2011, a slight 2% decrease in the number of cases from 2010.
Vermont had the highest Embezzlement Propensity Factor followed by Connecticut, Pennsylvania, Montana, Virginia, Iowa and Idaho – identifying these states as having the highest risk for loss to embezzlement in 2011.
The financial services industry suffered the greatest losses due to major embezzlements.
Non-profits and religious organizations combined accounted for about one-sixth of all the major embezzlement incidents in the 2011 study.
The average loss for 2011 was about $750,000; the median loss was $340,000.
Nearly three-quarters of the incidents (72.3%) were committed by employees who held finance/ bookkeeping & accounting positions.
The average scheme lasted nearly 5 years.
The most common embezzlement scheme involved the issuance of forged or unauthorized company checks.Read the whole study here.
Read some of the articles about these statistics:
Burlington Free Press, 1.17.12
Green Mountain Daily, 1.18.12
Inc. magazine, 1.18.12
Accounting Today, 1.17.12
Banker & Tradesman, 1.18.12
The Going Concern, 1.18.12
The Fiscal Times, 1.19.12
The Day, 1.19.12
The Ethical Advocate, 1.18.12
Security Magazine, 1.17.12
Hartford Business Journal 1.23.12