Perspective
Apr. 1, 2011
The First Line of Defense to Preventing Employee Embezzlement
Employers cannot readily recover losses from banks due to fraudulent activities by their own employees. By Brett D. Watson of Palmer, Lombardi & Donohue LLP.
Multi-billion dollar Ponzi schemes like the one orchestrated by Bernard Madoff receive widespread, international attention. However, in times of economic crisis such as the present, the more "garden variety" types of financial fraud, including employee embezzlement, fall below the headlines even as their numerosity increases. In one study, 80 percent of the participating certified fraud examiners found that fraud activity spikes durin...
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