A new report on employee theft and embezzlement reveals that 2012 had both the largest corporate and municipal embezzlement cases in US history.
The 2012 Marquet Report on Embezzlement shows that:
- The number of major embezzlements increased 11% over 2011;
- Iowa topped the list of states with highest risk for loss due to embezzlement in 2012. Iowa was followed by Hawaii, Rhode Island, Montana, Nevada, Wyoming, Illinois, Florida and Vermont;
- The average loss was about $1.4 million for major embezzlement cases in 2012; and,
- 58% of all incidents involved female perpetrators in 2012.
The study also included a review of 5 years of aggregated data and reported some conclusions Marquet has derived from analysis:
- Perpetrators typically begin their embezzlement schemes in their early 40s;
- Major embezzlement schemes span nearly a 5 year period, on average;
- By a significant margin, embezzlers are most likely to be individuals who hold financial positions within organizations;
- The Financial Services industry suffers the greatest losses from major embezzlements;
- Non-profits, including religious organizations, experience the highest frequency of embezzlement of all industry categories, behind only financial institutions;
- Iowa, Vermont, Rhode Island, West Virginia, Massachusetts, Florida, Montana, Louisiana and Connecticut are among the states with the highest risk for loss due to embezzlement;
- The most common embezzlement scheme is the forgery or unauthorized issuance of company checks;
- Women are more likely to embezzle on a large scale than men;
- Men embezzle significantly more than women in major embezzlement cases;
- Gambling is a clear motivating factor in driving some major embezzlement cases.
A copy of The 2012 Marquet Report on Embezzlement can be obtained by e-mailing a request to firstname.lastname@example.org.