Affable and well-liked, John was a middle manager in a multi-billion-dollar corporation. Apparently diligent and hard working, he was considered an ideal employee. However, beneath the genial exterior, John was increasingly resentful because he felt the corporation never fully recognized and rewarded his contribution. So he took matters into his own hands. Realizing that internal controls were weak, he set up a series of dummy companies that started providing "consulting services" to the corporation. The invoiced amounts were relatively small - low enough that he could approve the invoices without the approval of a superior or a second co-worker. By patiently issuing scores of invoices - and taking advantage of the latest offshore asset-secretion techniques - he stole millions of dollars from his unsuspecting employer.
FIA professionals helped investigate this major case of embezzlement and trace the proceeds of John's fraud. John's former employer is not alone. Embezzlement was the most common form of occupational fraud cited in a recent study by the Association of Certified Fraud Examiners, which examined 663 fraud cases that caused over $7 billion in losses. This is why, FIA professionals not only investigate cases of embezzlement, but also help our clients design and implement the policies and procedures that can protect against occurrences of this type of crime.
