The financial services industry was the most frequent victim and experienced the greatest losses from major embezzlement schemes last year, and nearly one in four involved credit unions, according to the 2012 Marquet Report on Embezzlement that was released Tuesday.
The report, which analyzed 528 major embezzlement cases in which at least $100,000 was misappropriated, found that 15% (about 80 cases) involved financial services firms but did not include insurance-related entities. Of that 15%, according to the report, 23% (about 18 cases) involved credit unions.
In 2011, only eight of the 58 financial services embezzlement cases involved credit unions.
Continue Reading for Free
Register and gain access to:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
