South Bend / Mishawaka, IN – Unlike many crimes, embezzlement is difficult to uncover and its targets may be victimized over the course of several years without even knowing that they are victims. And to make matters worse, embezzlement is most often committed by a friend, colleague or trusted employee of the victim.
Losses associated with embezzlement exceed $400 Billion per year. If embezzlement were a business, it would be the third largest business in the world – larger than Exxon-Mobile, IBM or McDonalds. Think of any business in the South Bend-Mishawaka area or anywhere within St. Joseph County, Indiana and the business of embezzlement would be much larger than that locally based company.
Embezzlement affects companies and people in every area, including the rich and famous. Some of the famous who have been victimized by embezzlement include:
PROFILE OF AN EMBEZZLER
What makes embezzlement so hard to uncover is that it is commited by everyday people as opposed to other criminals who have certain common characteristics which aid law enforcement in identifying them.
The profile of a “typical” embezzler includes the following:
There are certain telltale signs that an employee may be embezzling from your company. These would include frequent trips to Las Vegas or the gambling boats; if an employee refuses to take a vacation; the company’s financial records are being rewritten for the “sake of neatness”; the financial records are in complete disarray; if a particular employee appears to be doing twice as much as any other employee and profitability is not at the level you feel it should be.
REASONS WHY PERSONS EMBEZZLE
Persons who embezzle often do not have a lot to show for all they have stolen over time. Sure, there are those instances when an embezzler is actually caught because they are living an unexplainable lavish lifestyle. However, the typical embezzler is not living beyond their means to the outside world. The various reasons people embezzle include:
HOW TO PREVENT EMBEZZLEMENT
There are no surefire set of steps that will completely protect your company from embezzlement. But there are some precautions you can take that could help prevent your company from becoming a victim of embezzlement:
IF YOU SUSPECT YOU MAY BE A VICTIM OF EMBEZZLEMENT
If you suspect embezzlement there are certain actions and steps you should follow which could enhance the likelihood for recovery of embezzled funds. These actions include:
ONCE EMBEZZLEMENT HAS BEEN CONFIRMED
Once you have confirmed that your company is the victim of embezzlement, the following are actions which you should consider taking in order to deal with this situation:
In conclusion, embezzlement is a major problem that causes significant harm to many companies. In the South Bend-Mishawaka area several businesses have closed their doors permanently due to losses incurred as a result of employee embezzlement. Being vigilant and mindful of the tips contained in this article may lessen the odds of your company falling victim to embezzlement.
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