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No one wants to believe their employees steal. However, it's a far more common occurance than we think. Consider these two recent stories:
The Oklahoma Beef Council has confirmed that federal authorities are investigating a possible $2.5 million embezzlement by a now former employee of the Council. Harvest Public Media, a collaboration by public radio stations in several High Plains states, broke the news on Jan. 5.
A statement by Heather Buckmaster, chief executive officer of the Oklahoma Beef Council, reads that results on an internal investigation into potential wrongdoing has been turned over to federal authorities in Oklahoma. “Due to an ongoing criminal case and civil matters, we are limited in the details we can share,” Buckmaster said in the statement.
In February, a former credit union accountant will begin her two-year prison sentence for stealing more than $300,000 from the $20.9 million Independent Employers Group Federal Credit Union in Hilo, Hawaii.
This is the kind of risk that captives excel at underwriting. If you'd like to learn more, please call us at 832.330.4101.