Small businesses are 10 times more likely to become victims of embezzlement crime than larger companies. Scary isn’t it?
What’s worse, it could be your best employee who goes over to the dark side. We’re not talking street thugs here, covered in tattoos. No, the person who robs you blind is most likely someone you see for 8 hours a day, have broken bread with, who dresses neatly and professionally, who always seems on top of things, and about whom you say “I wish I had a dozen like him.”
Recently Anita and Steve Rucinski interviewed just such a person, a convicted embezzler.
Barry Webne joined us on Small Business Trends Radio recently and told us what it was like to be an embezzler.
Barry was convicted of embezzling more than $1 million dollars from a small manufacturing company he worked for. After he was caught, he completed a 6-month federal prison sentence as part of the 30- month sentence imposed.
Since his release Barry has counseled businesses and organizations on the behavior, psychological traits, and tell-tale signs of embezzlers, to help you prevent embezzlement and spot such behavior before all the money is drained out of your company. Barry describes what causes an embezzler to get started down that path — and how it quickly takes hold like an addiction.
IMPORTANT UPDATE: After this radio show was recorded we learned that the guest was brought up on a new set of charges involving embezzlement. Charges are pending in Federal Court in Toledo, Ohio as of February 2008. Read the background about the new charges.
Click the red and yellow arrow below to listen to this informative — and scary — show.[display_podcast]
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I wrote by old habit my old domain name URL (Lindeskog.com) in the previous post. Here is an explanation in my posts:
All the Best,
I thought this interview was really informative with views on how to spot and avoid embezzlment. Every business owner should take a listen. I did find it interesting that he was so candid with his own experience of embezzling from his employer. Very interesting how it can become a slippery slope. A little here, a little there and then you get addicted.
Too many companies don’t buy enough employee dishonesty insurance to protect themselves from such losses.
As an insurance consultant I find that about 20% of employers have no embezzlement insurance and 70% have limits of coverage far too low to protect the company.
did find it interesting that he was so candid with his own experience of embezzling from his employer. Very interesting how it can become a slippery slope.
Embezzling will drain a company from its actual profits and the staff caught doing this should be terminated before more money is lost. But there is no fool proof way to prevent embezzling, actually.