The Million Dollar Hiring Mistake

Although you would like to believe that everyone working for your company has a professional and trustworthy spirit, there has been a rise in employee theft and dishonesty over the past few years. Many attribute this trend to the use of technology and software that makes it easier to manipulate company data, but it could be the age-old saying that desperate times require desperate measures. Covering your business with an employee dishonesty bond can help protect from the loss incurred with employee fraud, but strong hiring and vetting practices might also help minimize the potential for significant company chaos.  Take a look at these two extreme cases of employee fraud from the last few years.

Image result for The Million Dollar Hiring Mistake

1. False Expenses

In 2018, a former manager for Quest Diagnostics was caught by the FBI for taking $1.2 million from his company in false expense reporting. He created an elaborate scheme with fake companies and turning in requests for payments he had made acting as a Quest partner. He was sentenced to five years in prison once the feds found out a company address was linked to an entrance ramp for a Florida freeway.

2. Security Expert Turned Exploiter

In trying to be proactive, Block Communications, Inc. hired a former embezzler to act as their theft-prevention specialist, assuming his former experience would be a valuable and effective tool against fraud. However, he reverted to his former ways and wrote himself check totaling over $1 million before he was caught. Through deception, he used a co-workers stamp to sign the checks, cash them, and then destroy them before they were returned. He then cooked the books to cover his actions.

If it could happen to large corporations like these two, then it is safe to assume that no one is immune to cases of employee deception and dishonesty. Protect your business and its consumer with strong safeguards, hiring practices, and business insurance policies.

Related Posts

The Advantages of Hiring a Financial Planner

There are many advantages to hiring a financial planner. Not only does a planner know how to handle your money, but they can also help you plan…

How to trade CFDs in Singapore effectively

CFD trading comprises a high level of risk but can be very rewarding if done correctly. Traders wager on the direction that the price of an asset…

Things to Avoid When Starting a Business

Compared to previous years, starting a business is now easier to do. By utilizing a smartphone and a stable internet connection, for example, anyone can use the…

Why You Should Be Using a 6x6x10 Powder Coating Oven

Powder coating is an essential part of many manufacturing processes. The process of powder coating involves spraying the surface of a product with a thin layer of…

The Process Involved With Business Relocation

Are you dissatisfied with your current telephone service? You’re not alone. Millions of Americans are tired of paying the high prices and restrictive contracts of the big…

Three Things to Consider When Getting A Finance Expert Witness for A Money Laundering Case

When you consider hiring an expert witness in finance for a money laundering case, consider a few things. In addition to the expert witness finance qualifications, the…