She got caught in 2012, so that’s an $80,000 salary in 2012 and before.” – Greg Kyte So her $80,000 annual salary was just for her. “Interesting fact about her annual salary was $80,000. Greg pointed out that Rita was a typical employee that didn’t have a history of crime: Her fraud was the largest amount of money embezzled from a municipal government ever. She committed fraud from 1991 to 2012 - a total of 22 years. Originally, she was a city comptroller in the city of Dixon, Illinois. Rita Crundwell essentially stole $54 million through fraud.
Thankfully, understanding fraudster characteristics can help you know what to look for. For example, in this case study from the webinar, you’ll learn what a fraudster can do with bank details - the short answer is that they can embezzle millions. One of the best ways to do this is to look at a specific case study and see how you can prevent fraudulent activity from happening in your business.
#RITA CRUNDWELL HOW TO#
To avoid this fraudulent activity from happening in your business and save hundreds of thousands of dollars, you have to know how to prepare for fraudsters. Greg mentions that the typical business loses 5%, which is a lot if a business is earning over 7 figures. This isn’t a rare occasion for business or 1% of revenue. But if you look at 2,500 cases in the United States, you’ll notice that the average loss was closer to $1.5 million. He mentioned how the median loss for business hovers around $120,000 in the U.S. Greg Kyte explained how this figure is closer to $4.5 trillion as of 2020. That’s the typical organization.” – Greg Kyte “So, first off, the ACFE, they estimate that the typical organization loses 5% of its revenue to fraud. The “ typical organization loses 5% of revenue to fraud.” This is about $3.5 trillion nationwide, involving nearly 1,400 businesses. Discovering the characteristics of a fraudster Their webinar “Fraud & Fraudsters: Meet the People Who Are Stealing Your Stuff” offers essential information to your business on how to define fraudsters and how to prevent fraud, specifically looking at the characteristics of fraud through the Rita Crundwell case study. Greg has been included in Accounting Today’s list of the “ Top 100 Most Influential People in the Accounting Profession,” and he has a wealth of knowledge when it comes to fraud. Gusto’s Editor-at-Large, Caleb Newquist, took some time to chat with one of CPA Academy’s regular contributors, Greg Kyte, in the webinar. Partnering with CPA Academy, we provided an excellent webinar on the characteristics of people who commit fraud, the data behind counterintuitive insights, and a case study that shows how fraud can have a devastating effect on a small community.
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