The Top 10 Embezzlement Cases In Modern US History
Massive Meatpacking Misappropriation
Victim Organization: Day-Lee Foods, Inc., Santa Fe Springs, California
Amount: $132 million in 2010 dollars ($85 – $95 million actual)
Perpetrator: Yasuyoshi Kato
Position: Chief Financial Officer
Year Discovered: 1997
Duration: 6+ years (1991 – 1997)
Scheme: Fraudulent/forged checks
Age Scheme Began: 33
Beverly Hills Bank Blowout
Victim Organization: Guarantee Building & Loan Association, Hollywood, California
Amount: $100 million in 2010 dollars ($7,661,793 actual)
Perpetrator: Gilbert H. Beesemyer
Position: Founder, General Secretary and Manager
Year Discovered: December 1930
Duration: Undetermined, but believed to be less than one year
Scheme: Took overdrafts for himself
Age Scheme Began: 45
BankBoston Carrasco Fiasco
Victim Organization: BankBoston Corp., Boston, Massachusetts
Amount: $97.7 million in 2010 dollars ($73 million actual)
Perpetrator: Ricardo S. Carrasco
Position: Head of BankBoston International in NYC
Year Discovered: 1998
Duration: Undetermined
Scheme: Fraudulent loan scheme
Age Scheme Began: 41
Treacherous Taking from Ayer’s Heirs
Victim Organization: Tenens Corp., dba Essex Street Associates, Beverly, Massachusetts
Amount: $72.3 million in 2010 dollars ($61 million actual)
Perpetrator: John F. “Jack” Doorly
Position: Chief Operating Officer
Year Discovered: March 2006
Duration: 7 years (1999 – 2006)
Scheme: Fraudulent transfers and vendor fraud
Age Scheme Began: 48
Extraordinary Electronics Embezzlement
Victim Organization: Fry’s Electronics, San Jose, California
Amount: $69 million in 2010 dollars ($65.6 million actual)
Perpetrator: Ausaf Umar Siddiqui
Position: Vice President of Merchandising and Operations
Year Discovered: 2008
Duration: 4 years (1/05 – 11/08)
Scheme: Vendor fraud; kickbacks
Age Scheme Began: 39
Wells Fargo Float Fraud (or Beverly Hills Bank Blowout II)
Victim Organization: Wells Fargo Bank, San Francisco, California
Amount: $64 million in 2010 dollars ($21.3 million actual)
Perpetrator: Lloyd Benjamin Lewis
Position: Operations Officer (Beverly Drive branch, LA)
Year Discovered: January 1981
Duration: 3 years (1977 – 1981)
Scheme: Fraudulent electronic funds transfers
Age Scheme Began: 44
Engineering an Enormous Embezzlement
Victim Organization: PBS&J Corp., Miami, Florida
Amount: $49 million in 2010 dollars ($36.6 million actual)
Perpetrator: William Scott Deloach & Co-conspirators
Position: Chief Financial Officer & Controller
Year Discovered: March 2005
Duration: 13 years (1992 – 2005)
Scheme: Unauthorized/fraudulent checks
Age Scheme Began: 34
Sandhogs Piggishly Pilfered
Victim Organization: NYC Laborers Sandhogs Union Local 147, New York, NY
Amount: $47.6 million in 2010 dollars ($42.6 million actual)
Perpetrator: Melissa G. King
Position: Employee Benefits Manager
Year Discovered: December 2008
Duration: 7 years (2002 – 2008 inclusive)
Scheme: Fraudulent funds transfers
Age Scheme Began: 50
Koss Corp. Coffers Co-Opted
Victim Organization: Koss Corporation, Milwaukee, Wisconsin
Amount: $ 40.9 million in 2010 dollars ($34.5 million actual)
Perpetrator: Sujata “Sue” Sachdeva
Position: Chief Finance Officer
Year Discovered: December 2009
Duration: 12 years (1997 – 2009)
Scheme: Fraudulent funds transfers
Age Scheme Began: 40
Minnie Mangum Misappropriates Millions
Victim Organization: Commonwealth Building & Loan Association, Norfolk, Virginia
Amount: $ 37.5 million in 2010 dollars ($2,884,957 actual)
Perpetrator: Minnie Mangum
Position: Assistant Secretary-Treasurer
Year Discovered: November 1955
Duration: 22 years (1933 – 1955)
Scheme: Theft from reserve accounts
Age Scheme Began: 29
By Christopher T. Marquet
April 22, 2011
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