When people think of fraud and embezzlement, they often imagine a grandiose scheme to siphon millions of dollars from a massive corporation. In reality, this is very rarely ever the case. In fact, nearly 70% of all fraud and embezzlement charges in the U.S occurred in a small or mid-sized business. In total, it is estimated that businesses lose over $50 billion per year from the practice, which can severely affect smaller businesses. In this article, however, we’ll take a look at some of those rare, grandiose cases of fraud and embezzlement. 

Allen Stanford

One of the largest Ponzi schemes was a result of a man named Allen Stanford and his company, Stanford Financial Group of Companies. He allegedly ran a massive investment scheme that scammed people out of $8 billion. Although he denied any wrongdoing, he was found guilty on myriad charges and was handed a 110-year prison sentence. 

Day-Lee Farms

The Day-Lee Farms embezzlement scandal represents the largest amount embezzled by a single employee in the U.S. Yasuyoshi Kato, an executive at the Japanese meat processing plant, reportedly embezzled more than $60 million from the company over a number of years. He actually did well hiding it from the company, but the IRS eventually got wind of his lavish lifestyle and busted him. He received a 5-year jail sentence and pay $3 million in fines. 

Bernie Madoff 

If the name Bernie Madoff sounds familiar, it may be because he ran the largest embezzlement operation in history. Very basically, Madoff would use the money he earned from new investors to pay the returns of old investors, without actually raising funds in any significant way. In operation, he was a secretive man who closely guarded his financial records, but it’s now clear why. Even in the 90s, people were suspicious of his practices, noting that his supposed trading strategy didn’t add up to the returns he was delivering to investors. Bernie eventually was handed a 150-year prison sentence and was ordered to pay $170 billion in restitution. 

Shane Jennings Knows Embezzlement Law

If you’ve been accused of fraud and/or embezzlement, or believe an employee of yours is committing that crime, call The Law Office of W. Shane Jennings. We can wor with you to get the results you deserve. Contact us today to discuss your case.