Public employees aren’t quite the most likely to defraud taxpayers, according to a new study by the Assocation of Certified Fraud Examiners (ACFE). The dishonor for being the most likely goes to financial professionals, with bureaucrats second.
ACFE “found that public-sector administration employees are responsible for more than 10 percent of fraud cases, ranking behind only financial professionals. In 141 cases examined, the group found that a crooked employee costs taxpayers a median loss of $100,000,” said Bill McMorris, who reports the study today over at the Washington Free Beacon.
“ACFE analyzed nearly 1,400 cases of fraud and corruption worldwide and found that ‘banking and financial services, government and public administration, and manufacturing accounted for a combined 37 percent of the fraud cases reported,’” McMorris said.
McMorris said ACFE also found that the average length of time during which a fraud is being committed without detection is 18 months. For more on the study, go here.
