Embezzlement in Sierra Vista Leaves Small Businesses with a Hefty Bill to Pay
By Kyler Van Vliet
Embezzlement is defined by Merrian-Webster Dictionary as “to appropriate (something, such as property entrusted to one's care) fraudulently to one's own use.”
The most notable embezzlement cases that people think of are the Ponzi-schemes that were carried out by Bernie Madoff and Allen Stanford who would take money from new investors to pay out old investor’s “returns”, subsequently embezzling money before paying off their previous investors.
Both are currently serving a combined sentence of 260 years behind bars after stealing a grand total of 58 billion dollars.
However, a study conducted by specialist insurer Hiscox in 2017 on embezzlement in America showed that small and mid-sized companies (fewer than 500 employees) are disproportionately victimized, making up 6...