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Credit Union Embezzlement Up in 2012: Report

Study finds 18 cases of inside theft, up from eight in 2011. Overall, 33% of embezzlements, report said, stemmed from gambling.

By Peter Strozniak | Updated on May 14, 2013

The financial services industry was the most frequent victim and experienced the greatest losses from major embezzlement schemes last year, and nearly one in four involved credit unions, according to the 2012 Marquet Report on Embezzlement that was released Tuesday.

The report, which analyzed 528 major embezzlement cases in which at least $100,000 was misappropriated, found that 15% (about 80 cases) involved financial services firms but did not include insurance-related entities. Of that 15%, according to the report, 23% (about 18 cases) involved credit unions.

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Peter Strozniak

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