Who are the people committing the most corporate fraud? They're male, and very senior. In fact, they probably run the company.
According to Accountancy Age, a report from KPMG finds that company bosses, or specifically directors, accounted for one in five or 18% of frauds. That's up from 11% in 2007. Examples of fraud included bribes, misstatement of financial results and false billings by a supplier to fund kick backs to a senior employee.
The typical fraudster was male, aged 36-45 and had worked for the company for more than ten years. On average, companies lost about $900,000.
Nor did they get all their money back. For those frauds that were detected in Western Europe, disciplinary action was taken in only 41% of cases, enforcement action (including regulatory, legal and police action) in just 42%, civil recovery in 26% and resignation/voluntary redundancy in 13% of cases.
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