Post from former financial felon Walter Pavlo via Forbes.
They are young, well-educated, aggressive, go-getters who get tripped up along the way. Here were a few things, among many, that I found interesting:
High-level perpetrators cause the greatest damage to their organizations – or as I put it, “The greater the TRUST, the bigger the BUST”. Think Bernard Madoff, Ken Lay, Bernard Ebbers and Allen Stanford.
Only seven percent of the perpetrators had been previously convicted of a fraud offense – So much for spending all that money on background checks.
The most common behavioral red flags displayed by the perpetrators were living beyond their means (43% of cases) and experiencing financial difficulties (36% of cases) – While I can appreciate these statistics, it describes nearly 90% of our work force today. Scary!
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