Marc Courey Cites Lessons Learned in Recent Embezzlement Case

Marc Courey, Wipfli's Director of Litigation Support, Fraud and Forensic Services, was quoted in an article "Accountants cite lessons learned in Koss scandal," in Milwaukee's BizTimes on Tuesday, January 19. The article featured six professionals from different Milwaukee-area professional services firms providing insights into how such crimes can occur.

 

Both publicly traded and privately held businesses need to have the proper systems of checks and balances in place to prevent and catch fraud, Courey said.

“The reality is that at most businesses, until something like this occurs, they feel like this would never happen at their business,” he said. “The most important thing is that businesses have to realize they need to be ever vigilant. Every business is susceptible.”

Employers should closely examine their employees who could be most likely to begin stealing by simply paying attention to some of their personal circumstances, Courey said.

“Financial pressures on individuals have gone up, and the ability to rationalize has gone up also,” he said. “If you have got individuals where their house payment has reset up or they’ve got a spouse who is laid off, their need has gone up. And if you are with an organization where there have been layoffs or pay cuts, the ability or opportunity may be there.”

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