Theft may not always be clear to spot or to mitigate.
Often, when embezzlement takes place over a period of time, fraudsters will develop ways to conceal schemes. This can be through a myriad of methods.
For example, Mr. Paul Schnitzer who pleaded guilty to wire fraud, allegedly misappropriated monies from his employer and hid the embezzlement for two years.
Between January 2022 and May 2024, Mr. Schnitzer allegedly made more than 100 transfers from his employer’s operating bank account into an investment account and disguised the transactions as “equity distributions.” In addition, Mr. Schnitzer allegedly falsified financial reports to the investment firm that owned the company and used a line of credit to replace the monies in the company’s operating account.
When investigating fraud or developing infrastructure to mitigate fraud, it is important to remember methods are continuously developing. Therefore, we must continue to learn and develop protections in order to prevent future occurrences.
Photo by Markus Winkler
