A former executive of a Fairfax County defense contractor recently plead guilty to employment tax fraud and theft from an employee benefit plan. As described in a Department of Justice press release (http://www.justice.gov/opa/pr/2014/June/14-tax-620.html), the executive failed to remit over $1 million withheld from employee paychecks for employment taxes and retirement plan contributions. According to the press release, approximately $500,000 of the funds were instead spent on a suite at FedEx Field.
Unfortunately, occupational fraud committed at the executive level is not uncommon. In fact, the Association of Certified Fraud Examiners (ACFE) indicates that approximately 19% of the fraud cases documented …read more
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