Preventing and Investigating Fraud, Embezzlement, and Charitable Asset Diversion: What's a Nonprofit Board to Do?

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I) Increasing Scrutiny of Fraud, Embezzlement, and Charitable Asset Diversion in the Nonprofit Sector -

A) The Washington Post’s Investigation, “Inside the Hidden World of Thefts, Scams and Phantom Purchases at the Nation’s Nonprofits”:

On October 26, 2013, the Washington Post reported that from 2008 through 2012, over 1,000 nonprofit organizations disclosed hundreds of millions of dollars in losses attributed to theft, fraud, embezzlement, and other unauthorized uses of funds and organizational assets. According to a study cited by the Post, nonprofits and religious organizations suffer one-sixth of all major embezzlements, second only to the financial services industry.

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Topics:  Board of Directors, Embezzlement, Fraud, Non-Profits

Published In: Business Torts Updates, Criminal Law Updates, Nonprofits Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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