Reminds me of my first "real" job, many many years ago.<p>I was working at a metal pipe retailer, helping them switching from one ERP/CRM to another. While moving the inventory between the systems we decided to also check the real inventory. It turned out that due to incorrectly using the previous system, there was quite a substantial shortage compared to the company's turnover. Anyway, it had to be reported somehow to the shareholders... suddenly the management "remembered" that the previous team lead from the storage department has just left a few weeks ago, everything is his fault, they put all responsibility on him (without pursuing any further actions).<p>Ahhh, I really don't like some thing.
Amusing, vaguely similar story about a company that made loans based on collateral related to a ships that were to be broken up, that completely ignored the ship vanishing from tracking for years: <a href="https://markets.businessinsider.com/news/stocks/yieldstreet-under-examination-sec-fbi-loans-lost-vessels-alternative-investments-2020-8-1029497809" rel="nofollow noreferrer">https://markets.businessinsider.com/news/stocks/yieldstreet-...</a>
To be fair, it sounds like insider based "embezzlement" right? Someone signed off on the scrap metal samples and didn't bother to have any testing of future deliveries? Or perhaps had someone sign off on future deliveries without checking their base metal content? Either way, insiders exploiting weak internal controls to personally profit is certainly one of the more common "thefts" mode, whether its employees taking things home from the store or accounts writing checks to their cousins against fake invoices.<p>I often wonder if there is a correlation between companies with higher pay inequity and this sort of theft. One leg of the fraud triangle is because the fraudster has a sense that they "deserve it" after all.
So a few month ago this story (German): <a href="https://www.youtube.com/watch?v=ZLtxqMqCOus">https://www.youtube.com/watch?v=ZLtxqMqCOus</a><p>And now they identified that the loss is actually about $200m?!? Sounds like they have a serious problem over there.