Washington, DC — Fraud continues to have a massive impact on our economy, health care systems, and way of life.
When corporate fraud drains billions of dollars from the financial markets, it steals more than dollars — it steals years of life from its victims. To the mastermind, the ill-gotten gains are a windfall; but to the victims, the lost money is years of work, time away from family, and unmet dreams. And when fraudsters target our healthcare dollars, it can quickly become a matter of life and death.
As part of an ongoing effort to understand the impact of fraud, Taxpayers Against Fraud today released a new report on “Fraud By The Numbers in 2022.”
Some findings include:
– While the Big Four accounting firms (Deloitte, Ernst & Young, KPMG, and PricewaterhouseCoopers) collectively audited over 1,900 of the largest public companies, in a review of 2017 and 2016 audits, these accounting firms inadequately audited, at minimum, investments of about $399 billion.
– The District of Massachusetts was the top U.S. Attorney Office for recovering the most in False Claims Act settlements and judgments and in whistleblower awards. Meanwhile the Central District of California and Eastern District of Pennsylvania had the most False Claims Act cases tying with 276 each.
– In 2021, potential cryptocurrency fraud reached over $14 billion, a $6.2 billion increase from the previous year. Cryptocurrency fraud now has a higher GDP than about 70 countries, higher than Jamaica.
“This report illustrates the reality of fraud,” said Jeb White, President of TAF. “Our findings emphasize the urgent need for policymakers to tackle the fraud, waste, and abuse of taxpayer dollars by strengthening whistleblower programs and ensuring more resources for the government officials charged with recovering this money.”
Read the report: “Fraud By the Numbers in 2022” by the Taxpayers Against Fraud Public Education Committee
For more information on this topic or to speak with an author, please contact James King at [email protected].