White-collar crime is one of the most common types of fraud. It encompasses various types of deceptive practices including embezzlement, bank fraud, insurance fraud, securities fraud, credit card fraud, identity theft, and forgery. Clients frequently come to us with concerns about their accounts and lingering suspicions of past fraudulent activities.
Case background
A prominent player in the education sector suspected an embezzlement scheme orchestrated by former management. They were already aware of embezzlement within their organization, but uncertainties persisted regarding the total amount misappropriated and the final destination of these funds.
Seeking clarity and resolution, their board of directors turned to Sedra Solutions to uncover the full extent of the embezzled amounts and to trace the funds to their ultimate beneficiaries.
The results
Before using the Sedra Solutions platform, the initial steps included meticulous data collection, organization, and standardization through a manual process that engaged a team of five employees over approximately 550 hours.
By leveraging the Sedra Solutions platform, efficiency reached new heights, reducing the workload to about 56 hours — a remarkable 90% in time savings. The platform automated the analysis, presenting cross-referenced results between bank statements and ledgers and promptly identifying any irregularities, all within a single, user-friendly interface.
Users can now effortlessly navigate through various bank statements with a simple click, instantly displaying transactions from specific accounts along with detailed information for review and direct links to source data for verification. Moreover, the platform allows users to aggregate all transactions across the entire dataset in one consolidated view, facilitated by customizable filters that enable them to refine their search criteria and save these settings for future access.
You can read the full case study here. Or just contact us to start a conversation about how we can help your firm streamline financial investigations.