Embezzlement Scheme Highlights Necessity of Crime Insurance

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Embezzlement can cost a company millions of dollars….

“A former finance director with Gulfstream Aerospace Corp. was arrested late last week in California and charged with stealing at least $8.5 million from Gulfstream’s Long Beach and Las Vegas operations,” according to a story originally published on November  11, 2014 by the Savannah Morning News/savannahnow.com.

The article continued,”…he orchestrated a sophisticated embezzlement scheme using friends and relatives to set up phony businesses – with familiar-sounding names like Jetco Aviation Services – to bill the company for services never provided.”

Access the full story here: savannahnow.com

Are your clients covered for huge losses like this?

We can help!

Contact Berkley Crime today at 844-44-CRIME or one our team listed below to make sure your commercial, governmental and financial institution clients are covered.

 (Article quoted with permission. Savannahnow.com, Savannah Morning News ©2014. All Rights Reserved)


National Practice Leader

Sean Missal (860) 466-7377

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East Regional Manager

Andrea Sullivan (860) 466-7373

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Patricia Logan (212) 497-3708

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Matt McNamara (212) 497-3707

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Mid-West Regional Manager

Michael Beranek (501) 707-6548

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Amanda VanCauwenberge

(312) 730-1101

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Kyna Love (312) 705-1132

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West Regional Manager

Jennifer Maggi (925) 472-8217

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Steve Nguyen (925) 472-8233

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P: 844.44.CRIME

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Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued. Certain coverages may be provided through surplus lines insurance company subsidiaries of W. R. Berkley Corporation through licensed surplus lines brokers. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.

For additional information concerning W.R. Berkley Corporation’s insurance company subsidiaries, please visit: https://wrbc.info/Licensing/License.htm

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