For the past few years, it seems like a new financial fraud is reported every day. One might even say that fraud has become almost as much of a liability as taxes. Given the opportunities and pressures, many companies will become victims of human nature and suffer losses due to fraudulent activities. This case study will follow one such fraud, following the crimes of Terry Scott Welch in his pursuit of happiness by indulging his passion for landscaping. So how did Scott Welch fit the profile of the average author? Based on information reported in the Association of Certified Fraud Examiners' (ACFE) 2010 Report to the Nation, Welch fell squarely into the average offender category: he was male, between the ages of 46 and 50, and had a tenure of at least 6 years. 10 years, an executive position as Vice President. According to the ACFE report, the offender's position within the company, age, role, gender and level of education all play a role in fraud. The 2010 report found that 66.7% of all frauds are perpetrated by men, most likely due to more men holding positions of authority. Of the cases studied, 74% of all managers and 88% of all owner/executives were men (Association of Certified Fraud Examiners (ACFE), 2010). The combination of Welch's tenure and authoritative position may have exacerbated the losses suffered by Wachovia and may even have helped him hide the fraud from detection for an extended period of eight years (“Former Wachovia,” 2011). This period is well above and beyond the 24 months reported by the ACFE as the median time period in which manager/owner fraud was detected (ACFE, 2010). Taking all the kn into consideration...... middle of paper ......: Wall Street Insider - Financial news, stocks, commentary and analysis - Hedge funds, private equity, banks. Retrieved January 15, 2012, from http://dealbreaker.com/2010/06/wachovia-vp-had-good-reason-to-steal-money-from-bank-that-youll-probably-never-understand/Pressler, J. (2010, June 14). Wachovia executive embezzled millions for love of tropical flora - Daily Intel. New York Magazine - New York guide to restaurants, fashion, nightlife, shopping, politics, movies. Retrieved January 14, 2012, from http://nymag.com/daily/intel/2010/06/wachovia_executive_who_embezzl.htmlRexrode, C. (2010, June 16). Former Wachovia executive pleads guilty to embezzlement | WCNC.comCharlotte. Charlotte News, Weather, Traffic, Sports WCNC.com. Retrieved January 13, 2012, from http://www.wcnc.com/news/business/Former-Wachovia-exec-pleads-guilty-in-embezzling-scheme-96497129.html