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                                                    Age of the Perpetrator – Median Loss

                                                                                           $527,000
                                     >60
                                                                                         $500,000
                                    51-60                         $250,000
                                                                     $285,000
                                                           $173,000
                                    41-50               $150,000
                                Age               $80,000                                             2004
                                    36-40
                                                    $100,000
                                                                                                      2002
                                    31-35        $75,000
                                                    $100,000
                                    26-30    $25,000
                                             $27,000
                                     <26    $18,000
                                            $18,000

                                         $0           $100,000    $200,000      $300,000     $400,000     $500,000     $600,000
                                                                 Median Loss


                              The Effect of Education

                              Approximately half of the perpetrators in our study had no more than a high school
                              education, while 42% had a bachelor’s degree and 9% had a postgraduate degree. As
                              the education level of the perpetrators rose, so did the losses they caused. The median
                              loss in schemes committed by those with postgraduate degrees was $325,000, or 6.5
                              times larger than the median loss in schemes committed by those with a high school
                              degree or less. This trend was to be expected given that those with higher levels of
                              education tend to occupy higher positions and enjoy more authority within an
                              organization. Curiously, this trend did not hold up in 2002, when we found that those
                              with bachelor’s degrees caused higher losses than those with postgraduate degrees.


                                                  Education of the Perpetrator - Frequency




                                Education Level  Postgraduate Degree  9.1%   32.7%  41.5%              2004
                                                            10.4%


                                                                                                       2002
                                      Bachelor Degree

                                   High School or Less                                   49.5%
                                                                                               56.9%


                                                   0%         10%        20%        30%        40%        50%        60%
                                                                      Percent of Cases








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