When outside agents attempt to defraud or steal from an HVAC company, it can be damaging. However, when the crime is committed by a trusted employee, it can be devastating.
The instances show that HVAC companies are not immune to cases of fraud or theft and need to be on guard, as these crimes do more than simply hurt the bottom line.
“The contractor can suffer financial loss, business disruption, damaged customer relationships, and possible insurance, tax, or legal problems,” said Trent Cotney, partner at construction law firm Adams & Reese. “Even when the company is the victim, poor oversight can make the situation worse.”
Common Fraud Cases in Construction
According to the Association of Certified Fraud Examiners, construction is among the top five industries most prone to fraud. Its “2024 Occupational Fraud: A Report to the Nations” report shows the industry loses a…
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