Fraud is Big Business in Florida

FloridaTrend.com recently took a look at the huge business of fraud in south Florida. Illegal activity ($36 billion/year) and occupational fraud ($36 billion/year) ranking 7^th and 8^th in contribution to the Florida GDP of $713.5 billion, fraud is a big business. Experts believe that the majority of fraud committed in this state is from white-collar petty crimes.

Some officials believe that 20% of the nation’s Medicare fraud occurs in the state, which amounts to $12 billion a year coming into the economy. Most of the money in this category is hard to recognize because the money comes from checks written by the government.

Money laundering is a second source of fraud. It is believed that $25 billion a year is laundered in and out of the state of Florida. Sources of the money are believed to come from drugs, fraud schemes, and possibly even terrorism finance. Experts believe $1.5 billion is laundered from Latin America and the Caribbean.

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