$800,000 embezzled from Monterey Bay Aquarium Research Institute

Without, uncovered when the aquarium performed a routine audit, were disappointing and a violation of the organization’s trust. He suggested that one of the reasons so much money may have gone missing was that the misappropriation occurred across several years and through many small transactions. It is also because of this that MBARI has not sustained significant damage to its daily operations, Scholin explained.

Now that MBARI is aware of the theft, it can begin the recovery process. On one hand, it is important to attempt to regain the lost funds, such as through the use of a recovery audit, but on the other, it is critical that officials examine what can be done to strengthen financial controls. If leaders treat the issue in a more holistic manner, they may be able to stave off future incidents.

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