A new report on employee theft and embezzlement reveals that 2012 had both the largest corporate and municipal embezzlement cases in US history.

Research conducted by the Association of Certified Fraud Examiners (ACFE) shows that the typical organization loses an estimated 5 percent of its revenues to fraud each year, and more than 85 percent of all occupational fraud cases involve employee theft.

A finance officer siphoned off $30 million from the city of Dixon to fund a nationally renowned horse breeding business.

The year 2011 was another banner year for employee theft in the United States, experiencing only a slight drop in frequency from the pace set in 2010, says a new report.