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JOURNAL OF ACCOUNTING AND FINANCE
The Kosse State Bank Catastrophe: Anatomy of a Big Fraud in a Small Town
Author(s): Carol Sullivan, Kimberly Webb
Citation: Carol Sullivan, Kimberly Webb, (2011) "The Kosse State Bank Catastrophe: Anatomy of a Big Fraud in a Small Town" Vol. 11, Iss. 3, pp. 62 - 64
Article Type: Research paper
Publisher: North American Business Press
Abstract:
The location of the fraud was Kosse, Texas – a small town (population 505) nestled in Central Texas. The town’s theme is “A Small Town with a Big Heart” and people enjoyed the small-town “we trust everyone” environment. At the center of the business district (one block) was Kosse State Bank. The Kosse State Bank had four full-time employees: an Executive Vice President and three clerical employees. All of the longtime employees were considered trustworthy. The pivotal problem in the fraud related to technological knowledge in that only one employee knew how to use the bank’s accounting software.
