While organizational fraud cases are on the rise, the percentage of those reported to the police has been declining in recent years. We can explain this in part because organizations worry that by reporting internal fraud they will harm their reputation. But when we conducted a 28-month ethnography, speaking directly with fraud specialists working in various types of organizations and a series of 27 formal interviews with Certified Fraud Examiners (CFEs), we found an additional reason: Many organizations believed that the police and legal system could not be trusted to fully investigate.