A private investigation is an examination of facts, sequence of events, causes for deviance, and responsibilities for negative incidents. Recent years have seen an increasing use of private internal investigations in terms of the assessment of financial irregularities. The form of inquiry aims to uncover vulnerabilities to unrestricted opportunities, failing internal controls, abuse of position, and any financial misconduct such as corruption, fraud, embezzlement, theft, manipulation, tax evasion and other forms of economic crime. When fraud examiners discover evidence of white-collar crime, they almost always leave it to their clients to decide whether or not to report crime to the police. We examine the gaps in white-collar crime reporting after fraud examination and reasons behind such decisions. In Norway, these gaps could be as high as 96% percent, as calculated in this article. Reasons for non-reporting include concerns over law enforcement interference with business and consequences of law enforcement, lack of trust in the police, and different perceptions of the seriousness of crime. We apply the theoretical approach pioneered by Sykes and Matza (1957) and demonstrate how techniques of neutralization apply to private fraud examiners' reasoning for nonreporting of suspected or detected white-collar crime. We also offer some possible policybased solutions to reduce the identified gaps in reporting.