FCPA Anti-Corruption Protocols Are Good Corporate Governance
Regulatory and prosecutorial authorities continue to seek and obtain financial penalties amounting to millions of dollars and jail sentences for individuals accused of violating the Foreign Corrupt...
View ArticleTrust Is Not an Internal Control
Despair, shock, disbelief. One of the toughest parts of my career in forensic accounting is seeing the sorrow on the face of a client whose soul has been shaken to the core. The cause? Realizing that...
View ArticleAdvertising Expense – You’ve Got To Be Kidding Me!
Forensic accountants live in the world of the bizarre and unusual; we are accustomed to that. But just when I think I’ve seen it all, someone manages to surprise me. In this particular fraud case, the...
View ArticleSeven Warning Signs of Fraud in Not-for-Profit Organizations
Your not-for-profit (NFP) organization could be losing thousands of dollars every year as the result of fraud. According to the 2012 Report to the Nations on Occupational Fraud & Abuse, published...
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How Often Does Your Organization Provide Fraud Training?
Our July polling question asked organizations how often they provide fraud training. Astoundingly, more than 50 percent of those who responded indicated their organization NEVER provides fraud...
View ArticleFinancial Aid Fraud in Higher Education
Colleges and universities are making education more available through courses offered solely over the Internet. I attended a meeting recently in which the CFOs of both a private and public university...
View ArticleManaging Fraud Risk in Construction
Many contractors spend significant time and energy thinking about projects and the problems that could inevitably arise. While concerns about competition, project profitability and customer...
View ArticleFundraising Frauds
Not-for-profit (NFP) organizations are more at risk of internal occupational frauds than most might think. Most that volunteer or work for a philanthropic organization have the best interests of the...
View ArticleFictitious Vendor Scheme Strikes Again … & Again
We continue to see businesses hit hard by fictitious vendor frauds, often costing companies millions of dollars in schemes reaching back multiple years. For companies without good controls around their...
View ArticleOne Way to Strike It Rich: Become a Whistleblower
A 47-year-old former UBS AG banker just landed a $104 million payday from Uncle Sam. Why does Uncle Sam think he deserves this? He blew the whistle on UBS’ efforts to promote tax evasion and allowed...
View ArticleNew Cybercrime Trend Targets Financial Institution Employee Credentials
On September 17, the FBI released a fraud alert describing a new trend in cybercrime. Cyber criminals are targeting financial institution employees attempting to obtain credentials to conduct...
View ArticleJP Morgan Chase – Charges of Fraud in Selling of Mortgage Backed Securities
J.P. Morgan Chase—specifically the Bear Stearns unit—has been charged in a civil lawsuit with alleged fraud in the sale of mortgage-backed securities. It’s interesting to note that this case was filed...
View ArticleFighting Construction Fraud – Hope Is Not a Strategy
Fraud risk is not new to the construction industry. However, in these challenging economic times, the probability of fraud has increased, leading to growing concern. As many construction company owners...
View ArticleBenford’s Law: There’s Something to the Numbers
At the recent Praxity FLVS Conference in Las Vegas, I had the privilege of attending sessions led by Dr. Mark Nigrini, one of the world’s leading experts on the theory and application of Benford’s Law....
View ArticleAttorneys Are Not Immune to Being Scammed by Fraudsters
Even the most business savvy in our society can fall victim to clever fraudsters. I’ve worked a case where the attorney was the prey, all the while thinking he was negotiating a good deal for his...
View ArticleAfter the Shopping Is Done, the Return Fraud Begins
Now that the Christmas buying season is over, many people will be returning their not-so-treasured gifts to retailers. If you fall into this category, don’t be alarmed if they cast a suspicious eye on...
View ArticleNot Every Fraud Is a Ponzi, but Every Ponzi Is a Fraud
At a gathering this holiday season, my ears perked to the word “Ponzi” drifting over the chatter. The latest fraud schemes gossip was being exchanged. Migrating to this conversation, I quickly...
View ArticleThe Importance of Management Review
According to the Association of Certified Fraud Examiners 2012 Report to the Nations, management review detects approximately 15 percent of occupational frauds. But it appears management review can...
View ArticleUpdate: Former Peregrine Financial CEO Sentenced to 50 Years in Prison
In a spectacular fall from the top rungs of the financial world, Russell Wasendorf Sr., former CEO and founder of Peregrine Financial Group, has been sentenced to 50 years in prison for embezzling more...
View ArticleMissouri Supreme Court Throws Out Claim at Summary Judgment Stage
It’s not often that claims are dismissed at the summary judgment stage because of a failure to show that the plaintiff suffered any damages. Usually, the issue of damages is deemed an issue to be...
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