agencies and even the government are all victims of both fraud and theft on a daily basis. Business owners are sometimes blindsided by these actions and may be unaware of the fraud due to lack of accounting experience or expertise. In almost every community, large or small, there are news stories about theft from employees. In several cases, unfortunately, the theft is from those entrusted to perform accounting functions. By the time fraud or theft is detected, sometimes thousands and even millions
Words: 3261 - Pages: 14
Summary of Tim Durham’s Ponzi scheme The alleged fraud is over $200 million. Durham’s main holdings were his leveraged buyout firm Obsidian Enterprises, Inc. and Fair Financial Services, both headquartered in Indianapolis, IN. When Durham acquired Fair in a 2002 leveraged buyout, it was a factoring company that purchased accounts receivable from businesses at a discount, profiting when the accounts were paid in full. It financed its operations by selling “investment certificates” to individual
Words: 1337 - Pages: 6
Auditing Research Paper City of Dixon Embezzlement 11/6/2012 ACC 235 Growing up in a small town, Rita Crundwell spent most of her life very close to the town of Dixon. She was from a well brought up, hard working family and was one of six children. Her family was very interested in horses and would participate in horse shows while the children were growing up. Rita was an honors student while in high school, landing in the top 20 out of 300 students who were in the National Honors
Words: 3205 - Pages: 13
accountants. The Association of Certified Examiners said that occupational fraud losses cost organizations on the average of about a trillion dollars yearly. I feel with this being a known fact brings along the push for the services of these forensic accountants. Forensic accounting is a profession in which combines investigative skills with accounting, auditing, and consulting to conduct investigations. Investigations which involve forensic accountants range from embezzlement at small retail
Words: 655 - Pages: 3
skilled analysts. Once the team has been assembled it will be time to get organized. A record of the facts will have to be kept and maintained throughout the length of the investigation. The team also will need to be informed about the attorneys that are involved in the case. No items can be overlooked during the investigation due to the scrutiny that we will be under. All the information needs to be put into categories, such as vehicle information, witnesses, and victims. There also needs to
Words: 628 - Pages: 3
earnings and the CEO at the time John Ragas, was charged with looting the company. The company subsequently went bankrupt. This followed a Securities and Exchange Commission (SEC) suit where Adelphia and executives were charged with extensive financial fraud. (Giroux, 2008). The charges were as follow: "Adelphia, at the direction of the individual defendants: (1) fraudulently excluded billions of
Words: 1069 - Pages: 5
professional positions. A Whistleblower is a person who provides information that usually leads to an investigation and then results in the loss of a job for some and the loss of the reputation for the business involved. On August 8, 2014the Second Circuit abanded a defense that focuses on whether a plaintiff’s complaint definitively and specifically relates to one of the categories of fraud or securities violations listed in Section 806 of the Sarbanes-Oxley Act, but it nevertheless affirmed
Words: 431 - Pages: 2
Computers and Crime Faculty of Arts Assignment One Author Question: The Australian Centre for Policing Research Minimum provisions for the investigation of computer based offences (Reading 3) sets out the following items that should be considered for computer crime related legislation: 1. Unauthorised use 2. Computer related fraud 3. Computer forgery 4. Damage to computers 5. Unauthorised interception 6. Unauthorised reproduction of a protected computer program 7.
Words: 1757 - Pages: 8
Integrated Fraud Management Actimize Integrated Fraud Management solutions deliver real-time, customer-centric fraud prevention that supports a holistic, enterprise-wide fraud management program. Fully integrated channel and line-of-business specific detection solutions that seamlessly share data for true cross-channel fraud management Advanced and comprehensive set of fraud framework services that provide detection, decisioning, and operations capabilities Used by top global
Words: 426 - Pages: 2
auditor’s in Flat Cargo Berhad(FCB) is much questionable. This is mainly due to the fact that the appointed company auditor has been previously hit by another case of fraud in the other entity concern. This could be a very worring circumstances that the company has to face as there is high posibility of the auditor to commit fraud the second time in FCB. The lack of independence in the auditor could lead to inappropriate analysis of the financial statments in which the financial statements are not
Words: 476 - Pages: 2
