Fraud deterrence

thousands of workers. The company’s first signs of financial difficulty became obvious in 1988 as speculation increased about Phar-Mor’s decreasing profit margins. The fraud team consisted of several former auditors, including auditors who had worked for Coopers & Lybrand on prior Phar-Mor audits. The Phar-Mor had two sets of books. The post fraud examiner determined that the inventory sheets contained fraudulent journal entries, missing explanations or supporting documentation, and contained…

Bernie Madoff was a well-respected, intelligent, and charitable individual. Having served on a government regulatory board and as Chairman of the NASDAQ from 1990-93, further entrusted individuals to Madoff (Ferrell, Fraedrich, & Ferrell, 2013). Holding increased titles within the community, Bernie Madoff was respected not only for his business savy, but for his philanthropy. The investment firm operated in an “invitation only” approach that added to the air of a high-class, elitist firm,…

I found an article on identity theft that ruined a man’s life. David Crouse was a victim of identity theft. Like many people today, he frequently shopped and did his banking online (Waters, 2010). It is believed to be a keystroke malware that infected his computer while he visited online sites (Waters, 2010). Someone had hacked into one of the sites he frequently visited and his computer got infected (Waters, 2010). The criminals were able to pick up all his personal information by…

Case Study: The Unusual Suspect According to the case The Unusual Suspect, Diann had committed an embezzlement fraud that she pleaded guilty to embezzling approximately $500,000 from her employer and she was sentenced for 18 months in Florida prison. Diann's fraud scheme is a form of an anti-organizational crime, and she had committed several types of the fraud schemes such as: First, she started to mistakenly pay for her vacation expense through her company’s account, Second, she called the…

Marty Frankel was born in 1954 and he was an American financial criminal who conducted a series of investment frauds since the late 20th century and brought hundreds of millions of dollars in losses. Marty Frankel was born to Leon and Tilly Frankel in 1954. He was Tilly’s second child and Leon's fourth. He went to University of Toledo but he couldn’t graduate. He was overall smart. Martin Frankel was caught in 1999 and in 2004. Judge announced his sentenced, which was up to 200 months in prison…

This memo addresses a topic I have been thinking about for a while. I have not previously mentioned this topic because I didn’t think much of it at first and being a fairly new staff member I didn’t want to offend anyone. However, this topic has been stuck in my mind for a while, slowly festering. I now strongly feel I must mention something in order to clear my mind and get this topic off my conscious. The topic is my last couple days working with Janis Tipton and the circumstances…

JPMorgan Chase & Co. is a financial services firm and banking institution headquartered in New York City. Under the Chase brand, the company offers credit card services, retail banking, and commercial banking. Under the J. P. Morgan brand, the company offers treasury services, private banking, private wealth management, asset management, and investment banking. Over 12,000 companies have been absorbed over the years into what is now JPMorgan Chase & Co., the oldest being The Bank of The…

In December of 2009 a company named AvMed, which is a Florida based not-for-profit health plan provider, had two laptops stolen (Anderson,2010; “We help our members”, n.d.). One of the laptops was recovered and it contained encrypted patient information. However, the second laptop was not encrypted and it contained names, Social Security numbers, addresses, birthdays and other healthcare information. Initial reports indicated a little over two hundred thousand clients were impacted, but a…

Denver Broncos quarterback Mark Sanchez and two other professional athletes have been duped out of more than US$30 million by a scammer who pretended to be a Christian investment adviser, according to federal investigators on Tuesday. Aside from scamming Mark Sanchez out of US$7.8 million, Ash Narayan also deceived San Francisco Giants pitcher Jake Peavy and retired Houston Astros pitcher Roy Oswalt in a Ponzi-like scheme. Based on the lawsuit filed by the Securities and Exchange Commission…

In his revealing book Future Crimes, Marc Goodman shows us the threat that we, as inhabitants of this new technological world, either are facing or going to face in future years. Goodman started his cybercrime resume with the Los Angeles Police Department. After the LAPD, he spent years working for federal agencies such as the FBI and the secret service with on their computer crime units. When he began working with the computer crime units, cybercrimes were still in their infancy, now he has…