I have worked in investigative financial consulting for more than 17 years, and during my tenure I have worked with attorneys in a variety of capacities to provide financial consulting and expert support in a broad range of personal and corporate disputes. One of those capacities includes serving as a forensic accounting expert on cases involving wage-based losses.
Charitable giving, while good with intent, is not always received as expected. Let’s say you and I give to a seemingly worthwhile charity. You may be surprised at who really takes from the charity – frequently, it’s the fundraisers and executives. Oftentimes the fundraisers and executives are one in the same, since many founders will leave the charity to start a consulting and fundraising business to contract with the charity. This is really where it begins to get out of hand.
As a frequent speaker on the subject of fraud, people often ask me, “How do you investigate fraud?” My answer is always the same: You look for the anomaly. To me, it sounds so simple until I step back and realize that most people cannot see the anomaly, although it is usually right in front of them.
With all of the publicity that surrounded the Bernard Madoff, Scott Rothstein, ZeekRewards and Allen Stanford Ponzi schemes, among many others, you would think that people would have by now received the message about Ponzi Schemes; how they work and how those investors lose their money.
Like a magician’s sleight of hand, the barrage of headline news related to hackers and cyber criminals may divert attention away from the equally dangerous, but perhaps less obvious, threat to your corporate assets: employees. While trusted employees are moving, sharing, and exposing corporate data just to do their jobs, the malicious employee may be deliberately taking confidential information for personal gain or other nefarious reasons.
Increasingly, the answers to the most fundamental litigation questions – the “who, what, where, when, and why” – are contained in electronically stored information (ESI), which can be retrieved through electronic discovery (e-discovery) and/or computer forensics.
In our case study, gas station owner, Morris, has alleged that Green Fuel, a small gasoline distributor, overcharged him. Both parties had inadequate and unsophisticated documentation, making determining losses very difficult.
You might not think that a small business would have useful or accessible electronically stored information (ESI). Consider this example of identifying and obtaining relevant forensic evidence to determine lost profit damages with this particular small business.
Think twice before you assume that an unsophisticated small business cannot possibly have any useful or accessible electronically stored information (ESI).
Events may happen in a person's life that can lead to an act of desperation. And desperate people may take irrational actions. I am talking about bad economic times, the failure of a business, the loss of a job, divorce, a family member on drugs, disease, children in...
Now that you’ve gained valuable information from the first and second parts of our educational series, Guarding Against Embezzlement Fraud, we offer insight into defensive measures. It is extremely important to understand the necessity of an adequately controlled...
Welcome to the second installment of our three-part educational series on Guarding Against Embezzlement Fraud. Catch up on part one, Guarding Against Embezzlement Fraud: Developing An Action Plan. Simply adopting an action plan doesn’t necessarily eliminate the risk...