Fraud Articles

Although not unexpected, cybercrime is on the rise. The PwC reports sheds some light on the nature of cybercrime and overviews who is involved.

PwC Reports Increase in Fraud

http://www.acfeinsights.com/acfe-insights/2011/11/9/anti-fraud-resources-you-cant-live-without.html

http://ethics4cpas.com/wp-content/uploads/2011/11/Fraud-Targets-Seniors-With-Real-Estate-Investments.doc

http://www.nytimes.com/2011/11/08/business/in-sec-fraud-cases-banks-make-and-break-promises.html?_r=1

http://www.forbes.com/2010/05/28/bribery-slang-jargon-leadership-managing-compliance.html

Oracle Corp has agreed to pay $199.5 million plus interest to settle allegations that the software giant failed to give promised discounts to the federal government, the U.S. Justice Department said Thursday.

http://www.latimes.com/business/la-fi-oracle-20111007,0,7419087.story

Some of the nation’s biggest banks and mortgage companies have defrauded veterans and taxpayers out of hundreds of millions of dollars by disguising illegal fees in veterans’ home refinancing loans, according to a whistleblower suit unsealed in federal court in Atlanta.

The suit accuses the companies, including Wells Fargo, Bank of America, J.P. Morgan Chase and GMAC Mortgage, of engaging in “a brazen scheme to defraud both our nation’s veterans and the United States treasury” of millions of dollars in connection with home loans guaranteed by the Department of Veterans Affairs.

http://www.washingtonpost.com/politics/suit-alleges-banks-and-mortgage-companies-cheated-veterans-and-us-taxpayers/2011/10/04/gIQATp4RLL_print.html

The FBI is investigating the now-defunct Solyndra in connection with allegations of financial statement fraud. Solyndra received more than $500 million in government loans from the Department of Energy (DOE) as part of the stimulus package, but when it filed bankruptcy at the end of August 2011, the government realized it was not as healthy as it had presented itself in financial statements submitted to obtain and then renew government financing.

http://www.acfeinsights.com/acfe-insights/2011/10/5/solyndra-financial-statement-fraud-revealed.html

Strip away the shell companies and complex wire transfers, and what federal prosecutors on Tuesday called “one of the most brazen corruption schemes in the history of federal contracting” was really quite simple.

http://www.washingtonpost.com/local/fraud-in-corps-of-engineers-contracting-charged/2011/10/04/gIQAPtb7LL_print.html

Phoenix CPA Robert Minniti (http://minnitiaccounting.com/index.php) published this article for the March/April AZ CPA magazine. In it, he describes notable frauds occurring in AZ during 2010. Needless to say, it was a busy year.

http://ethics4cpas.com/wp-content/uploads/2011/04/AZ-CPA-Fraud-article.pdf