Trustee fraud, a type of financial misconduct, involves a trustee who breaches their fiduciary duties to the beneficiaries of a trust. Trustees are legally obligated to act in the best interest of the beneficiaries, managing the trust’s assets with care, loyalty, and impartiality. When trustees exploit their position for personal gain, it constitutes fraud, often leading to severe financial losses for the beneficiaries and legal repercussions for the trustee. [Read more…]
5 most scandalous fraud cases of 2021
03/18/2021 Posted By
Each year always brings a fresh array of fraud-related scandals, and 2021 was no different. The massive theft of COVID-relief funds continued to play out, but other notable schemes hit the headlines. Here we list the most scandalous of the lot. [Read more…]
Why Small Business Owners Should Use Non-Compete Agreements
06/15/2019 Posted By
Small business owners are many times reluctant to use employee non-compete agreements because they have to few employees and do not want to pay an attorney to draft the required legal documents. The term non-compete agreement refers to a restrictive legal document that prevents a former employee from engaging in certain business acts for a prescribed period of time in a specific geographic area. [Read more…]
Lost Profits and Lost Business Value-What is the Difference
05/11/2019 Posted By
Damage remedies focus on lost profits and lost business value with such remedies calculated by financial experts. Although lost profits and lost business value are common calculations in business litigation, there are distinct differences between these two remedies. [Read more…]
Owner Disputes & Buy and Sell Agreements
04/05/2019 Posted By
Owner disputes many times involve a minority shareholder or business partner who disagrees with decisions made by a controlling owner. These disagreements can become significant and unable to be resolved without time consuming and expensive litigation. This can become a major distraction for company management and have a negative effect on business value. Often this will only be resolved by the minority shareholder or business partner leaving the company. [Read more…]
Common Reasons Business Owners Fail to Exit Plan
03/02/2019 Posted By
Many business owners fail to exit plan as they are so busy working in their business they forget to work on their business. Some of the common reasons for failure to plan for a successful exit are as
follows: [Read more…]
What Is Identity Theft? (video)
02/24/2019 Posted By
Do you know the common ways identities are stolen and how you can best protect yourself? . Watch the latest animated video from the ACFE. All data is sourced from the 2018 and 2016 editions of the ACFE Report to the Nations on Occupational Fraud and Abuse, the ACFE’s global fraud study. [Read more…]
IRS Says Beware of Tax Scams (video)
02/08/2019 Posted By
Thousands of people have lost millions of dollars and their personal information to tax scams. Scammers use the regular mail, telephone, or email to set up individuals, businesses, payroll and tax professionals. [Read more…]
Impostor Fraud Is On the Rise
01/26/2019 Posted By
Impostor Fraud is Increasing in the United States . According to an FBI report from October 2013- May 2018 there were 41,158 U.S. Businesses that loss an estimated $2.9 billion to this type of fraud. [Read more…]
The Rise and Fall of an Embezzlement Scheme (video)
01/25/2019 Posted By
After the reinsurance company Nathan Mueller worked for was purchased by ING for $6 billion, he played a key role in transitioning its operations onto ING’s enterprise resource planning system. He began embezzling money to pay off personal debt and fund a passion for gambling. What started as a $1,100 check to a credit card, spiraled into an $8.5 million fraud over the next four years. It was only a co-worker’s suspicions that brought the fraud to an end. After being caught, he pleaded guilty and was sentenced to 97 months in federal prison. He was released in September of 2014. In this video, Nathan describes the details of his embezzlement scheme. [Read more…]