Trustee Fraud: A Closer Look at Breach of Fiduciary Duty

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

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…]

Impostor Fraud Is On the Rise

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)

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…]

What Does Fraud Mean To You? (video)

You may not think about it every day, but fraud affects your life more than you may realize. Learn how to protect yourself in the latest video from the ACFE. [Read more…]

Business Practices to Prevent Fraud in Small to Medium Legal Practices

The best defense against business fraud is for the attorney or attorneys to be involved in the business aspects of their legal practice. The goal here is to implement strong internal controls to accurately record income and expenses and to to safeguard business assets. [Read more…]

ACFE 2017 Global Fraud Study – The Staggering Cost of Fraud

Organizations worldwide lose an estimated 5 percent of their annual revenues to fraud, according to the 2017 ACFE Report to the Nations on Occupational Fraud and Abuse. Fraud takes many shapes and forms, among them corporate fraud, consumer fraud, tax fraud, identity theft and many others. [Read more…]

The Importance of Selecting the Right Forensic Accountant

One of the most important decisions an attorney involved in a complex litigation will have to make is the selection of a forensic accountant as a consultant or as an expert witness. The specialized training and expertise of a forensic accountant can make a significant impact in the successful outcome of a case. [Read more…]

ACFE 2016 Global Fraud Study – Fraud In Small Business

Anti-fraud professionals, business managers, government and regulatory agencies, and the media each have a vested interest in assessing the total amount of money lost to fraud each year. While many studies have attempted to determine the extent of fraud’s financial impact, the challenges in arriving at the true total cost of fraud are numerous. [Read more…]

Common Characteristics of Employee Perpetrated Fraud

When employees hear that one of their co-workers has been arrested for committing workplace fraud, many times they are surprised that someone they know would commit such an act.

However , it has become our experience that there are common characteristics of employees who perpetrate workplace fraud. The four common red flags we see when conducting employee fraud [Read more…]