Who investigates fraud?
Executive Branch (SEC and other government agencies)
OIG
Office of Inspector Generals
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2 Key Staff Members of OIGs
Assistant IG for...
Who investigates fraud? - ANSWER- Executive Branch (SEC and other
government agencies)
OIG - ANSWER- Office of Inspector Generals
2 Key Staff Members of OIGs - ANSWER- Assistant IG for Investigations and
Assistant IG for Audits
Seven Specific Parts of Fraud - ANSWER- 1. A representation
2. About a material point
3. Which is false
4. And intentionally or recklessly so
5. Which is believed
6. And acted upon by the victim
7. To the victim's damage
A representation - ANSWER- a lie or an omission
About a material point - ANSWER- material thing that matters
Which is false - ANSWER- to mislead
And intentionally or recklessly so - ANSWER- Knew or should have known it was
wrong
which is believed - ANSWER- victim has to believe it, except in securities fraud
and acted upon by the victim - ANSWER- false knowledge influences victim's
behavior
to the victims damage - ANSWER- no harm, no foul
, Red Collar Crime - ANSWER- Fraud involving violence
Two classifications of fraud - ANSWER- Comitted on behalf of an organization, or
against an organization
Occupational Fraud - ANSWER- use of occupation for personal benefit through
deliberate harm to company through misuse of assets or resources
Employee Embezzlement - ANSWER- employee steals company assets
Vendor Fraud - ANSWER- Vendor acts alone or colludes with buyers or vendors
Results of vendor fraud - ANSWER- -overcharge on goods
-shipment of inferior goods
-nonshipment of goods
Sox Act - ANSWER- Publicly traded companies need audit committees
Customer Fraud - ANSWER- Customers:
-do not pay
-pay too little
-get something for nothing
-deceive into getting something they shouldn't have
Investment Fraud - ANSWER- worthless investments sold to unwitting investors
Skills for fighting fraud - ANSWER- analytical skills, communication skills,
technological skills
Financial Pressures - ANSWER- 1 - Greed
2 - Living Beyond one's means
3 - High bills or personal debt
4 - Poor Credit
5 - Personal Financial Issues
6- Unexpected financial needs
Vice Pressures - ANSWER- 1 - gambling
2 - drugs
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