It sounds like a preposterous scenario. A member of the company's finance team transfers several million dollars to an unknown firm for a transaction no one in the company has ever heard of, based solely on confidential orders from the company's CEO or CFO sent by email.
Entries in Fraud (34)
The UK Financial Conduct Authority issued a warning Monday about a cloned firm using Morgan Stanley's name and London address to take money from victims.
Martin Kenney and I wrote a post for the FCPA Blog recently called "How, then, do we stop the fraudsters among us?". The post is structured as a conversation between us regarding psychodynamic and other non-conventional approaches to compliance and fraud. I’m quoted as saying “everyone is a fraudster.”
The owner of multiple U.S.-based oil and gas services companies pleaded guilty Tuesday to FCPA and fraud charges for bribing officials to win contracts from Venezuela’s state-owned energy company, Petroleos de Venezuela S.A. (PDVSA).
It's a worrying time for executives. According to , some 40 percent of respondents felt vulnerable to corruption and bribery.
A former Oklahoma City law enforcement officer and the owner of Polygraph.com was sentenced to two years in prison for training customers to lie and conceal crimes and other misconduct during polygraph examinations.
Anyone who has spent time dealing with compliance issues in China has come across the fapiao (发票). This four-part series will try to explain (1) what a fapiao is, (2) the different types of fapiaos and receipts in China, (3) how fapiaos can be misused for fraud, embezzlement, and corruption, and (4) ways to counter these schemes to minimize compliance risk.
The Securities and Exchange Commission said Friday a federal court in Northern California approved a settlement with Steven Neil, the former chief financial officer of Diamond Foods, Inc.