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FCPA Blog Daily News

Entries in Fraud (42)


What happens to allegations of ‘prohibited conduct’ at the European Investment Bank?

The European Investment Bank (EIB) recently published its Fraud Investigations Activity Report for 2018, reflecting the EIB’s ”zero tolerance” to fraud and corruption (and other Prohibited Conduct) that's defined in the Bank’s Anti-Fraud Policy. 

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UK approach to policing fraud is appalling

The BBC is reporting that victims of fraud are not receiving the support from law enforcement that they warrant. Some police forces are even (apparently) actively seeking reasons to drop investigations into fraud. This all comes as no surprise, as I have mentioned the sorry state of fraud investigation in the UK on several occasions.

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Avoiding the fraud trap when buying distressed assets

A $40 billion bad loan problem eventually led to India's 2018 enactment of legislation completely overhauling the bankruptcy mechanism. The new Insolvency and Bankruptcy Code has had a significant impact on the debt resolution process. It has also produced an unlikely result -- the discovery of widespread corporate fraud.

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The risk of relying on auditors to find fraud

Kick-back schemes, corrupt employees, and violations of your Code of Conduct are all risks facing businesses every day. To combat these threats, companies often rely on auditors to protect them. But are auditors really the answer?

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Are auditors abdicating responsibility, or simply following the rules?

Blue-chip accounting and auditing firm Grant Thornton has found itself under scrutiny following the collapse of the café chain Patisserie Valerie in the UK. Patisserie Valerie went into administration recently after a £40 million ($52.5 million) hole was uncovered in its balance sheet, allegedly caused by an internal fraud. 

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Golden Visas are ripe for abuse in fraud cases

The issue of Golden Visas has been in the news recently, mainly linked to the ongoing saga of Mehul Choksi, a billionaire businessman, diamond trader, willful loan defaulter and alleged fraudster from India.

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UK disbands police fraud squads. Guess what happens

UK police forces continue to suffer under the severely adverse consequences of the British government’s fiscal "austerity" measures. The cuts have been deep and have seen big reductions in police numbers. Police chiefs up and down the country have been forced to disband specialized policing units, including many of their fraud squads.

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Martin Kenney: Who, then, detects the fraud?

This year’s 2018 Association of Certified Fraud Examiners (ACFE) Report to the Nations makes extremely interesting reading but, as one would expect, there is little in the way of good news, with fraud continuing to be a problem in the United States as it is globally.

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Matthew Kinch: How to spot and stop ‘fake-CEO/CFO’ scams 

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.

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This Morgan Stanley isn't the Morgan Stanley you think it is

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.

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Dr. Alexander Stein: We are what we hide

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.” 

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Martin Kenney: How, then, do we stop the fraudsters among us?

When I read the FCPA Blog post by Caveni Wong (Who Cheats? Most of us, it turns out) I contacted Dr. Alexander Stein.

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