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Biz Fraud

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Using the Internet find a recent case (within the last 18 months) in the news of business fraud, involving systems and/or information breach. Summarize the situation, identify the control issues that were compromised and discuss what could have been done to mitigate the loss. Please refer to the 6 questions below and adapt them to your specific case... (please write about 100 words for each of the six questions you use).

1. How does _______ fit the profile of the average fraud perpetrator? How does he differ? How did these characteristics make him difficult to detect?

2. Discuss how _______ accomplished the three elements of the opportunity triangle (commit, conceal, convert) in embezzling funds from Associated Communications. What specific concealment techniques did _______ use?

3. What pressures motivated _______ to embezzle? How did _______ rationalize his actions?

4. _______ had a framed T-shirt in his office that said, "He who dies with the most toys wins." What does this tell you about _______? What lifestyle red flags could have tipped off the company to the possibility of fraud?

5. Identify several reasons why companies hesitate in prosecuting white-collar criminals. What are the problems with these reasons? What could law enforcement officials do to encourage more rigorous prosecution of white-collar criminals?

6. Identify the primary action each of the victimized companies could have taken to prevent _______'s embezzlement. What other controls could help in preventing future fraud?

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Biz Fraud... Information Breach

Using the Internet find a recent case (within the last 18 months) in the news of business fraud, involving systems and/or information breach. Summarize the situation, identify the control issues that were compromised and discuss what could have been done to mitigate the loss. Please refer to the 6 questions below and adapt them to your specific case... (please write about 100 words for each of the six questions you use).
The recent case in the news that has been identified in the article (Mortgage fraud boosts isle foreclosures, retrieved on January 17, 2011 from: http://www.staradvertiser.com/business/businessnews/20110116_Mortgage_fraud_boosts_isle_foreclosures.html) is that mortgage fraud has helped propel Hawaii's foreclosure rate substantially. The lenders foreclosed 12, 425 properties in Hawaii last year. Even the FBI has charged several people with this fraud. The control issues that were compromised were the proper evaluation of real estate that was pledged for the mortgages. if the values of the properties had been assessed properly and their future values not considered this fraud would not have taken place.

1. How does _______ fit the profile of the average fraud perpetrator? How does he differ? How did these characteristics make him difficult to detect?
The borrowers do not fit the average fraud perpetrator. These borrowers misrepresented the facts related to loans. In a large number of castes these were real estate industry persons that made false or misleading statements. The average real estate worker in Hawaii fits the profile of the average fraud perpetrator. The real estate workers are male, married, and occupy senior positions in the management. In addition, the fraudsters are hard working, feel that they are worth more than ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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