The article that I was read is called‚ The wild schemes people will use to commit tax fraud‚ written by Matt Pearce. The article talks about schemes that people use to get out of paying their taxes and crimes commit with tax fraud. The main purpose of this article is to show that tax fraud is a massive problem in the United States and there are consequence to face for committing the crimes.The article starts off by introducing Michael D. Brandner‚ an Alaskan plastic surgeon with a wife‚ who filed
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Salami Fraud (1) by M. E. Kabay‚ PhD‚ CISSP Associate Professor‚ Computer Information Systems Norwich University‚ Northfield VT The recent disclosure that WorldCom concealed almost $4 billion of expenses as if they were asset acquisitions and thus falsified its accounting reminds me of the very opposite kind of fraud – one that involves lots of little thefts instead of one gigantic theft. In the _salami fraud_‚ criminals steal money or resources a tiny bit at a time. Two different etymologies are
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Comment on the 10 major steps in the fraud risk model 1. Understand the nature of fraud by identifying the factors associated with fraud that are outlined in the fraud triangle. The factors include rationalization‚ opportunity‚ and incentive (ROI). Incentive/pressure to commit fraud Fraudulent financial reporting Management compensation schemes Financial pressures to improve company’s earnings and balance sheet Personal wealth tied to either financial results or survival of company Defalcation
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The Health Care Fraud Prevention and Enforcement Action Team (HEAT) And Its Effect on Health Care Compliance and Law Enforcement Thaedra Frangos ECM 627-Z1 Fraud Management: Risk and Compliance Professor Gary Reynolds Abstract The Health Care Fraud Prevention and Enforcement Action Team (HEAT) was created in 2009 in response to nothing short of an egregious and systemic theft problem bleeding our health care system and the American taxpayers near dry
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The development of fraud examiner/forensic accounting profession since the 2001 Enron Fraud After the Enron and WorldCom business climate‚ there came a new US federal law called Sarbanes – Oxley Act. The SOX contains 11 titles that describe specific mandates and requirements for financial reporting. It makes corporate executives more accountable for their actions. Companies invested a tremendous amount of resources‚ time‚ and effort in order to comply with the requirements. It clearly improved the
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Computer Fraud and Abuse Act The Computer Fraud and Abuse Act is a law passed by the United States Congress in 1986 intended to reduce cracking of computer systems and to address federal computer-related offenses. The Computer Fraud and Abuse Act (codified as 18 U.S.C. § 1030 governs cases with a compelling federal interest‚ where computers of the federal government or certain financial institutions are involved‚ where the crime itself is interstate in nature‚ or computers used in interstate and
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Ponzi scheme. Why do we fall for it over and over again? What is a Ponzi scheme? A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors. Ponzi scheme organizers often solicit new investors by promising to invest funds in opportunities claimed to generate high returns with little or no risk. In many Ponzi schemes‚ the fraudsters focus on attracting new money to make promised payments
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medicine with the most brilliant minds in technology. We are going to take out the middleman. We are going to get stuff done.” These are the words that tech billionaire‚ James Bell‚ says to his newest recruit on the television medical drama‚ Pure Genius. The show‚ while only lasting thirteen episodes‚ shows a unique perspective of modern medicine. It opens viewers’ eyes and exposes them to what doctors and researchers are currently developing today. Everything displayed in this show‚ whether medical
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Bank Official Arrested for Fraud Continuously new scandals with big businesses continue to arise in the news. A recent article published online details charges that are brought against the former president of a bank in New York. It is as though professionals do not understand that ethics are a key part of business practices and will lead to having a successful business. How one should and does act in business situations is as important as the legal aspects of business. The Park Avenue Bank
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