Fraud

Skimming is the theft of cash receipts. It occurs when an employee steals an incoming payment before it’s recorded on the books. Let’s look at how this fraud scheme works so you can prevent it from happening to your company. Behind the scheme In the most basic skimming scheme, an employee sells goods or services to a customer, collects payment and pockets the money without recording the sale. If the customer receives goods but no sale is recorded, skimming will…

The bookkeeper is one of any company’s most trusted employees. Unfortunately, that trust isn’t always deserved. Bookkeepers — particularly those in small and midsize businesses — are ideally positioned to embezzle from their employers. Less means more When bookkeepers go bad, there are plenty of ways for them to steal without alerting owners to irregularities. One simple method is to include a “less cash” amount when depositing checks to the company account — an amount that goes directly into the…

Let’s say you suspect that your purchasing manager is embezzling from the company. He seems to live well above his means, driving a luxury car and buying expensive jewelry for his wife. He also acts cagey and defensive when asked about purchase order discrepancies. Yet you haven’t been able to prove anything. This is a financial problem — but it’s also a legal one that requires your attorney’s expertise. Protecting work from discovery Your instinct may be to call your…

This has been one that lingered a long time…  If you are a student of fraud, you MUST research this one.  This article in Forbes is the latest piece of the story.  Forbes, March 14, 2018 “Elizabeth Holmes and Theranos Charged with Massive Fraud by SEC”.  Read the story Also, check out the actual SEC charges. Check out the various interviews of Elizabeth Holmes on YouTube.  Was she truthful during those interviews?  You decide.  How could Holmes herself and her…