Fraud Cases in 2016

Financial crimes are a growing problem. Despite increased regulations and laws, financial crimes continue to occur outside the accounting department or corner office of the CFO or CEO. In some cases, circumstances provide an incentive for financial criminals to commit fraud. For example, a fraud case involving Wells Fargo involved millions of false statements and a small monetary loss for millions of customers. Still, accounting fraud can have huge effects on hundreds or thousands of victims.

This widespread crime has a profound impact on the world economy and has resulted in high levels of suffering. Fraud is often motivated by a distorted perception of opportunity or a lack of ethical standards. The motivation behind such behavior can be better understood by applying the fraud triangle theory. Identifying the causes of fraud is critical to preventing and detecting it. The following are some common examples of fraud:

Two former senior executives of State Street Corp. were charged in a multi-million dollar scheme to defraud clients. The firm is one of the largest asset managers and custody banks in the world. As a result of the charges, State Street has agreed to pay a $32.3 million penalty and appoint an independent compliance monitor. These cases are just the tip of the iceberg. But fraud can happen to anyone. That's why it is important to hire a good lawyer.

Two former executives of Tyco, Mark Swartz and Jeff Kozlowski, were arrested after CNN reported on their transactions. These individuals were found guilty of stealing $170 million from the company and gaining $430 million through fraudulent stock sales. In total, these two former executives were sentenced to 25 years in prison and ordered to pay restitution of $134 million. They were released on parole in 2013, but remain under investigation. These are just a handful of examples of fraud cases that were prosecuted in 2016.

Another example of voter fraud occurred in the 2016 presidential election. Two people registered to vote in the same state and voted twice. One person was arrested after registering in two states, while another allegedly voted twice in the same state. This man was later found guilty of voting in two states. In North Carolina, a close gubernatorial race led to ballot challenges. An independent group verified 18 alleged fraud cases, but has not investigated the other ballots.

Another example of fraud that occurred in healthcare is the Wilbanks and Gouinlock case. Both defendants submitted fraudulent and false claims worth more than $1 billion. A press release for this case can be found here. There is also a case in the United States involving a former head of insurance company. The federal government has taken steps to prevent healthcare fraud. And it is worth the effort. These cases are a necessary part of the overall fight against health care fraud.

A number of convicted individuals were also charged in this year's criminal investigations. One former senior trader at Deutsche Bank pleaded guilty to LIBOR manipulation. A subsidiary of Deutsche Bank AG pleaded guilty to the crime, and is required to pay $775 million in criminal penalties. Meanwhile, two former HSBC employees were charged with conspiracy to commit wire fraud. They conspired to use client information to manipulate prices and a company's profits. One of them was arrested in December 2016, while the other was charged in January 2017.

In the same way, a Brennan Center report showed that there were fewer instances of voter fraud in 2016 than in the previous two decades. The report included a small portion of federal elections and covered many state and local elections. As a result, it doesn't represent a comprehensive picture of voter fraud in America. The Brennan Center report does not capture all voter fraud. Many state and local election officials rely on a database of voter information to track such crimes.

Meanwhile, in the United States, there were some interesting refundee.com fraud cases. In Texas, a man voted twice under a fake name while claiming to work for the Trump campaign. He claimed he was testing the security of an electoral system. However, there was no evidence that he changed presidential votes. Meanwhile, in Washington state, investigators are investigating two suspected fraud cases near the Idaho border. A man may have used his deceased wife's name on an absentee ballot. In another case, a voter may have voted twice in two states.

Enron's accounting practices were revealed when the dot-com bubble collapsed. The company lost $45 billion in market capitalization as a result. Over $1 billion in accounting mistakes were discovered during investigations. In response, the New York Attorney General's office issued a $1.6 billion fine against AIG and criminal charges against some executives. Maurice R. "Hank" Greenberg and Howard Smith were forced to step down and settled th