Posts Categorized: Fraud Accounting

Bizarre Development Surfacing Related to Embezzlement and Wire Fraud

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

After a 21-day manhunt, Roy C. McGrath, a fugitive who had been a top aide to Larry Hogan when he was Maryland’s governor, died Monday as the result of a confrontation with the FBI in the Knoxville, Tennessee area.  Questions: Source: Thompson, S., O. Wiggins, P. Stein, and M. Wells. (2023). Former Hogan chief of… Read more »

Bank Vulnerability

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the Washington Post, a new study shows that hundreds of banks in the United States would be in danger of failing if they were hit by runs similar to the one that recently brought down Silicon Valley Bank. Questions: Source: Werner, E. (2023). Hundreds of banks would be vulnerable in SVB-style runs, researchers… Read more »

Forensic Phone Tools

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

You might think that data extracted from a phone in a lab or police station can be a good thing. But what if the owner is a journalist? Questions: Source: Earp, M. (2023) Forensic Tools Open New Front for Using Phone Data to Prosecute Journalists. Global Investigative Journalism Network, Jan. 6 (Retrievable online at https://gijn.org/2023/01/06/forensic-tools-open-new-front-for-using-phone-data-to-prosecute-journalists/)

Don’t Believe Everything You Hear or Read!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

You try to help those you know that are struggling with serious diseases or addiction, but can you believe treatment promises? Questions: Source: Rayo, A. (2023). Before you believe addiction or cancer claims, read this. The FTC.gov, March 16 (Retrievable online at https://consumer.ftc.gov/consumer-alerts/2023/02)

Three Long Years!

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Income Taxes, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to The New York Times, the Securities and Exchange Commission ended its investigation into former Senator Richard Burr, three years after he sold more than $1.6 million in stocks following Covid-19 briefings. Questions: Source: Kelly, K. S.E.C. Inquiry Into Former Senator’s Stock Sales Is Closed Without Charges. The New York Times, Jan. 6 (Retrievable… Read more »

Dilbert Canceled By Many Newspapers

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to a number of sources, Scott Adams, creator of Dilbert, has sabotaged his brand through racist rants he made on a weekday morning show. Questions: Source: Rhaman, K. (2023). Dilbert Creator Takes to Twitter After Comic Dropped Over Race Comments. Newsweek, Feb. 27 (Retrievable online at https://www.newsweek.com/dilbert-creator-twitter-comic-dropped-race-comments-1783856)

TD Bank settles Ponzi Scheme case

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, TD Bank agreed to pay $1.2 Billion to settle a Ponzi Scheme Case. Question: Source: Goldstein, M. (2023). TD Bank Agrees to Pay $1.2 Billion to Settle Ponzi Scheme Case. The New York Times, Feb. 27 (Retrievable online at https://www.nytimes.com/2023/02/27/business/stanford-ponzi-scheme-settlement.html).

A Scam Called “Pig-Butchering”

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the Washington Post, federal law enforcement and major crypto exchanges appear to be behind in cracking down on fraud growth. Questions: Source: Newmyer, T. (2023). Crypto scam aimed at online acquaintances costs victims billions. The Washington Post, Feb. 14 (Retrievable online at https://www.washingtonpost.com/business/2023/02/14/crypto-scam-lost-billions/)

The top 10 tax “crooks” for 2022

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Income Taxes, Uncategorized, Video Updates.

According to Accounting Today, the Criminal Investigation (CI) division of the IRS has released its top 10 cases for 2022. Which of the agency’s most prominent and high-profile investigations have you heard about? Questions: Source: Stimpson, J. (2023) The top tax crooks of 2022. Accounting Today, January 16 (Retrievable online at https://www.accountingtoday.com/list/the-irs-names-the-top-tax-crooks-of-2022)

Reining in Crypto

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized.

According to the New York Times, the SEC fined cryptocurrency lending firm Nexo for violating federal securities law. Questions: Source: Yaffe-Bellany, D. (2023) Crypto Lender Nexo Is Fined $45 Million as Crackdown Widens. The New York Times, Jan. 19 (Retrievable online at https://www.nytimes.com/2023/01/19/business/nexo-sec-crypto-fined.html?)