According to Accounting Today, the Internal Revenue Service will be adding extra procedures to deter scammers who have been inundating the agency with bogus claims for the Employee Retention Credit. Questions: Source: Cohn, M. (2023) IRS plans new measures to curb Employee Retention Credit fraud. Accounting Today, July 26 (Retrievable online at https://www.accountingtoday.com/news/irs-plans-new-measures-to-curb-employee-retention-credit-fraud?)
Posts Tagged: fraud scheme
A $5 Million Fraud Against Hundreds in California Results from Postal Theft and Fraud
According to the California Attorney General, 56 individuals involved in a scheme resulting in the theft of nearly $5 million from hundreds of people in a widespread mail theft and postal fraud operation. Questions: How many suspects were arrested as part of the fraud? Out of which counties were the suspects operating? What will the… Read more »
Audacious Fraud
Dermatologist, Farhaad Riyaz, peer-voted as one of the top doctors in the Washington DC area in 2019 committed one of the most bizarre frauds in recent times, according to The Washingtonian. Questions: How did Dr. Riyaz perpetrate the crime? What was the scheme? What is and/or was his potential punishment? Who did Dr. Riyaz… Read more »
Scamdemic
According to the Department of Justice, three family members were arrested in New York for misrepresenting employee payroll figures to receive COVID-19 loan funds for a chain of family-owned nail salons. Questions: According to the report, how was the payroll misrepresented by this family? What federal organizations were involve in the identification of these fraudsters?… Read more »
Next Time Wear a Cold Water Wetsuit
According to CBS, Sacramento, a fleeing Ponzi scheme suspect is now in custody after a daring escape on a submersible scooter from FBI agents. Questions Who is the subject and what is alleged? Where did this take place? How long had the subject been under FBI surveillance? What is the sentence that the subject faces?… Read more »
Pay for Play
Yale University has rescinded the admission of a student that officials at the school say was involved in a nationwide college entrance fraud that ensnared 50 people, including Hollywood actresses and CEOs, some of whom have already appeared in court. Questions: To make this scam work, who was “on the take” inside Yale? Who was… Read more »
Gentrification Ignites Deed Theft
White-collar criminals are employing a variety of schemes in New York City to snatch properties from their owners. Often, they use the secrecy afforded to shell companies to rent out vacated properties until they are caught or sell them to third parties. Questions: 1. What are some of the signs of forgery on the fraudulent… Read more »
Bye, Bye to Tens of Thousands of Dollars of Debt for a Certificate
Despite intensive lobbying efforts and lawsuits by the Association of Proprietary Colleges (APC), a U.S. District federal judge denied a challenge to the Obama administration’s rules limiting the amount of debt students can carry in career-training programs. This decision delivers a blow to the deteriorating for-profit college industry. Questions: 1. What are the new rules… Read more »
Let’s Have Pizza!
According to the New York Times, the uptick in pizza sales in Brooklyn at Domino’s Pizza is due to stolen credit card numbers being used to order to see which cards were still active and could be used for bigger purchases. Questions: 1. Explain why the article called this a blend of high-tech fraud and… Read more »
Where are the Controls?: Corporate Ethical Breaches Identified by Auditors
According to a 2011 internal audit, executives at the British drug maker GlaxoSmithKline were warned about critical problems with the way the company conducted research at its drug development center in China. Potential financial risk and regulatory action are likely due to the sales practices that are currently at the center of a bribery and… Read more »