A $5 Million Fraud Against Hundreds in California Results from Postal Theft and Fraud

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, Intermediate Accounting, Uncategorized, Video Updates.

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 »

Big Business Bust

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This week, Aventura Technologies in Long Island, allegedly tried to conceal the fact that Chinese-made surveillance and security equipment were made in America. Questions: Agents from which bureaus raided the company? How long has the scheme been going on and how does that compare to the ACFE’s average time for this type of fraud? Who… Read more »

File and Suspend is No Longer Available

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A strategy to increase lifetime Social Security benefits by up to roughly $60,000 for some high-earning couples was eliminated by the Obama Administration on Nov. 2. The strategy, known as file-and-suspend, allowed one spouse to file for Social Security retirement benefits and then suspend the payouts, so that the other spouse could collect spousal benefits… Read more »

Bye, Bye to Tens of Thousands of Dollars of Debt for a Certificate

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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 »

Right on the Money

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Back in January, when Jacob “Jack” Lew was a mere nominee for the position of Secretary of the Treasury, the New York Magazine described his signature as a “slinky that has lost its spring.” Now, as the official Treasury secretary, his signature has changed. Questions: 1. Why were people worrying about Lew’s signature in the… Read more »

Feds Catch Bid-Rigging Bankers

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Federal authorities are pursuing legal action against bankers accused of systematically defrauding states, local governments and non-profits. The ongoing probe is focusing on bankers who have colluded about the offers they’ve made as they bid on contracts to invest municipal bond proceeds. Questions: 1. What is bid-rigging? Summarize the way in which the suspect bankers… Read more »