Bank fraud Essays

by deliberate deception is termed in law, as fraud. Fraud is both a civil wrong (i.e., a fraud victim is eligible for monetary compensation and/may sue the perpetrator to avoid the fraud) and a criminal wrong (i.e., the fraud perpetrator can be prosecuted and subsequently imprisoned by governmental authorities). Fraud may have various purposes such as monetary gain or other benefits, like obtaining a driver’s license by way of false statements. [1] Fraud has a common occurrence in the buying or selling

Bank of America Fraud Case 2013 When one invests their time, money, and life into a business it is expected that everything is told to one and they are not mislead by a company or cooperation. Fraud is when one intentionally withholds information in order to have a positive impact whether it is financially or personally. Bank of America was charged by The Securities and Exchange Commission in 2013 for defrauding investors by not disclosing key risks and misrepresenting facts about underlying mortgages

I am filing a complaint against United Bank, 129 Main Street Beckley, WV 25802. Former United Bank Vice President MIchael Farris, and a senior United Bank official at United Bank 's Parkersburg branch, engineered a fraud-for-profit at the Beckley branch. Mr. Farris, and other United Bank employees perpetrated the criminal enterprise via HELOC 's. United Bank continued Beckley 's criminal enterprise, after Judge Irene Burger, sentenced, United Bank Vice President Roy L. Cooper, to a five-year prison

In 1947 in Montgomery, Alabama a bank was founded by the name Colonial Bank, formerly known as Southland Bancorporation and The Colonial BancGroup Inc. This business proved a diversity of service including wealth management, mortgage banking and insurance, in addition retail and commercial banking. Colonial Bank operated throughout many states to include Georgia, Florida, Texas, Nevada, and Alabama with 346 branches. The company purchased $1 billion in mortgages from Taylor, Bean & Whitaker that

In the 20st century, bank robbery was a popular crime amongst criminals who were wanting little work for big payoff. All they needed was a fast car and a gun ,and they could escape with thousands of banks hard earned money. Now in the 21st century, bank robbing is the crime of choice among the young and tech savvy. These criminals now longer require a car or weapon to accomplish their heist, all the need are their computers. They are conniving cyber whizzes that earn their money by stealing others

JPMorgan Chase Bank has faced several lawsuits in recent years. They have been hit with cases concerning fraudulent misrepresentation, bribery, and many things in between. By studying the accusations the company has faced, one receives a better understanding of who is really handling their money. An act of fraudulent misrepresentation cost JPMorgan the fine of a lifetime. For years the banking company sold subprime mortgages to companies and home owners. A subprime mortgage is a type of loan granted

branch manager and leading officer of a large Toronto bank. He took $10.2 million worth in fraud (almost $26 million via in2013dollars). He fabricated loans to real and fictitious customers; gambling away the proceeds. Molony paid off earlier loans with subsequent loans to ensure that there were no discrepancies; known as a lapping scheme. Brian Molony had major fraud incentive and perfectly categorizes into the fraud triangle. The Fraud Triangle consists of: Incentive/Motives –something that

Understanding the fraud triangle provides the investigator with the background to properly plan a computerized investigation. The fraud triangle includes three elements that must be present for fraud to occur: (1) a perceived pressure, (2) a perceived opportunity, and (3) rationalization. Maintaining a luxurious lifestyle, or making ends meet are examples of perceived pressures that motivate individuals to commit fraud. Understanding why someone commits fraud enables the investigator to determine

deposit to the bank and writing checks and payroll. The owner only receives verbal reports from Bill regarding the dealership 's financial status. There was a recent issue with utility payment checks being returned not sufficient funds but Bill said he accidently put a deposit into the savings account rather than the checking account. The owner doesn 't look at the bank statements. The owner wants to know what areas of the business are at risk for fraud, the symptoms of fraud, how could opportunites

with money laundering, bank fraud, insider trading and conspiracy. It was one of the most shocking and widely reported ethics violation of all time. It bankrupted the company and also destroyed Arthur Andersen one of the largest audit firms. It caused the imprisonment of several leadership groups Lay was sentenced to 45 years of prison. He was convicted of 6 counts of fraud. Former CEO Jeffrey Skilling and lay were tied together on 46 counts of money laundering, bank fraud, insider trading and conspiracy

Please provide an example of your greatest success as a coach and mentor for Risk Team Managers and Analysts. One of the very first observations I had when I was tasked to lead the fraud and operations team at Beneficial National Bank was that fraud required the development of certain special skills. A good fraud analyst or investigator has to be able to quickly identify anomalies, distinguish between patterns and be able to synthesize a large amount of information within a short period of time

A major reason why people commit fraud is because they are allowed to do so. There are a wide range of threats facing businesses. The threat of fraud can come from inside or outside the organisation, but the likelihood that a fraud will be committed is greatly decreased if the potential fraudster believes that the rewards will be modest, that they will be detected or that the potential punishment will be unacceptably high. Upon the case of John Y. Lee, a former director of Samsung America Inc. who

and consequences) Internal party Barry Minkow A federal grand jury indicted Minkow and ten other ZZZZ Best insiders on 54 counts of racketeering, securities fraud, money laundering, embezzlement, mail fraud, tax evasion, and bank fraud in January 1988. In his indictment, Minkow is accused of draining his company of assets while bilking banks and investors. Additionally, Minkow has been accused of setting up false companies, writing false invoices, and conducting fake restoration tours. Approximately

Impact of Fraud Fraud is a tempting crime to commit because the perpetrator rationalizes that he or she is only stealing from the company. However, the effects caused by fraud impact more than just the higher paid executives. For example, the company raises prices to recuperate the losses from the fraud. Increasing prices directly affects consumerism as customers are less prone to purchasing a product if there are other substitutions available to them at lower costs. Reduction in sales decreases

Starting in 1990s, a wave of corporate frauds in the United States occurred with Enron’s failure perhaps being the emblematic example. Jeffords (1992) examined 910 cases of frauds submitted to the “Internal Auditor” during the nine-year period from 1981 to 1989 to assess the specific risk factors cited in the Treadway Commission Report. He concluded that “approximately 63 percent of the 910 fraud cases are classified under the internal control risks.” Calderon and Green (1994) did an analysis of

Eventually, moving up the corporate ladder, she was hired as an Office Manager for a family run, small manufacturing business (Yager, 2016). Soon her overachiever nature led her to commit fraud which eventually put her behind bars (Yager, 2016). There are three factors of the Fraud Triangle that motivates a person to commit fraud and these three factors are Pressure, Rationalization, and Opportunity. The first factor, Pressure, is due to some sort of financial pressure that a person cannot share with anyone

finances, his company would soon collapse. This failure would lead Barry down the road to financial statement fraud and manipulation. (Wells, 2001) The biggest problem the Barry had with his company was the fact that he couldn’t stay afloat financially. He was always behind on money so he ended up over charging his customers, stealing checks, and check kiting. When that wasn’t enough he would get bank loans. Barry would get loans to pay off previous loans and the vicious cycle would continue. Barry was

RC Quarter Horses. She had hundreds of horses, and trained dozens of world champions. She was very famous in the horse industry, and “everyone involved in the horse industry knew who Rita was” (Pearce). On December 18, 1990, Rita opened a private bank account titled RSCDA, Reserve Sewer Capital Development Account. It appeared that this account was created for the city of Dixon. Crundwell transferred funds from Dixon’s Money Market account into its Capital

the Executive Vice President of Fraud Risk Management at Countrywide, and later served in the role of Senior Vice President of the Mortgage Fraud Investigation Division at Bank of America after the two companies merged (Foster, n.d.). It was her responsibility to investigate mortgage origination fraud and reporting suspicious activity to regulators and the company’s Board of Directors. After several years of seeing a lot of suspicious activity and blatant acts of fraud she found that the company was

Famous Hacker Max Butler Behind Bars One of the world’s most skillful computer hackers, Max Butler who’s dream has always been to unite hackers all over the world has pleaded guilty to federal wire fraud charges, admitting he hacked into and stole approximately 2 million credit card numbers from businesses, banks and even other hackers creating 86 million dollars in fraudulent charges from his safe house at San Francisco. Aged 36, Max Ray Butler, also known as Max Ray Vision, has been faced with up to