WLJ The Fraud Files News

The fraud blame game: Accusing the auditors

Mon, 22 Sep 2008 10:09:33 CDT

When a company discovers an internal fraud, it’s not uncommon for owners and management to look for a party to blame. After all, someone should have known that a fraud was in-progress, right? Often, the blame is cast in the direction of the auditors.

Executive prison sentences and fraud deterrence

Mon, 18 Aug 2008 09:05:18 CDT

One of the key parts of Sarbanes-Oxley, the legislation created to address the problem of massive financial statement fraud at public companies like Enron and WorldCom, was the increased prison sentences for executives participating in fraud. Supporters of the legislation cheered harsher potential punishment for executives as one of the keys that would help prevent fraud.

Feds new mortgage rules wont stop fraud

Mon, 21 Jul 2008 09:12:17 CDT

As the panic continues about the “subprime mortgage crisis,” pressure has been put on regulators to do something to stop mortgage fraud. The “crisis” has been blamed largely on corrupt mortgage brokers, and so last week the Federal Reserve adopted new mortgage regulations.

Expert witness looks at a jury from the inside

Mon, 23 Jun 2008 11:00:13 CDT

A few years ago, I got called for jury duty. Unlike almost everyone else who complains when called for jury duty, I was thrilled. I wanted to be on a jury.

Let the faithful pray theres no fraud

Mon, 19 May 2008 08:13:15 CDT

It’s become far too common to hear news reports of financial fraud at churches.

Fraud and infidelity: A match made in heaven?

Mon, 21 Apr 2008 07:58:45 CDT

What on earth do fraud and infidelity have in common? Quite a lot actually.

Methods of searching for unreported income

Mon, 24 Mar 2008 11:18:57 CDT

For the employee who is receiving cash in lieu of a real paycheck or who is otherwise concealing wages and earnings, it can be very difficult to prove the case. Cash doesn’t leave much of a trail, and a company that is willingly participating in a fraud like this isn’t likely to offer up proof of the fraud either.

Searching for unreported income is tough task

Mon, 17 Mar 2008 09:30:29 CDT

The million dollar question in many litigation disputes, be it family law, a shareholder divorce, or other corporate wrangling, often centers around unreported income. Are there sales that aren’t being recorded on the books? Is the individual receiving cash for work done? Is revenue hidden to shield it from being considered by the court?

Lawsuit against bank raises third-party issues

Mon, 18 Feb 2008 08:37:59 CST

A lawsuit against Wachovia Bank by a group of defrauded consumers raises some interesting issues related to third-party fraud liability. The question for consumers, investors, and executives is: What is the threshold for liability in fraud cases? What knowledge or actions had to be present in order for a person or company to be held liable for fraud?

Protecting the work product of an expert witness

Mon, 21 Jan 2008 11:11:39 CST

One often overlooked key to successfully working with an expert witness is the protection of privilege and work product. Until the expert is actually disclosed to the other side, it’s in the best interest of the client to make sure that the expert’s work is protected. While no airtight accountant-client privilege exists, it is still possible to protect communications when an accountant (or other expert) is working with an attorney on a litigation matter.

Crime and punishment: Sentencing in financial fraud cases

Mon, 17 Dec 2007 08:12:51 CST

While investigating fraud for more than a decade, I have consistently been amazed by the disparity among criminal sentences in financial fraud cases. Of course, there are many facts that go into a sentencing decision, and so it is difficult to make an apples-to-apples comparison of sentences between cases.

Corporate identity theft - it isnt just for people anymore

Mon, 26 Nov 2007 08:36:35 CST

You thought only people experience identity theft. Only individuals become victims of dumpster diving or poor computer security. Someone gets a credit card in your name, and you’ve become a victim. You didn’t even consider that a company could have an “identity” that could be stolen.

Signs that a company has been ripped off

Mon, 22 Oct 2007 11:45:17 CDT

How would you know if your company was being looted by a dishonest employee? Most companies miss all of the warning signs that could help stop a fraud early.

Tracy L. Coenen Bio

Mon, 01 Oct 2007 07:12:48 CDT

Tracy L. Coenen is a CPA, a certified fraud examiner, and president of Sequence Inc., a forensic accounting firm with offices in Milwaukee and Chicago. She has gained recognition locally and nationally as an expert in fraud and financial investigations.

Whistleblowers and Sarbanes-Oxley

Mon, 17 Sep 2007 23:00:00 CDT

A look at the subprime mortgage problem

Mon, 27 Aug 2007 23:00:00 CDT

Reflections on Sarbanes-Oxley Act of 2002

Mon, 13 Aug 2007 23:00:00 CDT

A correlation between gambling and fraud?

Mon, 23 Jul 2007 23:00:00 CDT

Fraud in government versus private industry

Mon, 09 Jul 2007 23:00:00 CDT

When upper-level executives go bad

Mon, 11 Jun 2007 23:00:00 CDT

Big frauds start small

Mon, 09 Apr 2007 23:00:00 CDT

Iraq reconstruction fraud: Where are your tax dollars going?

Mon, 26 Mar 2007 23:00:00 CDT

Stock option backdating: Whats the big deal?

Mon, 12 Mar 2007 23:00:00 CDT

What every attorney needs to know about fraud

Mon, 26 Feb 2007 23:00:00 CST

Be prepared: Think like a thief

Mon, 05 Feb 2007 23:00:00 CST