Types of Fraud
a financial crime that involves a person stealing money or other assets from a business or employer they trust
embezzlement
the novel that Katniss Everdeen appears in
The Hunger Games
ran the largest Ponzi scheme in history under the illusion of a market securities business for over 17 years
Bernie Madoff
already worked as an accountant before coming to ERAU (she's just that smart)
Danielle LaCorte
A whistleblower protection program is intended to:
A) prevent employees from leaving the organization
B) provide legal protection to individuals who report fraud
C) prosecute employees who engage in illegal activities
D) develop internal audit controls
provide legal protection to individuals who report fraud
taking cash "off the top" of the daily receipts of a business and officially reporting a lower total
skimming
the parent company of both Instagram and WhatsApp
Facebook (Meta)
overstated profits by nearly $600 million and then declared bankruptcy within two months, assisting in the downfall of Arthur Anderson
Enron
worked at Ernest and Young this past summer
Dan Eisen
Which of the following is NOT typically included in a fraud risk assessment?
A) identifying potential fraud schemes
B) assigning fraud risks to responsible individuals
C) implementing new accounting systems
D) assessing the likelihood and impact of fraud
implementing new accounting systems
the process of making money from criminal activities appear legitimate
money laundering
the number of bones in an adult body
206
overstated assets by $11 billion by underreporting company operating costs and expanding revenues with bogus documents
WorldCom
visited Japan and Africa this past summer
William Stacey
Which of the following is considered a cash larceny scheme?
A) skimming sales before they are recorded
B) theft of checks from the mailroom
C) writing unauthorized checks
D) stealing incoming cash payments after they are recorded
stealing incoming cash payments after they are recorded
an investment scam that pays early investors with money taken from later investors to create an illusion of big profits
Ponzi scheme
the director of Oppenheimer and Interstellar
Christopher Nolan
largest municipal fraud in US history originating in Dixon, IL aka Ronald Reagan's hometown
Rita Crundwell
newly inducted member of AST
Reagan Travis
Which type of fraud typically involves overstating revenues or understating liabilities?
financial statement fraud
the fraudulent acquisition and use of a person's private identifying information, usually for financial gain
identity theft
the number of states that the Appalachian Trail passes through
14
11.5 million leaked documents detailing financial and attorney-client information for more exposing tax evasion
Panama Papers
name the first and last name of Kate and KR's third roommate (she's in the room and is part of our club)
Hailey Adams
A company employee submits false expense reports for reimbursement. This type of fraud is known as:
expense reimbursement fraud