Erick O. Bell, a Senior Manager at Deloitte Financial Advisory Services LLP, presents a detailed internal control checklist that outlines 5 anti-fraud strategies companies can use to deter, prevent, and detect fraud.
Thirty-five-year-old Curtis Wiltshire worked as an information and technical analyst at the Federal Reserve Bank of NY in lower Manhattan, where he had access to the personal identification information of many employees. In 2006, he stole identification information from FRB-NY and provided that to his forty-one-year-old brother Kenneth.
In this CCI featured article, Tim Lupfer and Mike Fuchs of Deloitte Consulting share their advice on how to effectively managing human capital risk, including best practices for risk management training and ingraining risk management into the corporate culture.
by Dan Hurson, senior partner in The Hurson Law Firm LLP, in Washington, D.C. The case for strict enforcement of Sarbanes-Oxley Section 304 requiring CEO payback after restatements caused by “misconduct.”
Depending on a company’s ultimate objectives, having the correct balance within the control structure is the key to a successful internal fraud investigation.
New featured article by Luis Ramos, Chief Executive Officer for The Network. As with many situations of adversity, the current economic downturn presents an opportunity for a Chief Compliance Officer (CCO) to strengthen their company’s ethics and compliance programs.
By Joel Hesch, Liberty University
The government has honed in on three primary areas where it alleges that a pharmaceutical company commits fraud. In addition, there is an emerging new area, adulterated products, where the DOJ is beginning to investigate and just may be the next huge compliance risk.
By Dan Hurson – Senior Partner in the Hurson Law Firm, LLP.
Buried deep within the President’s historic new proposals to oversee and regulate the financial markets (“Financial Regulatory Reform, A New Foundation”) is the outline of a provision that garnered no headlines but might well become the most effective new anti-fraud regulation of all: rewarding whistleblowers who disclose fraud cases to the SEC. It is surely the only part of the massive proposal that gives insiders with knowledge of wrongdoing a chance to speak up against and even profit from the types of financial and securities fraud that has infected our financial markets in recent years.
This may be the beginning of the golden age of whistleblowing. Protecting them and making their jobs easier is getting increased attention in Congress. While federal qui tam actions initiated by whistleblowers who report fraud against the government have been around for many years, the concept of rewarding those who report on securities fraud (other than insider trading) is new, and revolutionary.
Dr. Timothy Kuklo, currently of Washington University and formerly an Army surgeon, is accused of accepting nearly $800,000 from Medtronic and then falsifying research about some of the company’s major products.
WellCare fraud update: WellCare Health Plans Inc., a Tampa-based managed care company, has agreed to pay an $80M settlement. WellCare defrauded the Florida Medicaid program and Florida Healthy Kids Corporation.
