Fraud


FRAUD
The FBI’s Operation Malicious Mortgage culminated in mid-June with 60 arrests in mortgage-related cases. The operation, which was conducted between March 1 and June 18, resulted in charges against 406 defendants in 144 mortgage fraud cases. The Bureau says approximately $1 billion in losses were caused by the alleged schemes employed in these cases.

Among those charged were two senior managers of failed Bear Stearns hedge funds who were indicted on charges including conspiracy, securities fraud and wire fraud for allegedly misrepresenting the funds’ conditions while they were at risk of collapse.

The operation was a joint effort by the FBI and other federal government agencies. Complete details are available at www.fbi.gov.

 

©2008 AICPA

SPONSORED REPORT

2018 financial reporting survey: Challenges and trends

Learn the top reporting challenges that emerged in a survey of more than 800 finance, accounting, and compliance professionals across the world, and compare them with your organization's obstacles.

PODCAST

How the skill set for today’s CFO is changing

Scott Simmons, a search expert for large-company CFOs, gives advice for the next generation of finance leaders and more, including which universities are regularly producing future CEOs and CFOs.