The Fraud Examiner

Take Pride in Curiosity

February 2016

ACFE Member Profile
Dr. Susan Mangiero, CFE
Managing Director, Fiduciary Leadership, LLC 

Continuing to learn and feed her curiosity are some of the most important things to Dr. Susan Mangiero, CFE. In addition to her extensive background in financial fraud and risk management, Dr. Mangiero is a published author and is currently working on a new book. She is the lead contributor to a blog about investment risk management and compliance. Her work has taken her to many places and exposed her to multiple industries, something that she feels has strengthened her abilities to identify red flags and explain problems that occurred.

Where were you born and raised?

I hail from New England, although I have visited and lived in many cities. When I was in graduate school, I spent time in France as an intern for a large bank. I later moved to Chicago to join the credit training program of another global bank. Upon completion, I was asked to move to the New York City area and have been here ever since.

How did you become passionate about fighting fraud?

Early in my career, I recognized the value of transacting business in a fair and honest way. Mistreating people can be costly, especially in the financial sector. Information travels quickly. When someone behaves badly, their reputation is tarnished and people may decide to go elsewhere. As a young derivatives trader, I learned this lesson the hard way. Another trader refused to honor his verbal commitment on a multi-million dollar deal even though I had confirmed the details with him several times. That particular trading desk was not set up to record calls when this situation occurred. Eventually, my boss and his boss worked out a settlement but it was a real eye-opener for me. Once news got out, other traders phoned to tell me that he had done the same thing with them and that he was no longer an approved trading partner.

A few years later, I joined the litigation unit of a multinational consulting firm and worked on several securities fraud cases. When I finally had a chance to be part of an onsite team, I had an epiphany that fraud has a human face. As I was making my way to the break room late one night, I passed row after row of desks. Photos of family and friends caught my eye, and I felt sad knowing that some people who had nothing to do with the alleged fraud were going to be let go because the company could not afford to pay its legal bills and still retain a large staff. In my expert witness work, I’ve been asked to review victims’ statements and calculate economic damages. I have seen firsthand the sometimes ruinous impact on the fraudster’s family, friends and business partners. Other times, I’ve observed the human tragedy play out when innocent people are wrongly accused and there is a tremendous economic and emotional toll on them and their loved ones.

Have you had any unique experiences in conjunction with being a CFE?

I can’t say enough about the quality of the instructors who taught the program I attended last fall in New York. To a person, they were knowledgeable, enthusiastic and truly helpful. The storytelling and insights made sometimes dry material come alive. Each time I’ve called the ACFE to ask questions, I’ve received prompt replies. I am looking forward to contributing to the mission of the ACFE. It’s a great organization.

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