Dick Carozza, CFE
Dick Carozza, CFE, is the former and first editor-in-chief of Fraud Magazine, serving in the role for 25 years prior to his retirement in 2021.
Dauntless digger
Investigative reporter Andrew Jennings, the 2017 ACFE Guardian Award recipient, has been chasing bad men around the world for more than three decades. He’s dug into the crimes of the members of the International Olympic Committee. And his discoveries at FIFA have led to the eventual indictment and convictions of scores of fraudsters. And he’s still ready with the shovel.
Written By: Dick Carozza, CFE
Why do they do it?
Harvard business professor Eugene Soltes is on a years-long quest to discover why topflight executives become white-collar criminals. His conversations with close to 50 convicted criminals so far have led to insights on hubris and humility — not just in them but in all of us.
Written By: Dick Carozza, CFE
Serendipity in interviews
In part one, experienced CFEs described how preparation and flexibility are the keys to good interviews. Here they discuss how they can discover surprising new evidence by asking incisive questions and waiting for serendipitous moments. We also cover question typology, body language, moving toward admissions and more.
Written By: Dick Carozza, CFE
Where heroes unite
More than 3,000 anti-fraud heroes gather at the largest anti-fraud conference in the world to learn new techniques in their fight against fraud.
Written By: Emily Primeaux, CFE, Dick Carozza, CFE
The challenge of the chase
The ACFE Board of Regents ponder the exciting, frustrating and exquisite challenges of the fraud examination profession during the 28th Annual ACFE Global Fraud Conference.
Written By: Dick Carozza, CFE, Emily Primeaux, CFE
Spying on a master spy
The FBI had tasked Eric O’Neill to investigate Robert Hanssen, a 25-year FBI veteran and suspected spy for the Russians, but he’d have to do it face to face as Hanssen’s office assistant. O’Neill’s courageous work helped bring Hanssen down and end the greatest security breach in U.S. history.
Written By: Dick Carozza, CFE
Banking on experience
Jennifer Shasky Calvery, the recipient of the 2017 ACFE Cressey Award, fought fraud for 20 years in the U.S. federal government — most recently as the FinCEN director. Now she uses her experience to tackle money laundering and other crimes in the international banking world.
Written By: Dick Carozza, CFE
Preparation and flexibility are keys to good interviews
We asked some experienced CFEs to ponder their interviewing philosophies and techniques. Their responses are diverse and thought-provoking. Now let us know what you think.
Written By: Dick Carozza, CFE
He fought Halliburton and won
Tony Menendez, CFE, found some questionable accounting practices at Halliburton. When he realized the company was knowingly violating Securities and Exchange Commission rules — and the SEC wasn’t going to investigate — he brought a whistleblower claim against Halliburton for violating his rights under the Sarbanes-Oxley Act. After a nearly nine-year fight, he was vindicated.
Written By: Dick Carozza, CFE
Moving fraud awareness from the back room to the boardroom
The ACFE’s Report to the Nations on Occupational Fraud and Abuse has led to the classification and analysis of thousands of occupational frauds. But, perhaps, more importantly, it has shown organizational management and the public the dire need for well-planned fraud awareness, deterrence and prevention programs.
Written By: Dick Carozza, CFE
27th Annual ACFE Global Fraud Conference
In one week in June, more than 3,000 fraud fighters met in Las Vegas to fill up their tanks and charge their batteries with hours of practical anti-fraud techniques and networking with peers. And to revel in their value to the anti-fraud profession.
Written By: Dick Carozza, CFE
Shell shocked
The leak of the huge cache of offshore data in the Panama Papers reveals decades-old shell companies — many of which fraudsters have used to launder money and hide crimes. How can fraud examiners use the data? Will the revelations cause governments to overcompensate with overbearing regulations? Or will the exposé ultimately be ignored because unethical systems are so entrenched?
Written By: Dick Carozza, CFE
Memorable cases, part 2
ACFE faculty members share more notable cases from the trenches with practical principles that you can apply.
Written By: Dick Carozza, CFE
Back home to the ACFE
After 16 years as a U.S. special agent, Liseli Pennings, CFE, returns to the ACFE to help worldwide agencies fight fraud and work efficiently with private sectors.
Written By: Dick Carozza, CFE
Uncovering hidden billions in China
New York Times reporter David Barboza — a keynoter at the 27th Annual ACFE Global Fraud Conference — discovered at least $2.7 billion in assets controlled by relatives of the former Chinese premier. Read how he found the smoking guns among public records.
Written By: Dick Carozza, CFE
Europol is uniting EU against fraud
Why do we have so much trouble preventing and deterring fraud across borders? You know the answer: lack of cooperation. However, most European law enforcement organizations don’t want to compete with each other. They want to help each other deter and prevent crime. But they need some overarching force to help them work together. That’s where Rob Wainwright and Europol come in.
Written By: Dick Carozza, CFE
The smoke detector
Howard Wilkinson smelled smoke when he was a trader for the Estonian branch of Danske Bank. The fire he discovered is a $230 billion debacle — possibly the largest-ever money-laundering scheme. Wilkinson’s investigative skills could help accelerate European reforms.
Written By: Dick Carozza, CFE
Dixon's quiet hero
The ACFE’s 2018 Sentinel Award recipient had no intention of changing her orderly life as the city clerk of Dixon, Illinois. And then she found a secret account in city ledgers that led to discovery of Comptroller Rita Crundwell’s astounding $53.7 million fraud. Kathe Swanson’s life will be forever marked by her simple heroic decision.
Written By: Dick Carozza, CFE
Wirecard's house tumbles
Dan McCrum, an investigative reporter for the Financial Times, spent six years questioning the finances of Wirecard, Germany’s moneymaking payments processor. Fraudulent Wirecard would strike back against McCrum and his wife with smear campaigns, lawsuits and surveillance. German banks and regulators targeted him. But his efforts paid off. Read about his crazy, weird investigation.
Written By: Dick Carozza, CFE
Dichotomy of dishonesty
All of us want to look in the mirror and feel good about ourselves. But secretly we also want to benefit some from our dishonesty. Acclaimed behavioral economist Dan Ariely ponders this dichotomy every day. His research findings could help fraud examiners deter would-be fraudsters.
Written By: Dick Carozza, CFE
Transforming corporate cultures by placing CFEs in top echelons
During an interview at the 30th Annual ACFE Global Fraud Conference, the Board of Regents opined on how to change corporate cultures, new corporate compliance guidance, ethics vs. profits and more.
Written By: Dick Carozza, CFE
They empathize because they do what you do
The ACFE Board of Regents offer their counsel and ruminate on the dynamic anti-fraud profession during the 29th Annual ACFE Global Fraud Conference.
Written By: Dick Carozza, CFE, Emily Primeaux, CFE
Will job losses from robots lead to more fraud?
Technology futurist Martin Ford ponders how job losses and stagnant wages can lead to an increase in fraud, waste and abuse. His research indicates that anti-fraud professionals would do well to become amateur seers.
Written By: Dick Carozza, CFE
Small town, huge fraud, insightful documentary
Kelly Richmond Pope, Ph.D., CFE, CPA, an associate accounting professor, has produced and directed a riveting documentary, “All the Queen’s Horses,” about Rita Crundwell’s historic $53 million embezzlement from the city of Dixon, Illinois.
Written By: Dick Carozza, CFE
Let's do some brainstorming
What happens when you fill a boardroom with highly intelligent people and ask them a few questions about fraud topics? You yield 90 minutes of insights that can’t be contained in one article. In this article, the Board of Regents discuss new frauds on the horizon, data breaches, new practices and training millennials as practitioners.
Written By: Dick Carozza, CFE, Emily Primeaux, CFE
Truth revealed
Senior U.S. District Judge Jed S. Rakoff, keynoter at the upcoming 27th Annual ACFE Global Fraud Conference, hasn’t shied from vividly chastising Wall Street and the U.S. government in the wake of the Great Recession.
Written By: Dick Carozza, CFE
Memorable cases, part 1
ACFE faculty members share some notable cases from the trenches with practical principles that you can apply.
Written By: Dick Carozza, CFE
What can CFEs learn from private investigators?
There’s a good possibility you’re a Certified Fraud Examiner. But you’re probably not a licensed private investigator. Are you missing out? Not necessarily, but some CFEs believe their hard-won PI skills burnish their fraud examiner careers and make them better professionals.
Written By: Dick Carozza, CFE
All hoax and no cattle
Cody Easterday was a Washington state rancher and farmer with a sterling reputation. Then Tyson Foods discovered that for at least four years he sent fake invoices to that company, and another, for $244 million for the care and feeding of 265,000 head of cattle that didn’t exist. He pleaded guilty to wire fraud and is serving an 11-year sentence in federal prison. Here’s an analysis of the fraud from a prosecutor, investigators and fraud examiners.
Written By: Dick Carozza, CFE
Indefatigable investigator
Jules Kroll assembles diverse professionals — fraud examiners, forensic accountants, academics, investigative journalists, former prosecutors and attorneys — to fight fraud. That’s been his modus oprandi since 1972. As chairman and cofounder of K2 Intelligence, he continues that course.
Written By: Dick Carozza, CFE
ACFE 31st Annual Fraud Conference Successful Virtual Turnaround
The ACFE had three months to plan a virtual 31st Annual ACFE Global Fraud Conference from scratch. The result is in the numbers and responses: 4,472 attended and 94 percent of the participants were satisfied. Lemonade never tasted so good.
Written By: Dick Carozza, CFE
Navigating a misshapen world
January of this year now seems like a quaint time. Since then, the world has stretched in bizarre ways, and it probably won’t ever resume its previous shape. The Board of Regents want to encourage you as your organizations need your anti-fraud skills more than ever.
Written By: Dick Carozza, CFE, Emily Primeaux, CFE
Priti Amin, CFE
When Priti Amin, CFE, was young she knew she wanted to do something that helped others because honesty, trust and personal integrity were important to her. Those values compelled Amin in her journey to fight fraud. Within Vodafone Group, a global technology communications organization, Amin is the Vodafone Business fraud manager. She’s responsible for managing fraud risks for the entity, its products, services and customers.
Written By: Dick Carozza, CFE
Six candidates selected for ACFE Board of Regents’ ballot
Six candidates have been selected to compete for two positions on the 2021-2022 Board of Regents. The board sets standards to promote professionalism and to ensure the reputation of the CFE credential.
Written By: Dick Carozza, CFE
Predication or not?
CFEs discuss how they know when they should devote resources to launch fraud examinations or at least preliminary investigations.
Written By: Dick Carozza, CFE
Want to be an expert witness?
Here’s brutal honesty from CFEs who’ve spent decades as expert witnesses. Prerequisites: thick skin, penchant for over-preparedness and meticulousness, ability to think quickly, poise and a supply of heavy-duty deodorant.
Written By: Dick Carozza, CFE
ACFE Austin Chapter arranges ‘James D. Ratley Day’ in Austin, Texas
ACFE Austin Chapter officers presented a proclamation from the Austin, Texas, mayor naming March 31, 2018, “James D. Ratley Day” to Ratley on the front porch of the historic Gregor Building at the ACFE Headquarters.
Written By: Dick Carozza, CFE
A doping dichotomy
A man in Los Angeles was determined to make a documentary that showed the anti-doping system in sport was a fraud. A man in Moscow helped construct that fraud. When Bryan Fogel and Grigory Rodchenkov met in 2015, neither could have guessed they’d land together in the middle of a dangerous geopolitical crisis that would expose decades-long corruption, shake up the Olympics and, ultimately, produce the riveting documentary, ICARUS.
Written By: Dick Carozza, CFE
Fear not the breach!
Cybersecurity expert Theresa Payton says don’t wait until you’re in the middle of a breach to formulate plans. Practice digital disasters. Develop a playbook so everybody knows their roles. Line up your external helpers. Devise your communication strategy. Then, if you’re breached, cooler heads will prevail.
Written By: Dick Carozza, CFE
Chrysti Ziegler, CFE
Chrysti Ziegler, CFE, the president of the ACFE Houston Area Chapter, was thrilled to discover the art of fraud fighting early in her career as an auditor. Her interest was piqued when she first learned about the idea of malicious intent. She was hooked. Her passion then grew for joining the force against fraud.
Written By: Dick Carozza, CFE
Stepping up and standing out
When ACFE Founder and Chairman Dr. Joseph T. Wells, CFE, CPA, stepped up to the podium at the 30th Annual ACFE Global Fraud Conference in Austin in June, the ACFE’s accumulated history accompanied him. As he accepted his induction into the ACFE Hall of Fame, he received it as a representative of the thousands who, but for his foresight, probably never would’ve received fraud examination education and skills.
Written By: Dick Carozza, CFE
Norman DeBoer, CFE
The ACFE presented Norman DeBoer, CFE, the Certified Fraud Examiner of the Year award at the 30th Annual ACFE Global Fraud Conference in June. DeBoer, a detective with the Waterloo (Ontario, Canada) Regional Police Service for 29 years, completed in 2018 the precedent-setting $12 million financial advisor fraud case of Daniel P. Reeve, who received a 14-year prison sentence.
Written By: Dick Carozza, CFE
Madoff's legacy: What have we learned from the debacle?
Bernie Madoff is gone, but the effects of his crimes live on. Fraud examiners endeavor to learn from all frauds, including the world’s largest-ever Ponzi scheme. What lessons have we learned? How has the regulatory environment improved? How have Madoff’s schemes affected the anti-fraud profession?
Written By: Dick Carozza, CFE
What really motivates people to be honest in business?
What really motivates people to be honest in business? That’s just one question economist Alexander F. Wagner is asking in his research. This University of Zurich professor will speak on some of his developing answers at the 2019 ACFE Fraud Conference Europe March 27-29 in Zurich.
Written By: Dick Carozza, CFE
Happy 80th birthday to the term ‘white-collar crime’
You might not know it, but today is an important day for you. On Dec. 27, 1939 — 80 years ago — criminologist Dr. Edwin Sutherland, while speaking to the American Sociological Society, coined “white-collar crime” and placed the cornerstone in the foundation for the fraud examination profession.
Written By: Dick Carozza, CFE
Learning the art of fraud examination
CFEs love fraud examinations that move in a linear fashion — from the general to the specific, gradually focusing on the perpetrator through evidence analysis. But life, of course, seldom moves in a straight line.
Written By: Dick Carozza, CFE
Ponzi schemer flees on water scooter, shysters rent parking spots and more
Ponzi schemer flees on water scooter, shysters rent parking spots and more
Written By: Dick Carozza, CFE
Remote but engaged
How do fraud examiners conduct fraud examinations when they often can’t meet their team members and subjects in person? These experts — during pandemic constraints — discuss their biggest investigation hurdles, maintaining professional skepticism, best practices, eDiscovery challenges, chain of custody, interviewing constraints and more.
Written By: Dick Carozza, CFE
Alan E. Small, CFE
Alan Small, CFE, first became acquainted with fraud investigations in 1973 as a member of the Baltimore (Maryland) Police Department. His first assignment was with the criminal investigation division where he reviewed and followed the assignments of experienced detectives engaged in the investigation of high-profile cases, which included fraud.
Written By: Dick Carozza, CFE
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