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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
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- Asset Misappropriation
- Criminology and Psychology
- Fraud Investigation and Examination
- Fraud Schemes
- Identity Theft
- Securities Fraud
On the brink of collapse
At 2:07 p.m. on Friday, Nov. 22, 1963, the New York Stock Exchange (NYSE) halted trading shortly after news broke that U.S. President John F. Kennedy had been fatally shot. The market had been on a downward slide, losing $11 billion in capitalization in the previous seven minutes. But hours before Kennedy’s assassination, NYSE president G. Keith Funston was doing all he could to prevent a potential market crash as one of the largest futures commodities scandals of the 20th century started to unravel.
Written By: Donn LeVie, Jr., CFE
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- Consumer Fraud and Scams
- Financial Transactions and Fraud Schemes
- Securities Fraud
5 most scandalous fraud cases of 2021
Each year always brings a fresh array of fraud-related scandals, and 2021 was no different. The massive theft of COVID-relief funds continued to play out, but other notable schemes hit the headlines. Here we list the most scandalous of the lot.
Written By: Jennifer Liebman, CFE
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- Cyberfraud
- Health Care Fraud
- Securities Fraud
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
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- Anti-Fraud Laws Regulations and Compliance
- Fraud Schemes
- Securities Fraud
New mission, same focus: Interview with Preet Bharara, former U.S. attorney for the Southern District of New York
Preet Bharara speaks about lessons learned, the outlook for new insider trading rules under the Biden administration, the challenges of overseeing COVID-relief funds, the difficulties of investigating Ponzi schemes and much more.
Written By: Paul Kilby, CFE
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- Anti-Fraud Laws Regulations and Compliance
- Investigation
- Securities Fraud
Anti-money laundering for registered broker-dealers
The fact that the SEC continues to pursue AML violations, and in one instance sought a $23 million penalty, emphasizes that broker-dealers have a continuing incentive to comply with AML obligations.
Written By: Charles Riely, Jing Xun Quek
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- Anti-Fraud Laws Regulations and Compliance
- Money Laundering
- Securities Fraud
Besides greed, what motivates insider traders?
Scott London, a senior partner at a Big 4 accounting firm, shared inside secrets to help a buddy in a tight financial spot. After following the rules for 26 years, why would he commit fraud? Insider traders — mostly males — do it for the money, of course, but they’re also influenced by hubris, feelings of conquest, playing seduction games and adrenaline highs.
Written By: Andrew Snyder, LMFT, CSAC
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- Securities Fraud
Utah's 'White Collar Crime Registry'
The Utah legislature began to fight back against affinity fraud in 2011 when it modified the Utah Uniform Securities Act to include harsher penalties for those who used positions of authority to defraud others or who preyed on adults who are impaired because of age, mental or physical disability. The battle continued in 2015 with the White Collar Crime Registry (WCCR).
Written By: Chelsea M. Dye, J.D., Ronald Mano, Ph.D., CFE, CPA
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- Ethics
- Fraud Investigation and Examination
- Fraud Prevention and Deterrence
- Securities Fraud
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