4 Scams That Shook the Art World

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4 Scams That Shook the Art World

Reports of all types of fraud have skyrocketed over the past year, with all the bizarre twists and turns, and the arts industry was not immune. As commerce migrated online for auction houses and art fairs, tax evasion, money laundering and wire fraud grew more common in the fine arts business.

While some of the year’s art fraud cases were a result of scammers taking advantage of the vulnerabilities in the system that COVID-19 exposed, a lot of major art world fraud news came after years-long schemes were finally uncovered and fraudsters were finally charged. Here are four major stories that erupted onto the scene.

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Fraud Talk: The 5 Most Scandalous Fraud Cases of 2020

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Fraud Talk: The 5 Most Scandalous Fraud Cases of 2020

Episode 104 of Fraud Talk is the ACFE's latest Facebook Live recording during which ACFE President and CEO Bruce Dorris, J.D., CFE, CPA, ACFE Communications Manager Mandy Moody, CFE, and ACFE Senior Research Specialist Mason Wilder, CFE, unveiled the five most scandalous fraud schemes of 2020. The article is available now on Fraud-Magazine.com.

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Four Brothers Thwart Amazon’s Robust Vendor Controls in a $19 Million Fraud

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Four Brothers Thwart Amazon’s Robust Vendor Controls in a $19 Million Fraud

Amazon has long been a target for retailer schemes and various types of consumer fraud. Four New York-based brothers recently took this to the next level and, on August 19, started facing the consequences. The Abraham brothers — Yoel, 28; Heshl, 32; Zishe, 30; and Shmuel, 24 — were arrested and charged with wire fraud, conspiracy to commit wire fraud and money laundering after law enforcement busted an alleged fraud ring that they were running out of their parents’ home in Monsey, NY.

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Fraud Talk: The 5 Most Scandalous Fraud Cases of 2019

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Fraud Talk: The 5 Most Scandalous Fraud Cases of 2019

January’s podcast is December’s Facebook Live recording during which ACFE President and CEO Bruce Dorris, J.D., CFE, CPA, and Fraud Magazine Associate Editor Emily Primeaux, CFE, unveiled the most scandalous fraud schemes of 2019. Each story that was selected went through a rigorous vetting process, both internally and with the ACFE’s Advisory Council.

Here is an excerpt from the full transcript of the discussion, which you can download in PDF form or listen to at the bottom of this post.

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5 Awkward Situations That Led to the Discovery of a Fraud Scheme

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5 Awkward Situations That Led to the Discovery of a Fraud Scheme

We’ve all found ourselves in an awkward situation from time to time. As uncomfortable as they are, it can sometimes be hard to avoid them. 

You’re at the grocery store when someone unexpectedly waves at you so you wave back, only to realize they were waving at the person behind you.

You nod off at your desk right when your boss walks by.

It’s the end of the date and you say bye, but then you both start walking in the same direction. 

Yikes. 

Those are all pretty cringe-worthy moments, but they don’t compare to these five awkward situations that ultimately led to the discovery of a fraud scheme. Unfortunately for these fraudsters, they couldn’t just walk away and pretend it didn’t happen.

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