Fraud Prevention 101: 3 School-Related Scams to Look Out For

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Fraud Prevention 101: 3 School-Related Scams to Look Out For

As we start a new academic year, we’re highlighting three recent scams that took place in schools so that parents, teachers, administrators, and students can remain vigilant and prevent succumbing to these dubious schemes.

Rogue PTA president proves to be big spender

In July 2021, Tiffany Bell, former PTA president at AZ Kelley Elementary School in Nashville, Tennessee, was indicted on fraud and theft charges after stealing nearly $5,600 from the school’s PTA fund during the summer of 2017. Bell used the PTA’s debit card to make cash withdrawals at ATMs, and to make a series of personal purchases at Walmart, Family Dollar and Kmart.

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After Madoff, There’s Still One Major Ponzi Scheme Causing Investors Misery

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After Madoff, There’s Still One Major Ponzi Scheme Causing Investors Misery

The Allen Stanford Ponzi scheme is notorious for many reasons. Stanford’s $7 billion scam, affecting upward of 18,000 victims, was the second largest Ponzi scheme in history, eclipsed only by the huge fraud run by the late Bernie Madoff, who defrauded thousands of investors out of $17.5 billion.

The formerly bankrupt Stanford is currently serving a 110-year sentence in the Coleman II Supermax federal prison in Florida, after living a life of luxury in the Caribbean for two decades off the proceeds of his crime.

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“Ghost Cattle” Scam Results in $244 Million Loss: No Bull

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“Ghost Cattle” Scam Results in $244 Million Loss: No Bull

A recent case highlighted by the United States Department of Justice (DOJ) involved a $244 million loss incurred by major American meat company Tyson Foods and another unnamed organization with a peculiar commodity at the heart of the fraud scheme: ghost cattle. One might wonder how a company could have lost hundreds of millions of dollars due to bovines from the beyond; or maybe ask whether a ghost cow says “moo” or “boo” instead.

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5 Articles and Podcasts That Will Tell You All You Need to Know About Bernie Madoff’s Ponzi Scheme

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5 Articles and Podcasts That Will Tell You All You Need to Know About Bernie Madoff’s Ponzi Scheme

With the passing of Bernie Madoff, we thought it would be helpful to curate some of our most popular articles and podcasts about one of the most infamous Ponzi schemers to ever live. We hope these resources give you insight into the decades-long scam and the CFE who tirelessly investigated Madoff, and shed light on what you can learn for the future.

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The Fraudster’s Gambit: Chess Fraud on the Rise

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The Fraudster’s Gambit: Chess Fraud on the Rise

Throughout 2020, the number of online chess platform users surged, in part because professional players were forced online due to social distancing restrictions that made in-person tournaments impossible, but also because of a horde of novice players who discovered chess as a new quarantine hobby. This vast swath of players only increased after the release of Netflix’s popular limited series “The Queen’s Gambit,” which tells the story of a young woman facing off against much older masters.

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