Much has been written and recorded about Elizabeth Holmes and her biotech start-up Theranos, once valued at more than $10 billion. ABC Radio recently released a six-episode podcast titled “The Dropout” that chronicles the rise and fall of the figure who critics have come to call the 21st century’s Bernie Madoff, and dedicated followers of the years-long fraud scandal will recall the original Wall Street Journal reports by John Carreyrou that drew national attention to the fraud when they were released starting in 2015. Carreyrou subsequently published the impeccably-researched Bad Blood, a critically-revered book that chronicles the intricacies of the scandalizing saga. For those who prefer the filmic format of delivery, HBO put out a gripping documentary that provides all the requisite information in a mere two hours, a minuscule time investment in comparison to the decades-long fraud for which Holmes continues to face legal battles.Read More
A federal judge asked Donald Watkins, Sr. to step away from the jury box as Watkins, Sr. made an impassioned plea in his closing argument. Watkins, Sr. was in the personal space of front-row jurors, who were clearly agitated and restless as they leaned, twisted back and forth and from side to side to move away from the attorney. Watkins, Sr. was pointing his finger at the jurors and leaning directly into them.Read More
Organizations that implement proactive data monitoring detect frauds 58% faster and experience losses that are 52% lower than organizations that don’t, according to the ACFE’s 2018 Report to the Nations. As these numbers indicate, harnessing your organization’s data can have a significant impact on your efforts to detect and prevent fraud. But introducing data analytics into your fraud-fighting toolbox is not a cut-and-dried process. There’s no universal checklist to follow. Every organization has different data to work with, and unique priorities and organizational goals. It takes a hands-on approach to figure out what will work best for you and your organization.Read More
Amelia Tercero has been one of the most active and engaged members of the ACFE Community. Since joining the ACFE in June 2018, she has posted more than 300 times. Tercero is always eager to share knowledge and experiences with fellow members to learn as much as possible about the anti-fraud profession. It was no surprise when she signed up for the 90-Day CFE Exam Challenge in October 2018, and she brought her lively personality to the challenge group.
Tercero has a background in financial services, mostly in banking, but no matter what her role was, she couldn't keep from identifying, deterring and preventing fraud. She knew that joining the 90-Day CFE Exam Challenge would put her on the fast track to pursuing her professional passion of fighting fraud.Read More
In February 2019, a Meals on Wheels bookkeeper pleaded guilty to stealing more than $88,000. According to court documents, between May 2013 and April 2018, the bookkeeper had access to the organization's bank accounts, debit cards and payroll system. Documents said the bookkeeper used the bank accounts to pay for things like her mortgage, utilities and property tax payments. She frequently disguised these transfers in Meals on Wheels’ internal accounting system to make them appear as they were legitimate Meals on Wheels expenses.Read More