Report to the Nations: Read the Stories Behind the Numbers

Report to the Nations: Read the Stories Behind the Numbers

Fraud inherently deals with lots of numerical data and fraud examiners are experts at diving into those numbers and finding evidence of wrong-doing. However, with balance sheets, ledgers, expense reports and other dense documents at the forefront of many investigations, it’s easy to forget the stories of those people affected by the fraud.

Read More

Elizabeth Holmes: The Next Steve Jobs or Bernie Madoff?

Elizabeth Holmes: The Next Steve Jobs or Bernie Madoff?

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

The Rise and Fall of the 1MDB Mastermind

The Rise and Fall of the 1MDB Mastermind

Published in September of 2018, Tom Wright and Bradley Hope’s Billion Dollar Whale: The Man who Fooled Wall Street, Hollywood, and the World is a detailed depiction of one of the largest, most sprawling financial fraud schemes of the 21st century. Wright and Hope, two long-time Wall Street Journal reporters, take the reader through the almost unbelievable tale of Jho Low’s rise to conspicuous wealth and international stardom. As Wright and Hope outline in their author’s note, they hoped not only to explain Low’s methods and motives but also to present a “larger portrait, about capitalism and inequality, told through the life of Low.” By exposing the links between big banks, kleptocracy, and corruption within Hollywood and Wall Street, Wright and Hope elucidate the structural concerns that enabled Low’s scheme while crafting a gripping narrative of infuriating oversights and ostentatious decadence.

Read More

City of New York Seeks $20 Million for Airbnb Fraud Scheme

City of New York Seeks $20 Million for Airbnb Fraud Scheme

Airbnb currently has around 50,000 listings within New York City, making the tourism capital its largest market in the U.S. As Airbnb has experienced a steady climb in short-term rentals within NYC, the municipal and state governments have grown more keen on curbing Airbnb’s permissions for local rentals to keep more living spaces available for New York City residents, who already face a tight rental market. According to the New York State Multiple Dwelling Law, buildings with three or more units cannot offer rentals for fewer than 30 days at a time unless the owner or tenant of the unit is present while the guest is renting.

Read More

How to Manage Reputational Risk

How to Manage Reputational Risk

As Warren Buffett once said, “It takes 20 years to build a reputation and five minutes to ruin it.” Reputation equals integrity and integrity equals social responsibility. By sustaining the “social license to operate” through social responsibility, organizations ensure that business practices, operating procedures and corporate behaviors are acceptable to employees, stakeholders and the public.

Read More