CNBC’s “American Greed” and the Incidence of Financial Fraud

For a few month’s now,  I have been following with interest CNBC’s program “American Greed” which follows actual cases of Fraud and Embezzelement, they do a good job of illustrating  the real life cases of where Bad Actors take advantage on Public, Corporate and Individual Finances. To fully be aware of Fraud and the bad actions people take on Accounting and Finance it helps to follow shows like this and cases in US Courts – at the SEC and in the Criminal Courts. Having a strong awareness of Financial Fraud is very important – the goal is to mitigate risks for any Business, Non For Profit or Individual and awareness of Fraud and Bad Actions goes a long way to achieve this. There is no substitute for Education and Awareness on Fraud and Financial Bad Actions.

You have Business and Individual resources in this direction that are free and within your reach. We highly recommend that for your Business, Non For Profit or Personal Finances that you become a student of what is commonly referred to as Investor Protection Awareness. The Following resources can help:

At the SEC www.investor.gov

At FINRA http://www.finra.org/Investors/ProtectYourself/

At the NY State Attorney Generals Office (*)http://www.ag.ny.gov/bureaus/investor_protection/about.html

(*) We provided NYS AG’s Investor Protection because this is Our Regional New York blog – but from any state you are welcome to follow of course and the good news is ALL States generally have IPA (Investor Protection Awareness) at the State Attorney General (AG) level

Follow the news on Financial Crimes, use caution with respect to your Personal Data to protect yourself from Identity Theft and if you have questions – ask them, trust your cautionary instincts to best protect your Business and Individual Financial Assets.

Fraud and Embezzlement are the intentional actions of Bad Actors who may or may not use methods to conceal their Financial Actions and what they benefit from mostly is a lapse in a  Control Environment – a Control Environment has a specific meaning in the realm of Accounting and Corporate Governance – the meaning is about the ways that straight forward and thoughtfully considered methods can be placed in your Operations to prevent or reduce the risk of Fraud, Defalcation or misapppropriation of your Business Assets. Strong Controls while subject to a cost benefit constraint and not “perfect” are your best direction in preventing Bad Actors from taking advantage of your Business, Stealing Assets and placing your Corporate, Entrepreneurial of Non For Profit mission at risk.

In the world of personal Finances – you may not have formalized Accounting “Controls” but there are key steps that can help you. These steps include enacting some key checks and balances with a deference to protecting your personal financial data and revealing data only where there is a bonafide need to do so. Be cautious of being casually lured into revealing key data by fraudulent e-mails (the IRS – will NEVER e-mail and request your info under current laws, and Banks and other Financial Institutions would be unlikely to do this as well), or be lured or led into doing so on the Phone. Better than I could explain this in short time, the links to IPA (Investor Protection Awareness) will explain this concept more. When you have questions – ask them and don’t be afraid to let people know you will verify information needs prior to releasing sensitive data (and always do so).

The Risk of Financial Fraud or attempted Identity Theft is a real risk we all face in Business, Non for Profits and Individual Finances. Our Strong suggestion is that you must prepare yourself with knowledge to better protect your Finances and work with a sense of Caution on Financial Details.

We can support your needs for Business Controls and can help you to better connect with resources that will make you a better Financial Consumer, one that Protects your Business, NFP and Individual interests with the sense of professional caution that better supports your interests on Finances.

Call us anytime when you are thinking about how to better enact Business, NFP, or Individual Financial Controls – we have expertise in Audit, Controls, Investor Protection Awareness and more and would be glad to use these skills to help you learn how to better defend your Financials from the real world risks we face in this modern time.

Being a well informed Investor or Consumer and independently confirmations can help – find ways to independently verify “facts” for validity. We have helped more than a few people avoid bad moves in sharing financial data and alot of it comes simply from the consideration of the who, what,when, where, how and why on revealing your data and never jumping into doing so…. if you ever feel compelled to take and action right away or you’ll lose a too good to be true opportunity – it’s a sign of being pressured. Pressure on revealing data may be a marker for Fraud if not just inconsiderate. But be equally aware of a subtle (smooth) approach. For your best bet use a system of checks and balances – run the logic through a test and protect your Financial Data.

Financial Data and Personal Identity information has value and is an Asset – Protect your Business, NFP and Individual Financial Data with prudence and due care. We are here to help you on Accounting, Taxes and Finances and part of the process (a key part) is financial education to better protect your hard earned monies. We consider efficiency, accuracy, recordkeeping, controls, relationships and much more as a broad ranging solution set for your Financial Needs. Since our business activities do not currently include Investing and Focus on the Recordkeeping end – we can perform a great service in tracking and monitoring Business, NFP and Individual wealth as a key Independent Financial Reporting and analytical cross check on Investments. A good part of protecting Assets is watching them closely on a regular interval.

For Businesses, Non for Profits and Individuals www.dcarsoncpa.com here as your solution set in Wealth Management Accounting and Reporting. For Investors, Directors, Corporate Officers, Athletes, Entertainers, Artists, Business Professionals and other key roles we provide a sharp solution with Focus on Capturing, Reporting and placing sound Financial Controls on the reporting of your Hard Earned Assets to keep you in the driver’s seat to best manage and grow your Business, NFP or Individual Financial resources. We walk with you on Accounting, Reporting and Controls at dcarsoncpa.com where it’s about your Business, your Finances, Our Families,  and the Financial Futures that matter to all of us.

DCarsonCPA.com – we’re thinking smart on steps to protect your Business, NFP and Individual Finances.

 

 

About Administrator

Dean T. Carson II, CPA 15 years Business and Wall Street Experience in Financial Services as a Senior Consultant and CFO / Controller. Expertise with GAAP, IFRS, GAAS, Taxes (IRS, NY & CT), Regulatory (SEC and other) and Compliance (FINRA). Member AICPA, NYSSCPAs, CSCPAs, NYSSA + more.
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