An empirical examination of some 700 corporate fraud lawsuits shows a significant overlap in the application of the variety of suits available, as well as pronounced differences in the effectiveness of the various kinds.
Howard v. Lockheed Martin Corp.22 held that for purposes of pleading fraud with particularity, as required by Federal Rule of Civil Procedure 9(b), there is no requirement to plead presentment by a subcontractor to the prime contractor.23 In that case, the FCA whistleblowers alleged that Lockheed and eight subcontractors improperly charged the United States for nonconforming tooling made by the companies and used by Lockheed to manufacture the F-22 fighter plane and the C-130J cargo plane.24 While the whistleblowers provided what the court described as specific and detailed information about the alleged fraud, the whistleblowers also identified particular difficulties that have hindered their ability to identify specific false claims submitted.25 Accordingly, the court determined that t...
This article examines the federal government's growing use of 18 USC § 1346 to prosecute public company executives for breaching their fiduciary duties. Section 1346 is a controversial but under-examined statute making it a felony to engage in a scheme "to deprive another of the intangible right of honest services." Although enacted by Congress over twenty years ago, the Supreme Court repeatedly declined to review the statute, until now. The questions before the Supreme Court are of particular interest to public company executives and their professional advisors. Traditionally, Delaware law has governed the content and enforcement of executives' legal duties, largely protecting public company fiduciaries from civil liability. Now, with the emergence of honest services fraud as a weapon ...
To evaluate the content covered in fraud/forensic accounting courses, a sample of 111 faculty members who were identified as teaching fraud/forensic accounting courses at four-year universities was selected. The content having the highest degree of interest to the survey respondents is related to the fraud examination areas and not the wider-ranging forensic accounting topics. The fraud/forensic curriculum is being defined as fraud examination. Even those instructors who teach in the "forensic" accounting area cover topics more closely related to fraud examination than forensics. The implications are that fraud and forensics accounting courses are not two distinct areas of accounting pedagogy. From this perspective, it means that areas beyond financial statement fraud such as digital in...
Twenty-Third Annual Survey of White Collar Crime
Mortgage fraud, a white-collar crime committed against lending institutions, has grown tremendously over the past few years across the United States. Mortgage fraud has community implications, and does not follow traditional categories of white-collar crimes, which usually are limited in the types of victims affected. Because of the negative externalities that emanate from neighborhoods hit by cases of mortgage fraud, the ramifications of this crime have long-lasting and harmful effects for multiple parties, in terms of quality of life and financial hardship. This paper explains the implications that mortgage fraud can have on both affected neighborhoods and public administrators. Future research opportunities are also addressed regarding this complex phenomenon. Finally, a brief list o...
The first part of a series on uncovering accounts payable fraud using fuzzy matching logic is presented. With the increasing growth of accounts payable transactions every year, there's an increasing risk of potential fraud and abuse. The Sarbanes-Oxley Act is forcing many companies to take an in-depth look at internal accounts payable controls. Implementing and monitoring internal controls may be an expensive proposition in terms of time and money, but if fraud or leakages are found, it will be time well spent. Duplicate payments in most cases aren't related to fraud but continue to be a significant form of leakage that's both preventable and recoverable. In a rush to address the growing problem and find overpayments, many companies have offered computerized solutions. Utilizing various...
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