For this Discussion, please view the following video on Financial Shenanigans, read the following article about Joseph Wells, the Godfather of Fraud, and research the ACFE:
Financial Shenanigans – link: https://www.youtube.com/watch?v=Zg-led5YMlo
The Decisions of a Fraud Fighter – link: https://www.fraud-magazine.com/article.aspx?id=4294969187
About the ACFE – link: https://www.acfe.com/about-the-acfe.aspx
What are your impressions from the video, article, and website. What did you learn that was new? Were you able to relate to anything from your own experiences at work?
Reply to classmates post on why you agree with them:
Post By Kevin Wagner:
“There are many forms of “white collar” crime. We hear of people manipulating figures on their financial reports in an attempt to manipulate investors. Usually a company will inflate their numbers so that their company looks more successful to make investors feel more confident in investing large amounts of money. There have also been many high-profile cases of people embezzeling funds for their own personal gain. However, this week for the first time I have learned of a company that deflated their figures. Howard Schilit deflated the numbers on his reports. The most obvious reason I can think of to do this is to hide earnings now, to report them later (YouTube, 2020). The hidden funds could be added to reports later after a move the company makes in an effort to make that move look more successful. A company could possibly pick their moment to appear to be at their strongest. This could also be done at the end of the year to make year-end reports look strong.
References
YouTube. (2020). Financial Shenanigans (By Howard Schilit). YouTube. Retrieved September 16, 2022, from https://www.youtube.com/watch?v=Zg-led5YMlo. “
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