Fraud Is Wrong

In every setting there should be a policy and procedures on whistle blowing. The whistle blowing Policy is put into place to provide protection against the person in the work place against victimisation or any form of punishment (physical or verbal) when concerns are genuine. If you suffer any victimisation or punishment due to whistleblowing you may be able to take your case to an Employment Tribunal. If you have any concerns about misconduct or malpractice that is occurring in your work setting you should report it to your manager/supervisor. All information given is confidential. The whistleblower is a person that discloses wrongdoing that threatens others, rather than a complaint about their own treatment.

Company X is committed to providing education for each employee to report unethical behavior and resolve conflicts without fear of retaliation. One such example would be the need to report employee theft. Employee theft is not only unethical but could also be criminal in nature. Regardless of employee status (entry level or upper management), each employee should feel it their responsibility to report any unethical behavior they observe. Employee theft can range from theft of money, time, office supplies or merchandise to providing proprietary information to unauthorized entities. These activities can result in a negative public image of Company X and should be reported as quickly as possible. Prior to reporting such offenses, each employee should ensure the accuracy of the evidence they will be reporting. There are various methods to report such abuses including but not limited to an anonymous toll free hot line number, verbal or electronic reporting to the local Human Resources office and the open door policy which encourages employees to approach members of management without the fear of

If this is a criminal matter, for example, an alleged assault, rape or indecent exposure, you will need to call the police and if in any doubt consult your policies and procedures or contact your supervisor / manager immediately or another available senior person.

Embezzlement seems to be a white collar crime that is victimless. However, when monies are embezzled from a non profit it affects all those involved especially those benefitting from the work of the nonprofit organization. I thought of our local community nonprofit arts foundation. They not only produce a full slate of shows each season, but also provide classes in painting, sculpting, drawing, acting, music, and dance. If they were defrauded in the amount of $93,000 it would affect educational programs and community outreach.

Your workplace will have it’s own policies and procedures in place detailing and to who you should report your suspicions to and the correct course of action to follow.

Staff members should notify their manager without delay, to report the concern/disclosure. (If a staff member is the alleged perpetrator, the overall manager/owner should be notified, as extended leave/redeployment may need to be considered.)

On August 25th 2015 Co-Founder of OXYwater Preston J. Harrison and his Wife Lovena Harrison were sentenced for Wire Fraud, Money Laundering and Tax Crimes. (Investor Claims, August 2015). I chose this case because it has many different types of fraud, including wire fraud, money laundering, and tax fraud, conspiracy to commit fraud, concealment of fraud, theft and misappropriation of funds. What makes this case so interesting is that the husband and wife co-owners of OXYwater are not the only criminals. Their co-conspirator was Thomas E. Jackson;

Graham I see that we disagree with whom should win the case, but I understand where you are coming from. Enterprise was paying and improving the property so it makes me wonder why Jane wanted to evict them after one year. Jane was probably trying to make a profit from someone else or selling the property. Yes business is business but morally she didn’t have to break the oral lease. Sometimes we need to go back to shaking hands and keeping our word. The textbook states, “That the Statute of Frauds requires certain contracts to be in writing and signed by the defendant to be enforceable against the defendant” (Lau, 2012, p. 187).

In fraud committed against organizations, the victim of fraud is the employee’s organization. In frauds committed on behalf of an organization, executives usually are involved in some type of financial statement fraud; typically, to make the company’s reported financial results appear better than they actually are. In this second case, the victims are investors in the company’s stock. A third way to classify frauds is via the use of the ACFE’s occupational fraud definition, “the use of one’s occupation for personnel enrichment through the deliberate misuse or misapplication of the employing organization’s resources or assets” (ACFE, 2010). The ACFE includes three major categories of occupational fraud: asset misappropriations involves the theft or misuse of the organization’s assets, corruption involves the wrongful use of influence in a business transaction in order to procure benefits contrary to their duty to their employer, and fraudulent financial statements involving falsification of an organization’s financial statements for personal gain.

5. Decide on follow-up. If the person who is being hostile doesn’t change I will refuse to work in that environment and/or ask for help from management if needed. I will never again allow myself to be abused because I am employed. No other profession would be forced to feel unsafe, so neither should

Knowing that everything is tracked in the company and none of the top 5 administrators committed the fraud. Then, probably the fraud was committed by an outsider that knows banking information from the company. This could be someone from the accounting firm use to audit the company’s financials.

We should follow the company policies and procedures relating to suspected abuse, and the action to take. These will inform you of the proper course of action, who to report it to, and what responsibilities are as an employee of that company.

Some industry-specific factors, such as having valuable near-cash assets, can increase the organization's vulnerability. Also they will need to rationalize the actions as justifiable. The individuals committing the fraud must first convince themselves that their behavior is acceptable or will be temporary. For example, Barry Minkow’s believed that the lies and deceit are for the betterment of his company and that with time everything will eventually return to normal.

The executives are accountable to the board of directors. Instead of protecting the investors, the board enticed the culture of financial fraud in the company for selfish gains. It failed in its duties in keeping the executives in check.

The perfect fraud storm occurred between the years 2000 and 2002 involving two of the largest energy and telecom corporations in the United States: Enron and WorldCom. It was determined that both organizations fraudulently overstated assets, created assets from expenses or overstated revenues, costing investors billions of dollars and resulting in both organizations declaring bankruptcy (Albrecht, Albrecht, Albrecht & Zimbelman, 2012). Nine factors contributed to fraud triangle creating this perfect fraud storm, and assisting management in concealing the fraud until exposed and rectified.