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Alarming news from Edina, Minnesota. An accountant pleads guilty to stealing over $340,000 from a client's small family-owned business. Ronald Schaeffer, the guy in the spotlight, was trusted with the business's financial matters. But between 2016 to 2019, he helped himself, making unauthorized transactions into his account. Banks are quite the watchdogs, aren't they? It wasn't long before one flagged suspicious transactions from the business account to Schaeffer's personal one. Interestingly, Schaeffer was the one who tripped himself up. He didn’t warn the business owners of a potential tax lien, revealing his deceitful actions. Sad, but true, he’s now staring at 30 years in prison. It's a sharp reminder of the risks businesses face when there's not enough oversight on financial matters. Let's smarten up our act, how about it? To combat fraud, robust oversight systems at accounting firms and businesses are a must. #AccountingFraud #BusinessOversight #BewareWhiteCollarCrime.

Did you know that consumers lost nearly $8.8 billion to fraud in 2022? One of the most important ways to protect yourself and your business from becoming a victim of fraud is through awareness. This article by our own Kaitlin Accardi, CPA breaks down five of the most common frauds and how to prevent them. Learn more: https://ow.ly/MabF50SEMER #fraud #payrollfraud #assetmisappropriation #financialstatement #fraudprevention

Would You Blow the Whistle for $37 Million? 🤔💰 The SEC just awarded $37 million to a whistleblower whose information led to a major enforcement action. 👏 Read the full story to learn how this program is helping to protect investors and what it takes to be a successful whistleblower. #SEC #Whistleblower 

Embattled investor Nate Paul seeks to delay trial on bank, wire fraud charges to 2025 - Austin Business Journal Legal update: Nate Paul, the Austin real estate developer, aims to push back his bank and wire fraud trial to 2025 due to case complexity and over 4 million documents. His attorneys highlight the challenge posed by a recent superseding indictment. Stay tuned for more. ⚖️ https://lnkd.in/gq8vTKaY #NatePaul #LegalUpdate

SEC Establishes Interagency Securities Council to Enhance Coordination of Enforcement Efforts Across Federal, State, and Local Agencies The SEC’s Division of Enforcement has launched the Interagency Securities Council (ISC) to bring together federal, state, and local regulatory and law enforcement professionals. The ISC will meet quarterly to discuss scams, trends, frauds, and strategies to combat financial fraud, aiming to enhance collaboration and protection for investors. Representatives from over 100 agencies are involved, including federal agencies, state attorneys general, state police, local police departments, and sheriff’s offices. “The ISC will help investigators stay updated on emerging threats and support federal, state, and local law enforcement,” said ISC Chair Gurbir S. Grewal. Cristina Martin Firvida, the SEC’s Investor Advocate, emphasized that investors benefit from coordinated efforts and information sharing across all levels of government. #SEC #stakeholder #financialreporting #XBRL #investor https://lnkd.in/grPz4t-c

As the SEC continues to hit firms with fraud-related fines, my colleague Tyler Mathis reviews the latest cases and offers his thoughts on how to keep your compliance out of hot water. #Fraud #FinancialCompliance

As businesses continue to be targets of fraud, you can reduce your exposure and protect yourself against the financial and reputational damages that go along with these crimes with Positive Pay from Northrim. This service gives you the power to easily monitor your accounts to prevent unauthorized check and ACH debits. Learn more about how you can protect your business. https://bit.ly/48ehOOW #PositivePay #FraudProtection #AchieveMore 

Recently, prominent short teller Andrew Left was charged with securities fraud. Regardless of the final verdict, the negative publicity has already been changing people's perception of his professional knowledge and ethics. This is why it's very important for companies to have a proactive approach to fraud rather than a reactive one. A proactive approach will allow the company to recognise red flags and take action faster to prevent potential repercussions. Read more about the story and what it could mean for a business: https://lnkd.in/gr4cT5Q2 #securitiesfraud #investmentfraud #casemanagement #fraudprevention

Are you doing everything you can to protect your assets from falling victim to financial fraud? "Fraudsters take advantage of the things we as a society and organizations give them." So says Eleven Canterbury Expert and Accounting Fraud Specialist Paul Dunlop. "Staying one step ahead of them and knowing how to detect fraud by analyzing data is critical.” Click the link to watch Paul's full conversation with Dan Martin and hear how he works to stay that one step ahead: https://lnkd.in/e74iG9hs #frauddetection #fraudprevention #accountingfraud