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Fraud  

Fraud (honesty)

Business Fraud Statistics:

 

Financial Crimes Report to the Public Fiscal Year 2005

 

Financial Crimes Report to the Public Fiscal Year 2006

 

Financial Crimes Report to the Public Fiscal Year 2007

 

Financial Crimes Report to the Public Fiscal Year 2008

 

Financial Crimes Report to the Public Fiscal Year 2009

 

 

From 2009 report: (note: following are samples, some reports include telemarketing frauds)

Through FY 2009, cases pursued by the FBI resulted in 153 indictments/informations and 156 convictions of corporate criminals. Numerous cases are pending plea agreements and trials. During FY 2009, the FBI secured $6.1 billion in restitution orders and $5.4 million in fines from corporate criminals. The chart below reflects corporate fraud pending cases from FY 2005 through FY 2009 as follows: FY 2005— 423 cases; FY 2006—486 cases; FY 2007—529 cases; FY 2008—545 cases; and FY 2009—592 cases.

CORPORATE FRAUD PENDING CASES

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As of the end of FY 2009, the FBI was investigating 1,510 cases of securities and commodities fraud and had already recorded 412 indictments/informations and 306 convictions. Additional notable accomplishments in FY 2009 include: $8.1 billion in restitution orders; $63.4 million in recoveries; $12.8 million in fines; and $126 million in seizures. The chart below reflects securities and commodities fraud pending cases from FY 2005 through FY 2009 as follows: FY 2005—1,139 cases; FY 2006—1,165 cases; FY 2007—1,217 cases; FY 2008—1,210 cases; and FY 2009— 1,510 cases.

image004

Through FY 2009, 2,494 cases investigated by the FBI resulted in 945 indictments and 640 convictions of Health Care Fraud criminals. It should be noted that numerous cases are pending plea agreements and trials. The following notable statistical accomplishments are reflective in FY 2009 for HCF: $1.6 billion in restitutions, $853 million in recoveries, $68 million in fines, and $54 million in seizures. The chart below reflects HCF pending cases from FY 2005 through FY 2009 as follows: FY 2005—2,547 cases; FY 2006—2,423 cases; FY 2007—2,493 cases; FY 2008—2,434 cases; and FY 2009—2,494 cases.

image006

 

Through FY 2009, 2,794 cases resulted in 822 indictments and 494 convictions of mortgage fraud criminals. The following notable statistical accomplishments are reflective in FY 2009 for mortgage fraud: $2.5 billion in restitutions, $7.5 million in recoveries, and $58.4 million in fines; 128 seizures valued at $5.06 million and 226 criminal indicted assets valued at $510.1 million. The chart below reflects mortgage fraud pending cases from FY 2005 through FY 2009 as follows:FY 2005—721 cases; FY 2006—818 cases; FY 2007—1,204 cases; FY 2008—1,644 cases; and FY 2009—2,794 cases.

Mortgage Fraud

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Alternatively, there are frauds that affect businesses

See following articlesÉ.

Current Fraud Statistics

http://www.businessfraudprevention.org/fraud_statistic.html#

 

Why Corporate Fraud Is On The Rise

James A. Kaplan, 06.10.10, 06:00 PM EDT

http://www.forbes.com/2010/06/10/corporate-fraud-executive-compensation-personal-finance-risk-list-2-10-kaplan.html

Kaplan quotes ÒAn indication of just how common such behavior is appears in a study analyzing fraudulent financial reporting in the decade through 2007 that was recently released by the Committee of Sponsoring Organizations (COSO)of the Treadway Commission.Ó

 

Where There’s Smoke, There’s Fraud

http://www.cfo.com/article.cfm/14557373/1/c_14557613

Sarbanes-Oxley has done little to curb corporate malfeasance. Therefore, CFOs should implement a range of fraud-prevention measures.

 

 

Some more examples:

Corporate fraud rising in NZ

http://www.nbr.co.nz/article/corporate-fraud-rising-nz-44696

 

The Association of Certified Fraud Examiners (ACFE) published its 2010 Report to the Nations on Occupational Fraud & Abuse. http://www.acfe.com/rttn/rttn-2010.pdf

The Network and BDO Consulting Release Fourth Quarter 2010 Data in the Quarterly Corporate Fraud Index

The Network, Inc

March 01, 2011

http://www.tnwinc.com/press_releases/TheNetworkandBDOConsultingReleaseFourthQuarter2010DataintheQuarterlyCorporateFraudIndex/TheNetworkInc.aspx

 

___________________________________________________________________________

2010 EDELMAN TRUST BAROMETER

Trust: 2010 Edelman Trust Barometer Executive Summary

http://www.edelman.com/trust/2010/docs/2010_Trust_Barometer_Executive_Summary.pdf

 

Page 6

For the first time, this year√ïs Trust Barometer shows that trust and transparency are as important to corporate reputation as the quality of products and services. In the U.S. and in much of Western Europe, these two attributes rank higher than product quality—and far outrank financial returns, which sits at or near the bottom of 10 criteria in all regions. This milestone is in stark contrast to 2006, before the financial crisis hit, when financial performance was in third place in a list of 10 attributes shaping trust in the United States (figure 9).

 

 

On GallupÕs poll on Honesty/Ethics in Professions

http://www.gallup.com/poll/1654/Honesty-Ethics-Professions.aspx

Business executives rank lower on 2010 (Nov 19-21) poll on honesty

November 2010: Please Tell Me How You Would Rate the Honesty and Ethical Standards of People in These Different Fields

 

Honesty In Business – Does It Pay? Is Honesty The Best Policy?

http://searchwarp.com/swa129086.htm

This article deals with the issue but has no stat to support the claim

 

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