My wife and I are having our first child so taking steps to insure our future as well as our growing family’s future was important. When I met with Chris I felt like our taxes and our finances were in good hands. Even though we are just a small family Chris made us feel like we were his biggest account.   [read more]


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Trump Organizationís real estate partner
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Ex-HSBC Currency Trader

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Thursday, March 22, 2018

Fraud-Ponzi scheme 25

A fraud scheme which is named after a person himself should be an interesting one. Charles Ponzi was an Italian immigrant who moved from Italy to Boston. He was a hustler for to make a quick buck. He devised a plan to sell postal reply stamps in ...[read more]
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ZIKLAG: Unmasking fraud, one at a time.

What is the fraud triangle?

Professor Dr. Donald Cressey came up with a fraud triangle as a model for explaining the factors that can cause someone to commit occupational fraud. It consists of three elements which, together, often lead to fraudulent behavior:

Pressure-My friends have nice homes, drive new cars and take exotic vacations and I can’t because I don’t have the money.

Opportunity-No one is watching. I can get away with it, and writing a check for $45,000 and solve my problems. It will be my secret.

Rationalization- I am indispensable to my company. I am underpaid. I have been working with my company for 17 years. The company will not even miss the money if I pay my credit balance of $25,271.00. I am simply borrowing the money and will return it shortly.

Right now fraud is occurring here and everywhere.
From neighborhood businesses, to closely-held small companies and mega-corporations with robust internal controls and security measures in place, fraud is an issue.  

Fraud comes in many forms!

Misrepresentation—this covers anything from resume fraud to deceptive sales pitches and padded time sheets

Tax fraud—think Wesley Snipes. He was sent to prison and also he had to repay $7 Million in back taxes.

Ponzi schemes—Ponzi was the Bernie Madoff of the 1920s. These schemes get a makeover every so often, but the pyramid scheme is always the same—an investment opportunity that looks too good to be true because it is.

Wire fraud—a transfer from one bank to another and then to a personal account. Performance enhancing drugs—the dubious Tour de France victories of American cyclist Lance Armstrong are a prime example

Foreign corrupt practices act (FCPA)—think Siemens  which paid over $800 Million in FCPA penalties.

But the most egregious of them all is financial fraud. Financial fraud is insidious. It simmers quietly and silently destroys the core of a company’s operations.

We are passionate about fighting fraud. We are here to offer our services to assist your company with the detection, investigation and, most importantly, the prevention of fraud. We can assist your company by being the eyes and ears that help you uncover and prevent fraud.

The latest 2018 global study Report to the Nations from the Association of Certified Fraud Examiners summarizes some of the key findings as follows:

  1. Businesses lose 5% of their annual revenues to financial fraud
  2. The most common and least costly are from asset misappropriation
  3. Financial statement fraud cases are least common and most costly
  4. Tips are the most common initial detection method
  5. Internal controls weaknesses were responsible for nearly half of the frauds
  6. Fraudsters who had been with the company longer stole twice as much
  7. Median duration of a fraud scheme was sixteen months