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Forensic Investigation into Financial Fraud Management: A Comprehensive Approach

Explore the phases of forensic investigations in financial fraud management, including planning, covert operations, transition to open phase, and remediation. Understand the importance of investigative teams, covert measures, open disclosures, and post-investigation actions. Learn from case studies and sample schemes to prevent recurring fraud.

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Forensic Investigation into Financial Fraud Management: A Comprehensive Approach

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  1. Look Before You Leap: Forensic Investigations Financial Fraud MGT 506-1

  2. Discussion Points • Whether To Conduct • Planning Phase • Covert/Discreet Phase • Transitional Phase • Open Phase • Remedial Phase

  3. Whether To Investigate? • Pros • Knowledge of facts needed for options • Incentives for voluntary disclosure • Cons • Cost – Hard & Soft • Tip of Iceberg • Reputation and legal liability for failing to disclose

  4. Planning Phase • Assembling The Investigative Team • Independence • Competence • Investigative Resource • Scope • Inflating value • Legal Implications • Investigative techniques • Third party liabilities • Business Implications • Discipline • Morale • Disclosure to law enforcement

  5. Covert/Discreet Phase • Why So Important • Undercover/Sting Operations • Database Research • Commercial Databases • Internet • Workplace Searches • Surveillance • Computer Forensics • Field Interviews

  6. Transitional Phase • War Story: Bklyn Wanna Mafia Be’s • Issues • Who • Where • When • How • Contingency Planning

  7. Open Phase • Investigative Mentality • Corporate Miranda Warnings • Document Gathering • Interviews • Investigative Report

  8. Remediation • Quantifying damages • Negotiating subject's resignation of employment or disciplinary action • Negotiating financial recovery from the subject and other parties • Negotiating financial recovery with third party victims • Advising on business implications of investigative results • Lobbying prosecutors and other law enforcement authorities to file criminal charges against the subject • Conducting fraud audits of other business units for vulnerability to similar misconduct • Developing controls to deter recurrence • Monitoring of future business activities

  9. Dimon Case Study Fraud Against Employees/Joint Venture Partners • Fraud Against Suppliers • Fraud Against Customers • Government • Commercial parties • Consumers • Sample Schemes • Antitrust • Defective pricing • Shipment of damaged goods

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