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Archive for March, 2009
Massive Rise in Fraud as Recession Bites - London Police Overwhelmed
March 27, 2009 |
A recent article on Bloomberg.com highlights the huge increase in fraud being investigated by the City of London Police. Detective Chief Superintendent Steve Head, who heads the City’s Economic Crime unit, was quoted in the article as saying
“The cases we are investigating involve potential losses of around a billion [UK] pounds (US$1.4 billion)” and “While the rest of the force has seen crime declining, in fraud reporting, we’ve seen a massive increase.”
See http://www.bloomberg.com/apps/news?pid=20601170&refer=special_report&sid=apwv_rCYhOF8 for the full article.
Fraud Schemes: Watch as they grow
In the month the architect of the largest single fraud in history, Bernie Madoff, pleaded guilty to his part in the US$50billion + fraud and was sent to jail, a rash of similar frauds have begun to surface across the globe. Law enforcement, Forensic accountants and financial crime examiners have continued to be confronted with new and as equally audacious fraudulent schemes which have swallowed up investors funds, left stock markets in utter disarray and pushed Governments to breaking point.
Why are there so many fraudulent schemes all at once?
These schemes comes under the description of `white collar crime’, which has become a catch all phrase for a variety of frauds, manipulations and scams perpetrated by business people or public officials.
