Avoiding Employee Fraud Webinar (January, 2012)
Handouts
The Ongoing Problem of Fraud and Embezzlemnet in Business (PPT)
Crimes against businesses are nothing new. Yet, small businesses may be particularly vulnerable because they don't have safeguards in place to prevent and detect criminal activity.
For small businesses, the median loss due to fraud is greater than what has occurred in Fortune 500 companies. In fact, one third of all business bankruptcies are due to employee theft. U. S. businesses lose 7 percent of their annual revenues to fraud. While there are a number of schemes, the typical fraud and embezzlement scenario frequently involves check tampering and fraudulent billings.
Take a proactive approach. Understand and implement the safeguards necessary to protect your business from white collar crime.
Moderated by:
Steve Felker, Principal and GCG Risk Management Consultants LLC
Learn about:
- Business susceptibility to theft and white collar crime
- Typical scams and schemes • Real-life case studies with problems and solutions
- Preventative measures you can use
Presentation by:
Larry Elisco - Member, Weltman Bernfield
Larry Elisco, CPA, directed the investigation and discovery of a fraudulent scheme at a prominent Fortune 500 manufacturer where assets were misappropriated through unauthorized scrap sales. The fraud was discovered and the responsible employee was terminated and prosecuted and accounting controls were put into place to ensure that any future fraudulent activity would be detected and that the company’s assets would be safeguarded.
Larry also covertly conducted an investigation of theft by a practice manager of a large medical practice. His investigation determined that the practice manager paid herself excessively through payroll and also utilized the practice’s credit cards for personal purchases. As a result of Larry’s investigation and report, the practice manager was terminated and prosecuted by the authorities. Accounting controls were put in place to ensure that such company’s assets would not be misappropriated in the future.
He obtained his Accreditation in Business Valuation by the American Institute of Certified Public Accountants. Larry has directed the audit, tax compliance and current value reporting for a $20 billion international real estate company and was responsible for the SEC financial reporting of the sale of a $220 million real estate investment advisory business. He also directed the reporting and public presentation of an $800 million capital plan on behalf of a major government agency. Larry has assisted public companies in the preparation of registration statements filed with the SEC on several initial public offerings, mergers of private companies with publicly reporting shell companies, as well as ongoing financial reporting for public entities.
He has performed valuation services for a number of businesses in connection with mergers and acquisitions, the raising of equity capital, debt procurement, tax planning and compliance and litigation support.
