Enterprising Investor
Practical analysis for investment professionals

fraud


James H. Freis, Jr., CFA: The Rise and Fall of Wirecard

A key lesson from the "Enron of Germany": If you see something, say something.

Financial Misconduct Trends: Conflicts of Interest and False Performance Claims

What are the current trends in financial industry conduct cases and what can investment professionals do to mitigate ethical risks? Financial compliance expert Jeffrey Stith shares his insights with Crystal Detamore.

Financial Self-Defense: Preventing Fraud and Mischief

Private investigator L. Burke Files talks to Norb Vonnegut about how criminals think, how they behave, and how financial advisers can spot their bad offerings and protect their clients from financial malfeasance.

Book Review: Risk

Risk: Your Global Guide is a slim but valuable guide to risk management and fraud detection. The book’s message is simple: Understand the basic principles of finance, reduce unintended risk, and obtain a level of reward commensurate with the level of risk that you assume. This high-level perspective allows the reader to see the big picture and understand how fraud at the highest levels of finance and government affects ordinary citizens.

A Whistleblower’s Role in Today’s World

Michael Woodford, former president and CEO of Olympus Corporation, was controversially fired after revealing widespread company fraud. Woodford recounts his experience and discusses the role and perception of whistleblowers today.

Do Valuation Shorts Work?

Valuation shorts have a bad reputation on Wall Street. But do they work? Alon Bochman, CFA, tested this question using a new research service.

Detecting Earnings Manipulation and Fraud: A Light Tutorial on Probit Analysis

Lies, damned lies, and earnings management. If 20% of firms misrepresent economic reality through earnings management, analysts and portfolio managers must protect themselves by knowing how, why, and when individuals lie. Quantitative methods with forensic formulas, such as the Beneish model, offer part of the necessary skills to distinguish earnings manipulation from earnings management.

Retaliation against Whistle-Blowers: No Good Deed Goes Unpunished

Whistle-blowers provide a real benefit to companies: Fraud costs a typical company about 5% of its revenues, and whistle-blowing is the single most common method of fraud detection. Recent studies show, however, that retaliation against whistle-blowers is on the rise.



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