Category: Fraud

New Guidelines for Fraud Deterrence

The Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) has released an updated Internal Control – Integrated Framework in the fight against fraud.  It provides expanded practical advice regarding effective implementation of internal controls.  COSO is a joint initiative of five private sector organizations with a shared interest in enterprise risk management, internal control and fraud …

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Permanent link to this article: https://betweenthenumbers.net/2013/06/new-guidelines-for-fraud-deterrence/

Whistleblower protection does not require fraud on shareholders

A recent decision has clarified the reach of the protections offered to whistleblowers under Section 806 of the Sarbanes-Oxley Act of 2002 (“SOX”).  In the matter of Lockheed Martin Corporation v. Administrative Review Board, United States Department of Labor, it has been determined that SOX whistleblower protection extends beyond employee reporting of frauds on shareholders.  …

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Permanent link to this article: https://betweenthenumbers.net/2013/06/whistleblower-protection-does-not-require-fraud-on-shareholders/

SEC Whistleblowers Rewarded

The Securities and Exchange Commission(“SEC”)  announced the agency has approved its second Dodd-Frank whistleblower award since the program’s 2011 inception, this time to three individuals who were each deemed to have provided information related to a $7.5 million enforcement action that was (i) voluntary, (ii) original, and (iii) led to the successful result. The SEC’s “fact …

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Permanent link to this article: https://betweenthenumbers.net/2013/06/sec-whistleblowers-rewarded/

More Than 10% of US Adults Were Victims of Fraud in 2011

A recent report by the Federal Trade Commission (“FTC”) entitled “Consumer Fraud in the United States, 2011: The Third FTC Survey” provides some interesting statistics on the prevalence of fraud.  The underlying consumer surveys revealed that during 2011 an estimated 10.8 % of U.S. adults (25.6 million people) were a victim of one or more of an estimated total …

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Permanent link to this article: https://betweenthenumbers.net/2013/06/more-than-10-of-us-adults-were-victims-of-fraud-in-2011/