Milwaukee Fraud: Securities fraud tied to Quad employee

For the second time in recent history, illegal stock trading has been tied to an employee of Quad/Graphics Inc. It is alleged that a securities broker had an employee steal copies of unpublished BusinessWeek issues, and used information from the “Inside Wall Street” column to make some stock trades. Specifically, it is alleged that broker … Read more Milwaukee Fraud: Securities fraud tied to Quad employee

Forensic Accounting: A New Twist on Bean Counting

Written by Tracy L. Coenen, CPA, CFF

Wisconsin Law Journal

Reprinted in the Kansas City Daily Record

Traditional accountants and auditors have long been referred to as “bean counters.” Some may take offense at the phrase, but if they’re being honest, they admit that it is a simplistic but accurate representation of the work they do.

Your average, everyday accountants and auditors are generally engaged to count the beans. They take a look at the numbers, make sure they all add up, and possibly issue a report saying how and why the numbers add up.

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Match.com and Yahoo Personals Sued For Fraud

A federal lawsuit against match.com accuses the company of luring customers into subscription renewals via emails from fake suitors. It is alleged that employees of match.com sent emails to members and went on sham dates in order to get subscribers to extend their subscriptions. A separate lawsuit accuses Yahoo of posting fake profiles to boost … Read more Match.com and Yahoo Personals Sued For Fraud

Milwaukee Fraud: Bielinski Brothers Part Two

The second part of this fraud story involving Bielinski Brothers Builders Inc. touches on the more personal side of the fraud. The brothers were defrauded by their CEO, Robert Brownell, who was responsible for a total loss of between $10 million and $20 million. The brothers had a gut feeling that something was wrong. They … Read more Milwaukee Fraud: Bielinski Brothers Part Two

Milwaukee Fraud: Bielinski Brothers Builders Inc.

Those familiar with internal fraud (i.e. committed by your own employees) know it is expensive, particularly when it involves executives. The executives have more access to information and assets, and that leads to bigger frauds. Bielinski Brothers, a large builder of homes in southeastern Wisconsin, apparently didn’t suspect one of their own. Robert Brownell worked … Read more Milwaukee Fraud: Bielinski Brothers Builders Inc.

Saving Money With Proactive Fraud Prevention

Written by Tracy L. Coenen, CPA, CFF

Family Ties – Newsletter of UW-Madison Family Business Center

Cost-saving measures are often attractive to businesses. If a company with annual revenue of $10 million could eliminate a $600,000 expense, would management be interested? It can be done, and internal fraud prevention is the key.

Companies lose an estimated 6% of revenue each year to fraud committed by employees. With today’s amazing shrinking margins, 6% could be a company’s entire profit for the year. That loss figure doesn’t even include the costs of investigating and litigating the cases.

Read moreSaving Money With Proactive Fraud Prevention

Prevention & Detection: Fraud

Yesterday I had an opportunity to emcee an event focused on the prevention and detection of corporate fraud. The event was sponsored by Jefferson Wells International, The Business Journal of Greater Milwaukee, BDO Seidman, and Foley & Lardner. Our fraud event drew a crowd of about 75 professionals from companies in the greater Milwaukee area. … Read more Prevention & Detection: Fraud