Anyone who has been involved in litigation knows that it can be difficult, time-consuming, and expensive. It also can be contentious. Few pieces of bankruptcy-related litigation have reached the level of contentiousness seen in the recent disputes between two titans of the restructuring world—Jay...
DC Solar Solutions Inc. described itself as a designer, manufacturer, and lessor of renewable energy products. More recently, though, it has been described in court documents as a massive Ponzi scheme and has been implicated in an $810 million investment fraud. Ponzi schemes take their name from...
The Kraft Heinz Co. owns 60 percent of the ketchup market in the United States and 80 percent of that market in Europe. As of 2014, 97 percent of American households had ketchup on hand, and most of that was Heinz. When people think of ketchup, they think of Heinz. Kraft Heinz also is home to other...
Corporations cannot afford to treat fraud as an uncontrollable act perpetuated on them. The risks and problems associated with fraud are on the rise, while the financial consequences of ineffective fraud controls are proving to be increasingly damaging. There is no doubt that fraud awareness is...
Six out of every 10 businesses are experiencing the same or higher levels of losses to online fraud compared with a year ago, according to “The 2018 Global Fraud and Identity Report” from Experian. Fraud was cited as a growing concern by 72 percent of businesses that participated in the study...
Misstatements and omissions of significant information could be the result of either fraud or incompetence. Unfortunately, it is often difficult to tell the difference. Incompetence is ineptitude and lack of ability, while fraud is intentional deception for financial or personal gain. Knowing which...
The typical response of a victim of fraud is to wage a full-scale attack on the perpetrator—report them to the authorities and seek to recover the maximum amount of damages without regard to the harm inflicted on the bad actor. However, this standard playbook would be counterproductive when a fraud...
The employment-based fifth preference category (EB-5) visa program was initially created by the Immigration Act of 1990 for the express purpose of creating new jobs for U.S. workers and boosting the U.S. economy via an influx of new foreign capital. The program provides a method by which wealthy...
The Supreme Court of Canada recently found two banks liable in conversion for a $5.5 million check fraud carried out by a former employee of a major pharmaceutical company. The decision stands as the court’s most recent consideration of the “fictitious or non-existent” payee defense to the tort of...
Unfortunately, theft from charitable organizations is neither rare nor insignificant. The Internal Revenue Service, which began collecting diversion data in 2008 from the larger nonprofits that are registered with the agency, reported that 285 diversions involving total losses of more than $170...