From this case, identify:
1. The pressures, opportunities, and rationalizations that led James to commit his fraud.
2. The signs that could signal a possible fraud.
3. Controls or actions that could have detected James’s behavior.
James Watkins, an ambitious 22-year-old, started an entertainment business called Best Club after he graduated from California State University. Best Club initially was a business failure because James ignored day-to-day operations and cost controls. One year later, James was heavily in debt. Despite his debt, James decided to open another location of Best Club. He was confident that Best Club would bring him financial success.
However, as his expenses increased, James could not meet his debts. He turned to insurance fraud to save his business. He would stage a break-in at a Best Club location and then claim a loss. In addition, he reported fictitious equipment to secure loans, falsified work order contracts to secure loans, stole money orders for cash, and added zeros to customers’ bills who paid with credit cards. James was living the “good life,” with an expensive house and a new sports car.
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