The U.S. tax system is based on voluntary compliance.
20 Aug 2021The IRS can add a 20 percent penalty to your tax bill for a careless mistake and a 75 percent penalty for tax fraud.
20 Aug 2021A "planned bankruptcy" is usually referred to as a bust-out.
20 Aug 2021The retention of a fraud investigator in a bankruptcy case must always be approved by the bankruptcy courts judge.
20 Aug 2021The purpose of civil laws is to "right a wrong" or send someone to jail or have them pay fines, whereas the purpose of criminal laws is to seek monetary remedies or recover stolen funds.
20 Aug 2021Most divorce-related fraud cases are civil rather than criminal.
20 Aug 2021A debtor is the person or entity who is subject to a bankruptcy filing.
20 Aug 2021Chapter 11 bankruptcies represent complete liquidation or shutting down of a business.
20 Aug 2021Debtors in bankruptcy cases have the power to sue investigators over false accusations.
20 Aug 2021Concealment of assets typically occurs on a larger scale for individuals filing for bankruptcy protection than it does for businesses filing for protection.
20 Aug 2021Bust-out schemes usually involve the concealment of assets, sales proceeds, and inventory.
20 Aug 2021Fraudulent transfers can occur up to two years before the debtor files for bankruptcy.
20 Aug 2021A person acting as an officer in a bankruptcy case is prohibited from purchasing any property of the debtor’s estate.
20 Aug 2021Civil bankruptcy cases are usually investigated by the FBI and other law enforcement agencies.
20 Aug 2021How is money laundering related to other illegal activities or fraud?Here is a tip:The activity done in an unlawful or criminal manner with an intention of personal gain is known as fraud.
20 Aug 2021What is money laundering?Here is a tip:Money laundering leads to increase in the legal income through unlawful attempts.
20 Aug 2021Is it necessary to report illegal income (such as embezzled money) on income tax returns?Here is a tip:The returns filed by the individual carrying all the details of the respective income, profit or gains during a particular period is known as income tax return.
20 Aug 2021What is the CI division of the IRS?Here is a tip:The intentional underpayment of tax is known as tax fraud.
20 Aug 2021Why should fraud investigators involved in bankruptcy or divorce cases be careful about what they put in their report?Here is a tip:The action undertaken to examine or find some facts is known as investigation.
20 Aug 2021Who usually initiates the filing of an application for retention of an investigator?Here is a tip:In the event of bankruptcy, amount of creditors may become irrecoverable.
20 Aug 2021What is an affidavit of proposed investigator?Here is a tip:When an individual or a firm fails to pay its debt, it is known as bankruptcy.
20 Aug 2021What is a court-appointed or panel trustee?Here is a tip:Trustee helps the creditors in collection of their debts.
20 Aug 2021What are some of the most common ways that fraud perpetrators conceal and transfer assets or income during bankruptcy and divorces?Here is a tip:The activity done in an dishonest and the criminal manner for the personal gain is known as fraud.
20 Aug 2021What are some of the most common tax fraud schemes?Here is a tip:The compulsory payment made to the government on profit or gains is known as tax.
20 Aug 2021What are some of the most common divorce fraud schemes?Here is a tip:The act done in an wrongful and criminal manner to get the personal gain is known as fraud.
20 Aug 2021What are some of the most common bankruptcy fraud schemes?Here is a tip:Dishonest act committed while filing the bankruptcy application.
20 Aug 2021When a bankruptcy takes place, who are the major participants involved?Here is a tip:Inability to pay the debts in full is the situation of bankruptcy.
20 Aug 2021What are some of the more relevant sections of the Bankruptcy Code related to fraud?Here is a tip:The situation of failing to pay the debts of the creditors in full by an entity is known as the situation of bankruptcy.
20 Aug 2021What is bankruptcy? What are the most common types of bankruptcy?Here is a tip:Selling of assets and paying off liabilities of the bankrupt entity is known as liquidation.
20 Aug 2021Why is fraud so prevalent in bankruptcy and divorce cases?Here is a tip:The act that is done in a wrongful manner in order to gain personal benefits is known as fraud.
20 Aug 2021Most illegal transactions such as drug deals and terrorist activities are conducted in cash. Why is it important for criminals to get their cash deposited into financial institutions?Here is a tip:The process of money laundering includes placement, layering, and integration.
20 Aug 2021Why do you think the hiding of assets is so common in bankruptcy and divorce fraud cases?Here is a tip:The term stating diluted intentions of one party towards another to have an unethical advantage is called fraud.
20 Aug 2021In this chapter, we have discussed the Gramm-Leach-Bliley Act, which gives credit unions, savings and loans, banks, insurance agencies, mortgage companies, and other financial institutions the right to sell customer information to marketing companies, affiliates, and others. Some...
18 Aug 2021Using an Internet browser such as Google, type in telemarketing schemes or similar words. Find an example of a telemarketing scheme and answer the following questions about that scheme:a. How was the scam perpetrated?b.What were some of the common characteristics of each of the s...
18 Aug 2021Is This a Ponzi Scheme?24Recently, a student came into a faculty members office and handed the faculty member a card he had found in the business school building advertising a company called 12 Daily Pro. He said someone had been distributing these cards around the building, enco...
18 Aug 2021Is This a Ponzi Scheme?24Recently, a student came into a faculty members office and handed the faculty member a card he had found in the business school building advertising a company called 12 Daily Pro. He said someone had been distributing these cards around the building, enco...
18 Aug 2021Is This a Ponzi Scheme?24Recently, a student came into a faculty members office and handed the faculty member a card he had found in the business school building advertising a company called 12 Daily Pro. He said someone had been distributing these cards around the building, enco...
18 Aug 2021Is This a Ponzi Scheme?24Recently, a student came into a faculty members office and handed the faculty member a card he had found in the business school building advertising a company called 12 Daily Pro. He said someone had been distributing these cards around the building, enco...
18 Aug 2021The letter on the following page is example of a foreign advance-fee money scam. Read the letter and respond to the questions below.What can you do to protect yourself from becoming a victim of consumer fraud?Here is a tip:Consumer frauds refers to a fraud in which the customer i...
18 Aug 2021The letter on the following page is example of a foreign advance-fee money scam. Read the letter and respond to the questions below.Why do you think so many people become victims of this type of fraud?Here is a tip:The fraudster often provides elaborate details to gain the trust ...
18 Aug 2021The letter on the following page is example of a foreign advance-fee money scam. Read the letter and respond to the questions below.What are some of the characteristics found in this fraud that are similar to the characteristics found in all types of Nigerian money offers?Here is...
18 Aug 2021The letter on the following page is example of a foreign advance-fee money scam. Read the letter and respond to the questions below.List and explain at least three elements of fraud that are present in this letter.Here is a tip:Compare a fraud letter with a real one which will ha...
18 Aug 2021The letter on the following page is example of a foreign advance-fee money scam. Read the letter and respond to the questions below.Do you believe that his proposition is real? Why or why not?
18 Aug 2021The letter on the following page is example of a foreign advance-fee money scam. Read the letter and respond to the questions below.Do you think Gardiah Mfana is an actual person?Here is a tip:The FBI has a continuous updating database of all the people who live in the country wi...
18 Aug 2021The letter on the following page is example of a foreign advance-fee money scam. Read the letter and respond to the questions below.Do you think Gardiah Mfana is an actual person?Here is a tip:The FBI has a continuous updating database of all the people who live in the country wi...
18 Aug 2021You are a certified fraud examiner, and a local community group, the Silver Years Senior Squad, has requested that you give a presentation about consumer fraud. They want to hear about examples of recent scams that have happened to people and how they can avoid being scammed. Use...
18 Aug 2021You have been searching for a job for some time. One day, while searching through some online want ads, you see the following advertisement:Wanted: Persons seeking high paying corporate jobs in the Cayman Islands. Live the life of your dreams as you work for Globular Corp. Seriou...
18 Aug 2021You are trying to sell your car. You have been trying to sell it for a while and have it posted on an online classified ad. You receive the following e-mail:Hello. My name is David Meganimus, and I am an assistant to the Greek ambassador to the United States. I will soon be movin...
18 Aug 2021Jenny Lanstrom regularly visits her grandfather, Mike Lanstrom, every Thursday night. Jennys grandfather has been a widower for the past six years. Jennys grandfather is very intelligent. He is a decorated veteran of World War II, and over the years, he has been active in communi...
18 Aug 2021On September 24, 2007, Miguel Carcamo was going through his mail. For some reason, Miguel had not yet received his bank statement, which he usually received at the beginning of each month. Although he was concerned, he took no action and decided not to worry about it. After all, ...
18 Aug 2021