“The Wolf of Wall Street”: The Other Side of the Story

The Academy Award-nominated film “The Wolf of Wall Street” has garnered nearly as much controversy as it has critical acclaim. The film’s depiction of Stratton Oakmont founder Jordan Belfort’s outrageous lifestyle, fueled by sex, drugs and greed, makes for an entertaining – and wild – ride, but noticeably leaves out a key element in his scheme: the victims.

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Keynote Speaker: Andrew Fastow

Keynote Speaker: Andrew Fastow

Convicted fraudster Andrew Fastow said he knew he was doing wrong but didn’t think at the time he was breaking any rules as Enron’s CFO. “I was prosecuted for not following specific rules in the financings,” Fastow said during the closing session. “I don’t think that’s the important reason why I’m guilty. I think I’m guilty and most egregiously guilty [by] engaging in transactions that caused a misrepresentation … to appear different to the outside world. …"

 

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Interviewing Fraudsters: Don’t Hold Yourself Back

Learning from past mistakes is part of growing as an investigator. When it comes to interviewing, it is important that fraud examiners don’t hold themselves back for fear of asking the wrong questions or making other miscues. Too much restraint could leave questions unasked, and stones unturned, to the detriment of the investigation.

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Exploiting Internet and Social Network Intelligence to Enhance Investigations

Cynthia Navarro began her Tuesday afternoon session with the preface, “This is going to be work-related and personal. You will be able to use these tools in every part of your life.” She was referring to her session detailing how anti-fraud professionals can use information found on the Internet to find out more than you ever wanted to know about a person in question.

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Silver-Tongued Devils

Silver-Tongued Devils

What does a fraudster look like? People often ask Martin Biegelman, CFE, CCEP, that very question. His answer? “The faces of fraud are everywhere.” David Greenburg was a famous police detective, a hero in the New York Police Department in the late 1960s and early ‘70s. Remember the TV show “Starsky and Hutch”? It was based on Greenburg and his partner. Turns out he was conducting insurance fraud and later served four years in jail.

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Lehman Brothers: Accounting Left to Interpretation

Lehman Brothers: a name synonymous with bankruptcy and the worst financial crisis since The Great Depression. Founded in 1850 as a small cotton trading business by a German immigrant and his two brothers, Lehman grew into one of the largest investment banks on Wall Street. Its reputation, however, far exceeded what hid behind a dark veil of altered quarterly and annual filings. As Bruce Dubinsky, CFE, CPA, CVA, Managing Director of Duff and Phelps, LLC, and ACFE Regent, conveyed today, “It’s not about what you can actually see on the page; it’s about what’s not there.”

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