The Examiner – Insights on Fighting Financial Fraud

As with people, every company is different. Some are small and some are large. Some are growing, while others may be shrinking. Companies have an identity or culture, which is formed by its owners, executives, managers, and employees. These characteristics can be important when evaluating red flags of fraud.

In this series, we will cover five categories of red flags related to the individual and the behaviors of people who commit fraud. Behavioral red flags are the most basic type of red flags we will cover.

I hope you enjoyed last week’s blog about the Boston Marathon. If you remember, I ended the post with a question, “Is it okay for someone to break the rules, mislead or cheat to run the Boston Marathon?”

It is funny how your brain works. I can remember events from my childhood in vivid detail, but I forget what I learn at most training sessions as soon as I hear it. The ability to recall a memory is somehow linked to the strength of the emotions felt at the time the memory is created. Now, consider the emotional impact fraud has on those affected, and thus the memories that are created. In the majority of cases, these will not be positive memories, but because of the stress caused by the fraud, the emotions felt are sure to be strong.

I find myself traveling this week to Disney World’s Grand Floridian Hotel to attend, network and present at the AICPA’s Controllers Conference. It is so easy to get swept up in the excitement at this magical place. There are princesses and pirates around every corner. The fireworks over Cinderella’s castle are amazing and a perfect way to end a day. 

I am not sure if you’ve heard, but there is a huge game this Saturday between the LSU Fighting Tigers and the Alabama Crimson Tide. It is probably the biggest game this weekend. ESPN’s College Game Day will be there to add to the excitement. I know some readers may not care about football, but please know that you will still find this post relevant because it’s really about fighting fraud. 

With advances in technology, we find ourselves not having to wait for things like we used to. As a kid, I waited for movies, music, and even cartoons. My kids have access to these same things anytime, anywhere. Waiting isn’t fun, and that’s why I encourage you to proactively seek out fraud, rather than waiting for fraud to find you.

My life is full, and I am thankful for all of my blessings. I was lucky enough to meet my beautiful wife, and we have two amazing daughters. I am stronger and healthier than ever. I can run further than I ever thought possible. I ran my first marathon this past January at the age of 40. It is funny how we change because I never ran more than a few miles and that was in high school. In 2012, I started running to lose weight and stay healthy. There were numerous obstacles that I faced before completing my first marathon, but these obstacles were no different than others I had faced before.