The Peregrine Fraud Case Is Worse Than You Thought
As we all know Fraud is a huge crime issue around the world, Fraud is considered an intentional deception that is done for personal gain or to damage another individual. Fraud is considered a crime and a civil law violation. Today I am mainly focusing on financial Fraud by talking about the "Peregrine Fraud Case". In this particular case, "Wasendorf, 64, has been charged with lying to regulators and is being held in U.S. custody pending a bail hearing this month. He has been sued by several customers for allegedly stealing more than $200 million in client money. On July 9 he tried to asphyxiate himself by parking his Chevrolet Cavalier behind his office in Cedar Falls and running a hose from the tailpipe into the car. He survived after a passerby discovered him and called 911”. I looked at many different sources to find financial fraud rates around the world and it seems that there was a large peak from 2000 to 2010. Why do I think this is? I am sure technology has a lot to do with it. People have a lot more access to information and that is also leading to more and more types of crime because of the information that is on the web. So what can we do about this? According to Philip Blank, “As the economy drops, the fraud rate increases, and as the economy increases, the fraud rate decreases. So part of the decline is due to increasing sales and GDP in late 2010. Part is unfortunately due to the fact that some small and midsize businesses closed during the economic downturn”. I think this is a great point and I think if we could find ways to better protect our companies information then we should work towards that as well.
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