Dhrendra Prasad, formerly employed as a buyer for Apple’s global service supply chain, has been sentenced to three years in prison as of November 2022. While employed between the years of 2008 to 2018, Mr. Prasad admitted in his plea agreement that he defrauded his employer since 2011 by diverting funds to himself totaling $17 million. Two owners of the involved vendor companies were also charged in separate cases as part of the theft.
During COVID-19, the hospitality industry took a significant hit. Many restaurants and hotels closed temporarily or shut down permanently. Now, as the market revives, employers again need to be vigilant. Fraud is ever-present and fraudsters are always on the lookout for opportunities. Employee theft is a major problem in many industries, and the hotel industry is no exception.
According to the Report to the Nations on Occupational Fraud
and Abuse, a 2020 global study performed by the Association of Certified Fraud Examiners, the typical organization in the hospitality industry loses 5% to 6%
of annual revenue from fraud perpetrated by employees and guests. For example,
a hotel operator earning annual room revenue of approximately $10 million may
experience losses ranging between $500,000 and $600,000. Losses from fraud
would be amplified for organizations owning a chain of hotels.
Accounting firms understand the importance of maintaining
strong relationships with their communities to build a reputable profile.
Establishing meaningful connections with the community requires dedication and
effort from both the firm and its members. In this article, we will explore
effective community service ideas that accounting firms can utilize to serve
and enrich their communities while enhancing their own reputation. One such
accounting firm that embodies this commitment is Studler Doyle.
Fraud is a serious crime that can have severe consequences for individuals and organizations. It is the intentional deception or misrepresentation that an individual or an organization makes, with the aim of obtaining something of value or causing damage to another individual or organization. Fraud can be committed in various forms, such as financial fraud, insurance fraud, healthcare fraud, identity theft, and more.
Fraud examination is a critical process that helps detect, prevent, and deter fraud. It is an investigation into fraudulent activities, with the aim of gathering evidence that can be used to prove or disprove the allegations of fraud.
In this article, we will delve deeper into fraud
examination, as explained by the experts at Studler Doyle.
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An
uprise in pet adoptions came during the pandemic. Unfortunately, pet theft has
also risen due to criminals capitalizing on the demand for pandemic pups. In
2021 two French bulldogs (Koji and Gustav) belonging to famous singer Lady
Gaga, were stollen while on a walk in Los Angeles. The dog walker was injured
and hospitalized, but was able to keep one of the three dogs from being taken. Two
days after Lady Gaga offered a $500,000 reward the two dogs were returned. They
were found tied up in an alley and by a passerby who brought them to a local
police station. Why do these thieves go to such lengths?
Some pet thieves will resell dogs they have stolen for a hefty sum (especially for pure-bred dogs). Some will steal a dog and attempt to collect a reward from the owner. Sometimes it can even be a disgruntled neighbors looking to get rid of a pet they dislike.
Is your pup
at risk to be stolen? According to Tom Sharp,
president and CEO of AKC Reunite,
thefts often involve high-value dogs, for example Bulldogs and French Bulldogs, and smaller breeds such as Chihuahuas and Yorkshire Terriers. “These types of dogs are easy to grab and run with,” he
says. While there is a high demand for certain breeds, criminals looking for a
quick buck would likely settle for any unattended dog.
§ Get
them spayed or neutered. Dogs become less valuable and in turn less likely to
be targeted by thieves because they cannot be sold for breeding.
§ Avoid
keeping your dog loose or tethered in your yard for long periods of time
without supervision. If you have a fenced in yard and allow them to roam freely
for periods of time you may consider installing security cameras to catch
anyone who may try to take them from the yard.
§ Use a leash
as a safety net (even if they are well behaved off leash) so that they cannot
run off and end up in the hands of a dog thief.
Do not wait! You may think you should wait around
to see if they will come back on their own but, if you suspect your dog is
missing or has been stolen you should take action to find them/report the
missing pet right away. Remember: keep a recent photo of your dog in case they
ever do go missing, and make sure to keep your contact information on their
tags and microchip up to date.
*The
Lost Dogs of America (LDOA) organization was established in 2011, and shortly
after in 2013 they established National Lost Dog Awareness Day.
Over the years, it has become impossible to imagine a world
in which one cannot buy on the internet. In fact, roughly 85 percent of
consumers across the globe have shopped for items on the web. Around 11 million
Americans will make purchases online until the end of this year. However, there
are many more people interested in purchasing products through electronic
commerce, but they seek to do so in the safest and most satisfactory way
possible.
In an interview , Dee Studler, a forensic accounting specialist from the Studler Doyle global investigation and forensic accounting firm, provided
some recommendations for those who wish to buy with confidence and security
online.
"The first thing we recommend is the preparation of a
list of products that they want to buy and based on this the search
begins," she said.
The Studler Doyle co-founder indicated that, after this
preliminary suggestion, the following advice should be taken into account:
- Verify that the page has a digital security certificate:
observe that in the upper left part of the screen there is a small padlock next
to the text: 'It is safe'. Also, note that the URL address starts at https: //
www ..., in which the letter 's' is important, as it indicates that the website
uses a security certificate.
- Use a secure connection: to enter personal data and
finalize an online purchase, it is important to use a secure and private
internet connection from work or home. The public wi-fi networks, of a shopping
center or a cafe, can be used without problems to search for offers in
different web portals, but not to enter the data or complete the purchase.
- Check that the portal has a virtual complaints book: make
sure that the portal has a complaints book in a visible area of its website.
- Corroborate the available payment methods, costs and
shipping time: in addition, to know what the cost of the product is, you must
know the shipping cost and time in which the product will be received. All
this, before the end of the online purchase process.
- Shipping times and costs vary according to the
geographical locations of the company and the client. Keep in mind that
certified e-commerce presents alternative card payment options (credit or
debit) that should be reviewed before buying.
- Review the exchange and return policies: it is very
important to know whether or not you can make changes or returns of the product
purchased online, explains the forensic accounting expert from Studler Doyle. Before
executing any online purchase, you must be clear under what conditions you can
request changes or returns. Even if it is considered necessary, make the
respective inquiries to the company through any of its communication channels.
