Backdating life insurance

28-Jun-2020 04:41

Through the manipulation of financial data, the share price of a corporation remains artificially inflated based on fictitious performance indicators provided to the investing public. While the number of cases involving the falsification of financial information remains relatively stable, the FBI has recently observed a spike in the number of corporate fraud cases involving sub prime lending institutions, brokerage houses, home building firms, hedge funds, and financial institutions, as a result of the financial crisis partly caused by the collapse of the sub-prime market in the fall of 2007.In addition to significant financial losses to investors, corporate fraud has the potential to cause immeasurable damage to the U. As a result of the current financial crisis, trillions of dollars in shareholder value has been lost; several prominent companies, i.e., Lehman Brothers, have gone out of business; several prominent banks, i.e., Indy Mac Bank and Washington Mutual, have failed; and the federal government has provided over a trillion dollars in relief to keep other companies from failing, i.e., American Insurance Group, General Motors, and Citi Group.The FBI has placed greater emphasis on investigating allegations of these frauds by working closely with the SEC, Financial Industry Regulation Authority, Internal Revenue Service (IRS), Department of Labor, Federal Energy Regulatory Commission, Commodity Futures Trading Commission, and U. The FBI has also worked with numerous organizations in the private industry to increase public awareness about combating corporate fraud, to include: Public Company Accounting Oversight Board, American Institute of Certified Public Accountants, and the North American Securities Administrator’s Association, Inc.These organizations have been able to provide referrals for expert witnesses and other technical assistance regarding accounting and securities issues.Such acts are committed by individuals and organizations to obtain personal or business advantage.The FBI focuses its financial crimes investigations on such criminal activities as corporate fraud, securities and commodities fraud, health care fraud, financial institution fraud, mortgage fraud, insurance fraud, mass marketing fraud, and money laundering.

Where appropriate, suggestions are made in order to protect the public from being victimized by fraudulent activity.

The Health Care Fraud Unit oversees investigations targeting individuals and/or organizations who are defrauding public and private health care systems.

Areas investigated under health care fraud include: billing for services not rendered, billing for a higher reimbursable service than performed (upcoding), performing unnecessary services, kickbacks, unbundling of tests and services to generate higher fees, durable medical equipment fraud, pharmaceutical drug diversion, outpatient surgery fraud, and Internet pharmacy sales.

Based upon field office crime surveys, current trends in the white collar crime arena, and directives established by the president, the attorney general, the Director, and the Criminal Investigative Division, the following national priorities for the White Collar Crime Program (WCCP) have been established: public corruption, corporate fraud/securities fraud, health care fraud, financial institution fraud (to include bank failures and mortgage fraud), money laundering, insurance fraud and mass marketing fraud.

Although public corruption is a national priority within the WCCP, it will not be addressed in this report.

Where appropriate, suggestions are made in order to protect the public from being victimized by fraudulent activity.

The Health Care Fraud Unit oversees investigations targeting individuals and/or organizations who are defrauding public and private health care systems.

Areas investigated under health care fraud include: billing for services not rendered, billing for a higher reimbursable service than performed (upcoding), performing unnecessary services, kickbacks, unbundling of tests and services to generate higher fees, durable medical equipment fraud, pharmaceutical drug diversion, outpatient surgery fraud, and Internet pharmacy sales.

Based upon field office crime surveys, current trends in the white collar crime arena, and directives established by the president, the attorney general, the Director, and the Criminal Investigative Division, the following national priorities for the White Collar Crime Program (WCCP) have been established: public corruption, corporate fraud/securities fraud, health care fraud, financial institution fraud (to include bank failures and mortgage fraud), money laundering, insurance fraud and mass marketing fraud.

Although public corruption is a national priority within the WCCP, it will not be addressed in this report.

In addition, the Financial Crimes Enforcement Network and Dun & Bradstreet have been able to provide significant background information on subject individuals and/or subject companies to further investigative efforts.