The year: 1977. The victim: Wells Fargo Bank in San Francisco, California. Ben Lewis had been employed by Wells Fargo Bank in San Francisco, California, when he began taking advantage of an error in the internal system that cleared checks at bank branches. Mohammed Ali Professional Sports, Inc. (MAPS) was a local customer of Wells [...]
Understanding the following terminology will help you interpret your organization’s financial statements. Direct Costs. A business’s direct costs are the costs that are directly associated with the creation of a product or the performance of a service. So when we conduct a seminar, for example, the costs of renting the hotel room, transportation, set-up and [...]
William Scott Deloach, Chief Financial Officer and Controller of PBS&J Corp., in Miami, Florida, was accused of issuing fraudulent checks for a total of $49 million during a period of 13 years. The scheme was discovered in March 2005 William Scott Deloach was originally hired as controller for PBS&J Corp., a Miami, Florida – based [...]
In 1955, Minnie Mangum was accused of embezzling $2,884,957 from the Commonwealth Building & Loan Association in Norfolk, Virginia. At the time, the case was the largest embezzlement by a female in US history. Mangum’s scheme spanned a 22 year period, beginning in or about 1933. Minnie Mangum was described as a kind woman who [...]
Familiarizing yourself with the following financial terms will help you understand your organization’s financial trends, statements and reporting. Cash vs. Accrual vs. Hybrid Accounting Methods. This refers to the way you track your business’s income and expenses. With the cash method, you report income when you receive it, and expenses when you pay them. This [...]
