Glossary/Control Fraud: Difference between revisions
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(Created page with "{{GlossaryEntryTable |term1=Control Fraud |definition1=When people who control (i.e. the CEO) a seemingly legitimate entity use it as a weapon to defraud. |example1=The S&L crisis was perpetuated by an epidemic of control fraud, whereby CEOs defeated and suborned internal and external controls to fraudulently report record profits and increase their personal wealth. |references1=William K. Black, The Best Way to Rob a Bank is to Own One, 2005. }}") |
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Control fraud is a term coined by [[Glossary/Black, William K.|Bill Black]]. It refers to a person or process whereby a seemingly legitimate entity is used as a weapon to defraud. For example, the [[Glossary/S&L Crisis|S&L Crisis]] of the 1980s was perpetuated by an epidemic of control fraud. CEOs defeated and suborned internal and external controls to fraudulently report record profits and increase their personal wealth. | |||
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Latest revision as of 02:42, 9 August 2024
Control fraud is a term coined by Bill Black. It refers to a person or process whereby a seemingly legitimate entity is used as a weapon to defraud. For example, the S&L Crisis of the 1980s was perpetuated by an epidemic of control fraud. CEOs defeated and suborned internal and external controls to fraudulently report record profits and increase their personal wealth.