Glossary/Control Fraud: Difference between revisions
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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 S&L Crisis of the 1980s | 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. | ||
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.