Glossary/Control Fraud/TableSummary
Term | Definition | Example | References |
---|---|---|---|
Control Fraud | When people who control (i.e. the CEO) a seemingly legitimate entity use it as a weapon to defraud. | 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. | William K. Black, The Best Way to Rob a Bank is to Own One, 2005. |
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