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Is everybody happy?
Gavin McFarlane of Dechert and London Guildhall University
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
The Distance Selling Regulations - commercial friend or foe
In this article David Rowe-Francis
offers fraud specialists and retailers an overview of the Consumer Protection (Distance Selling) Regulations. He prompts the reader to consider the possible legal and/or fiscal consequences of using the Internet or other remote media to conduct business with consumers. He concludes with an example of a distance selling fraud. Copies of the Regulations may be found at www.hmso.gov.uk/si/si2000/20002334.htm.
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
The role of auditors in protecting against bank fraud
In the concluding part of their article Margaret Stewart
and John Dunn
of the University of Strathclyde consider auditors’ responsibilities in relation to fraud-reporting and the provisions of the Banking Act 1987 that pertain to the bank auditor’s duties during the statutory audit.
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
Too good to be true: a Russian case study
The shift from good custom to business fraud can be a subtle one, especially when dealing with Russia. Dr Mark Galeotti
shares an example from his own consultancy experience.
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
Exaggerated performance and false accreditation
In a complaint the SEC alleges that Sunset Investment Group, Inc, James Brown, Pinnacle Capital Advisors and Austin Tanner were responsible for publishing false and misleading performance claims and testimonials in press releases and on three..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
Analyst bias
Internet Solutions for Business, Inc (ISFB), a publicly traded company based in England and its founder and CEO Lawrence Shaw, are alleged by the SEC to have engaged in fraudulent promotion. ISFB claimed to offer a range of advanced products and..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
Unreal experience
Ricky Laine Gaspard is a former roofing contractor who set up WallStreet Prophet, a stock-tipping website. The SEC alleges that he made false and misleading claims about the security selection system employed, about his experience and the..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
Fantastic financial forecasts
The exotically-named PinkMonkey.com, Inc and its founder and controlling shareholder, Patrick Greene allegedly put out a press release which led to a 950 per cent rise in the company’s share price. It claimed that its new website would..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
Broken IPO promises
In one case, the SEC alleges that Chidwhite Enterprises, Inc, whose sole shareholder and CEO was Jerry L Chidester, 26, used “spam” e-mail and a website to secure capital of US$96000 from investors in the US and abroad for an online..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
SEC hits 23
The US Securities and Exchange Commission announced recently that its fifth Internet sweep had netted 23 companies and individuals on charges of Internet securities fraud. The cases, which involve both publicly-traded and privately-owned companies,..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
Euro counterfeiting
The European Unions Council of Ministers is expected this Spring to give formal approval to a regulation on fighting counterfeits of Euro notes and coins, which will oblige all banks, credit institutions and bureaux de changes to withdraw from..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
Transit reforms
Fraud-busting reforms have been agreed to the regulations that govern the European transit system, under which hauliers are able to transport goods across national borders without the need to pay duties or deal with import procedures, except in the..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
And it’s the same in Europe
Card fraud in the European Union is worth an estimated €600 million and grew by 50 per cent last year according to the European Commission. EU heads of state have repeatedly discussed the problem and last called for action at the March 2000..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
UK card fraud up by half
Plastic card fraud losses in the UK rose 55 per cent last year to UK£292.6 million according to figures released last month by the Association of Payment and Clearing Services (APACS). The principal problem is counterfeiting; losses to bogus..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
Outlawing bribery of foreign officials
Tony Colman, MP for Putney, proposed the Bribery of Foreign Public Officials Bill in Parliament on 14 March. Designed to implement the 1997 OECD Anti Bribery Convention, it would be the first revision in UK bribery legislation since 1916. Under..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
OLAF the ineffectual
The performance of OLAF, the European Union’s new and supposedly independent anti-fraud office, has been criticised by the European Parliament’s Budgetary Control Committee; it has suggested that it has been no more effective than its..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001
Accounting for crime
The draft Proceeds of Crime Bill published by Jack Straw, the Home Secretary, at the beginning of March contains the long-awaited proposals for a Criminal Assets Recovery Agency (CARA) for England, Wales and Northern Ireland that would deprive..
Online Published Date:
01 April 2001
Appeared in issue:
36 - 01 April 2001