24th Annual Illinois Statewide APA Payroll Conference "Be a ...
24th Annual Illinois Statewide APA Payroll Conference Be a Payroll Champion Trends in White Collar Crimes Special Agent Jennifer French FBI Chicago August 18, 2017 Quick Overview of Programs National Security Counterterrorism Domestic International Grouped by Region Airports
CounterIntelligence Spies on US soil Economic Espionage/Theft of Trade Secrets Non-proliferation 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 2 Quick Overview of Programs Criminal Side Complex Financial Fraud Public Corruption
Mortgage Fraud Health Care Fraud Intellectual Property Rights Money Laundering 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 4 Complex Financial Crimes Corporate Fraud and Securities/Commodities Fraud continue to be the FBIs highest financial crime priority with billions of dollars in losses each year to US investors Corporate/Securities Fraud investigations continue to be the majority of the complex
financial crime investigations worked by the FBI, with 44% of the FBIs total CFC cases (7,113 total pending cases) Financial Institution Fraud and Mortgage Fraud matters make up 32% of the FBIs total CFC cases 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 5 The Numbers FY 2016, forfeiture amounts for Complex Financial Crime cases exceeded $1 billion Restitutions and Recoveries for FY 2016 for all CFC violations exceeded $4 billion
In FY 2016, FBI made over 1,014 arrests, 1,353 convictions and 1,553 sentencings in complex financial crime investigations 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 6 Corporate/Investment Fraud One of FBIs highest criminal priorities; causes significant financial losses to investors and also has the potential to cause immeasurable damage to the US economy and investor confidence Accounting schemes designed to deceive
investors, auditors, analysts and regulators (SEC, CFTC, etc) Falsification of financial information Self-dealing by corporate insiders Obstruction 24thof Illinois Statewide Payroll Conference justice "Be a Payroll Champion" 7 Securities/Commodities Fraud Ponzi/Pyramid schemes Advance fee fraud Commodities fraud (illegal sale or purported
sale of raw materials or semi-finished goods that are sold on an exchange such as gold, pork bellies, orange juice and coffee; false account statements or high-pressure sales tactics; churning) Broker Embezzlement Market manipulation (i.e. pump and dump Payroll Conference schemes) 24th Illinois Statewide "Be a Payroll Champion" 8 Financial Institution Fraud Reported to authorities through SAR, employees or liaison with Security Officer at bank
Most Common Cases: Insider/Employee Embezzlement Mortgage Fraud Commercial Loan Fraud Construction Loans Accounts Receivable Fraud False Reporting to the Bank during life of loan 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 9 Money Laundering Process by which criminals conceal or disguise their illegal proceeds and make them appear to come from legitimate sources
Crosses all program borders; wherever money is generated, ML can occur Organized Crime Drugs Health Care Fraud Complex Financial Crimes Public Corruption/Bribery Terrorism 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 10 Money Laundering (contd) Start with a Specified Unlawful Activity (SUA)
Three steps: Placement (initial entry of proceeds into financial system) Layering (separates proceeds from original source; creates complex audit trail, often with international movement of funds) Integration (proceeds returned to criminal from what appears to be a legitimate source) 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 11 Money Laundering Elements Knowledge that property involved in financial
transaction represents proceeds of SUA; then Conducts or attempts to conduct a financial transaction which involves proceeds of the SUA With intent to promote the unlawful activity; or With intent to conceal the unlawful activity; or Avoid transaction reporting requirements. 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 12 Trends in Working Financial Crimes Working Together Postal Inspection Service IRS-CID
Housing and Urban Development US Secret Service Securities and Exchange Commission Chicago Financial Crimes Unit Task Forces 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 13 Case Studies First Merchants Acceptance Corporation Sub-prime auto lender Publicly-traded company Fraud discovered by internal auditor Tried to tell mentally absent CFO; ambushed new CFO 15 minutes before Audit
Committee meeting Fraud orchestrated by President and VicePresident using low-level, data-entry employee in Florida Both individuals received jail time (42 months 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" Kahn and 30 months Van Eyl) and $9.3 million 14 Case Studies KMS Energy/Harold Keller Energy side legitimate; Consulting side completely fictitious SARs from three banks CFO cooperated from beginning
Kellers secretary asked to perform many of the fraudulent tasks (check stock kept in her desk drawer, deposited checks into fraudulent accounts, created fake invoices and purchase orders) Lied to outside auditing firm (fake verification of A/R) Keller and CFO received jail sentences (18 months/90 days) and both responsible for $7.1 million restitution 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 15 Case Studies Geok Soo Lim - approached bank teller for quick access to his money; she reported him to security; originally thought to be a money laundering case
Highland Community Bank/A. Wilson Head Teller at Foreign Currency Exchange at OHare Embezzled $1.3 million over a period of a few months Lack of dual control; no working video Paper records stuffed into banker boxes President of bank discouraged auditor access to OHare facility 24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 16 Questions and Thank You SA Jennifer L French FBI Chicago Division 312-829-8374
24th Illinois Statewide Payroll Conference "Be a Payroll Champion" 17
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