Category: Insights

GUEST BLOGGER Syed Zubair Ahmed, CFE The backbone of the Russian economy is energy exports. The Russian energy sector is an enormous global asset driving economic activity across the world. In 2021, Russian crude and condensate output reached 10.5 million barrels per day, making up 14% of the world’s total supply. In the same year, Russia exported oil worth USD 300 billion, accounting for 11% of the global oil trade.  The country exports most of its oil production, with almost all going to Europe (about 80%) and Asia (about 20%). Russia has the world’s largest proven crude oil reserves, totaling almost 264 billion barrels as of January 2021. The country also has the second largest proven natural gas reserves in the world, totaling about 1,688 trillion cubic feet as of the same…

ACFE Community Manager Rihonna Scoggins The Justice Department charged 47 defendants on September 20th for allegedly defrauding a federal program that provided food for needy children during the pandemic, describing the scheme — totaling nearly $250 million — as the largest uncovered to date. The charges also underscore that criminals have been quick to take advantage of new programs set up by the U.S. government to curb fallout from the COVID-19 pandemic, and they’re exploiting weaknesses in systems designed to quickly distribute funds. The indictments announced Tuesday involve six groups and one individual, all connected to a Minnesota nonprofit called Feeding Our Future. The defendants are charged with federal crimes including conspiracy, wire fraud, money laundering and paying or receiving illegal kickbacks. The DOJ alleges that Aimee Bock, the founder of Feeding Our…

In the fight against fraud, it can be hard to remember why we do it, especially when the fraudsters never seem to quit. Associate professor of accounting, taxation and business law at SUNY Old Westbury, Dr. David Glodstein, began the Justice for Fraud Victims Project to teach his students — and remind fraud examiners — who we're fighting for: the victims. In this episode, join Dr. Glodstein, CFE, and Kate Pospisil, CFE, the Communications Specialist at the ACFE, as they discuss the Justice for Fraud Victims Project, why programs like this matter and what we can do to further the fight for justice.In this excerpt from episode 123, Kate and Dr. Glodstein speak about how the Justice for Fraud Victims Project benefits underprivileged groups and small businesses, while allowing the…