question archive Running head: CASE STUDY SUMMARY 1 CASE STUDY SUMMARY 2 Case Study Summary-Con Artists Gone Wild Student’s Name Institutional Affiliation Case Study Summary- Con Artists Gone Wild Lessons Learned From the Chapter This chapter explores an investigation case meant to uncover fraudulent activities that happened at an insurance company

Running head: CASE STUDY SUMMARY 1 CASE STUDY SUMMARY 2 Case Study Summary-Con Artists Gone Wild Student’s Name Institutional Affiliation Case Study Summary- Con Artists Gone Wild Lessons Learned From the Chapter This chapter explores an investigation case meant to uncover fraudulent activities that happened at an insurance company

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Running head: CASE STUDY SUMMARY 1

CASE STUDY SUMMARY 2

Case Study Summary-Con Artists Gone Wild

Student’s Name

Institutional Affiliation

Case Study Summary- Con Artists Gone Wild

Lessons Learned From the Chapter

This chapter explores an investigation case meant to uncover fraudulent activities that happened at an insurance company. In this case, a number of insurance carriers were alleging that Omega, Secure and Phoenix were among the insurance companies that were utilizing a technique that is acknowledged as clean sheeting. As such, the case presents and explains the concept of clean-sheeting. In simple terms, it is a technique that revolves around independent insurance brokers that are working hard to solicit gay men to enter into contracts with their company by purchasing life insurance policies.

Based on the findings of the investigation, it can be argued that background checks are not only significant for employers of the company, but they can also be valuable for companies or investors that are dealing with those they do not comprehend a thing about. In addition, agents, investor brokers, alongside other financial advisors need to comprehend the significance of conducting independent customer’s due diligence as far as any investment is concerned through their agency. As such, such issues may include cross-checking with the Department of Commerce to see to it that the investment that has been made is properly registered for sale while at the same time, comprehending the risks that the investment entails.

The case presented a number of challenges since accounting records that were made were poor. In this case, it is also important to note that so many aspects had to be reestablished in order to identify the type of policies, and the investors involved. Additionally, assigning staffs to different investigation sections proved to be an essential component owing to the complexity of the case as well as the numerous transactions that were made. Moreover, another learning point entailed giving attention to detail since it was instrumental in solving the case. In simple terms, it was crucial since so many transactions involving money were done from account to account, entity to entity and back again. Therefore, coordination was can be argued to be the pinnacle of the lessons learned since it helped in assembling all the pieces together.

Recommendations

Confirming the registration details of any company before making an investment is always an important step. Apparently, investment scammers alongside other viatical organizations offer very stringent lessons to individuals and other organizations. It is important for a client to comprehend the nature and type of an individual that they are conducting their business with. In other words, the veracity and the credibility of the vendors are important. In the case study, it can be argued that the viatical companies were not bold enough to ensure that the funds that their customers had been entrusted to secure, were invested or retained according to the terms and conditions agreed on. For instance, Secure was not asked to submit their audit reports, offer any documentation of proof, or submit to an audit and investment inspection. As such, taking such techniques and control measures would have assisted in reducing the implication of fraud.

Conducting background checks before making an investment is of utmost importance. For instance, a corporate background check on Phoenix or Omega would have revealed some of the activities that have been reported by state departments about the sale of unregistered securities. In other words, the limited operating limits of Secure, Phoenix and Omega should have made potential investors to worry about making any investments with them. Apparently, the troubled financial history of Jeff was obtained easily using public records of tax lien filings and lawsuits.

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