Magazine article Business Credit

Fraud Symposium Worth the Price of Admission

Magazine article Business Credit

Fraud Symposium Worth the Price of Admission

Article excerpt

If you were among those lucky enough to attend the NACM Loss Prevention Department's Business Credit Fraud Symposium March 21 and 22 in Miami, you came away armed to the teeth and ready to do battle with any number of fraudsters. If you were unable to attend, you must do two things: Make plans to attend the next symposium and stay tuned to Business Credit for more information.

The financial risk to your company due to business fraud cannot be understated; each year, business fraud causes astronomical losses. Think it couldn't happen to you? Think again.

To kick off this symposium, Mark Morze, the financial planner for the ZZZZ Best Carpet Cleaning scam spoke about his schemes. Kevin Naff in, "Z Scam of Z Century" (October 1994 Business Credit), wrote about how Morze and his associates fooled bankers and auditors to get control of millions of dollars. At the symposium, Morze went beyond simply retelling the story the press got, to clue attendees in on exactly how he did it. Then, he went on to give a number of examples that should raise red flags in any credit department - but, too often, don't.

Next, Judge Lynne Riddle presented the other side of the coin - what happens when a company declares bankruptcy - perhaps because it was defrauded - and begins proceedings. Riddle is an expert at bankruptcy proceedings and her insightful, and often humorous, lecture gave participants a view of the existing law - both the letter and the spirit - from the inside. She gave the crowd a list of things to do in order to make the often overworked and overwhelmed bankruptcy system successful for all involved.

The afternoon session began with some drama, as an informant from a notorious Middle Eastern group, escorted by a law enforcement official, came to the stage. Presently under house arrest, this individual was called by the pseudo-name, "Sam." He was a member of an underworld ring of fraudsters that has long plagued the business credit community, and has been involved with numerous bust-outs and other white collar crimes throughout the Southeast. The audience was given carte blanche to grill Sam about his crimes and he freely gave out information about how he and similar individuals in the fraud community accomplish their goals. …

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