Fraud

Changing auditors’ responsibility for detecting fraud

by Mohammed Amin MBE FRSA MA FCA AMCT CTA (Fellow). This article was first published in UKSA’s Newsletter, The Private Investor, and is reproduced with the author’s permission. The Expectations Gap After almost every major corporate reporting failure, arguments arise about the "expectations gap". This is the gap between what shareholders, creditors, employees and journalists think that auditors should be doing, and what auditors consider they are actually required to do. This expectations gap is particularly acute in cases where there has been fraud. The ...

Change the Rules/Laws to Make it Easier to Prosecute Fraudsters

I was absolutely delighted to read that the SFO is at long last making the right noises. “End ‘antiquated’ fraud rules to make convictions easier”, says the new SFO...

Tweeting False Information is a Crime

Yes tweeting false information is a crime, at least in the USA. Scottish trader James Craig has been charged by US prosecutors with fraud after he set up two twitter accounts and distributed false information on US firms Audience and Sarepta. This caused the share prices of those companies to fall by 28% and 16% and caused investors to lose over £1 million. Mr Craig has now disappeared. Mr Craig used Twitter account names that were similar to those of Muddy Waters ...