http://www.al.com/opinion/index.ssf/2015/01/ten_years_after_his_fraud_tria.html

Posted by John SOH Yong Ye, Year 4 undergrad at the School of Economics, Singapore Management University

I had meant to take a stroll down Memory Lane, or maybe a Nightmare on 18th Street, where 10 years ago in the cold I waited on the corner with a gaggle of other reporters for Richard Scrushy to approach the federal courthouse. Continue reading →

http://www.chinapost.com.tw/business/company-focus/2015/01/03/425541/Korean-banks.htm

Posted by M Laavanya, Year 3 undergrad at the School of Accountancy, Singapore Management University

Korean banks pressured to regain trust after fraud cases

Saturday, January 3, 2015
By Suk Gee-hyun ,The Korea Herald/Asia News Network

The year 2015 is going to be a challenging one for South Korean financial institutions, which face a series of penalties for loan and accounting fraud, as well as pressure to find new business models in the financial technology sector. Local banks, for instance, are expected to begin the year with hundreds of administrators and employees receiving sanctions for their irregularities. The Financial Supervisory Service is poised to take disciplinary action in the next two months against officials involved in loan fraud at KT ENS, the accounting fraud at Moneual and Shinhan Bank’s illegal access to customer accounts. Continue reading →

http://www.ft.com/cms/s/0/3ca33a60-a21b-11e4-aba2-00144feab7de.html#ixzz3Q7v6T39U

Posted by John SOH Yong Ye , Year 4 undergrad at the School of Economics, Singapore Management University

Najmeh Bozorgmehr

Until six years ago, Mohsen Pahlevan Moghadam ran a small tourism business and a shish-kebab restaurant. But now the Iranian is accused by Gholam-Ali Sadeghi, prosecutor in Mashhad, of fraud that Iranian media says is worth as much as 940tn rials ($34.3bn), although judiciary officials say the value is still under investigation. Mr Pahlevan, who has not been formally charged, denies the allegations. Continue reading →

http://www.firstpost.com/business/big-data-can-detect-prevent-fraud-corruption-2068043.html

Posted by Katharine TAN Pei Shi, Year 4 undergrad at the School of Accountancy, Singapore Management University

80% of Indian respondents support the potential of emerging technologies such as Big Data to strengthen the compliance and anti-fraud efforts of organisations, states EY’s 2014 global forensic data analytics survey, Big risks require big data thinking. However, according to the report, there is a low adoption and awareness around deploying the right tools which manage fraud and bribery risks, only 3% of the respondents surveyed were aware of them. It also states that regulatory compliance with respect to global anti-corruption laws, recent enforcement trends and increased focus on data privacy are the key factors fueling the design and use of forensic data analytics (FDA) among Indian organisations. Continue reading →

http://www.wsj.com/articles/SB105993647616119000

Posted by LOW Hwan Hong, Year 4 undergrad at the School of Business, Singapore Management University

China Bank-Fraud Case Shows Accountability in Short Reserve

Fund-Transfer Scam Was Able to Run For Four Years Until Depositor Railed

KARBY LEGGETT Staff Reporter of THE WALL STREET JOURNAL

Updated Aug. 4, 2003 12:01 a.m. ET

TAIYUAN, China — On a chilly day in January 1999, Xue Wenjie, a young government bureaucrat, walked into the Taiyuan City Commercial Bank, plunked down less than $1 in registration fees and opened two new bank accounts. A few hours later, he wired $1.2 million in social-security funds into the new accounts.

The transfers were the start of a financial scam. Mr. Xue, who managed the funds for the government, had cut a deal with a senior manager at the Taiyuan bank to move the money there temporarily in return for a kickback. By the time Mr. Xue was arrested last year, nearly $32 million had been surreptitiously lifted out of the social-security fund, as well as from corporate and individual bank accounts. Along with Mr. Xue, the senior banker and others, the scam also allegedly involved the owner of an upscale restaurant who needed cash to pay off her debts. Continue reading →

http://www.scmp.com/print/business/economy/article/1694004/hong-kong-market-regulators-sees-more-enforcement-actions-2015

Hong Kong market regulator sees more enforcement actions in 2015

Wednesday, 28 January, 2015, 12:11pm

Enoch Yiuenoch.yiu@scmp.com

“The increase in the number of fines issued, and their size, is no accident” – Freshfields

The Securities and Futures Commission substantially increased its enforcement activity last year as a study showed it has issued 56 per cent more disciplinary and criminal actions against companies and individuals last year than in 2013. Continue reading →

Dear ACCT004 class,

“You’ve got to want to do it for the right reasons.”

It’s Week 4 and I know that the “weather” is getting rougher.. I hope our excursion together to the “beach” has been nice:

Let’s all learn from the wisdom of Rocky’s virtuous wife Adrian: We all have “got to want to do it for the right reasons”. Her profound pep talk to Rocky is reproduced below.

The Rocky spirit transcends the notion of “winning” or “losing” – it’s about going the distance. Perhaps our hearts may be made tired by time and fate, but our will should not – and must not – waver. It takes struggles in life to make strength, it takes principles to make fortitude, and singleness of purpose to reach an objective. Every intentional act of body, speech and mind is like seed planted that will grow when the conditions are right; thus as you sow and work hard and set your Heart on Fire, you shall reap.

We are all Rockys in this journey of Life and let’s encourage your friends and one another to excel in both the course and in SMU!

Hey, I ain’t hear no bell!

Warm regards,

KB

Continue reading →