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Fraud: Peregrine Financial Group - Essay Example

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The paper “Fraud: Peregrine Financial Group” evaluates various types of frauds namely, individual, corporate, and online frauds. A corporate fraud exceeds the scope of workers stated positions. In most cases, these types of corporate frauds involve a series of individuals at all levels of management…
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Fraud: Peregrine Financial Group
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Fraud: Peregrine Financial Group

In most cases, these types of corporate frauds involve a series of individuals at all levels of management of an organization. Fraud can be detrimental to a community, company, or individuals who are normally on the receiving end of fraudulent activities. In addition, the latent negative consequences of fraud in any organization can be strategic, monetary, legal, or operational.
The Peregrine Financial Group (PFG) was a brokerage firm that experienced a high level of fraud for about 20 years while in business. Based in the U.S, the firm also accepted foreign traders in their business that entailed offering access to exchanges in the country. The company utilized the Best Direct Pro as the only interface to conduct business. In July 2012, the firm was closed down amid bankruptcy claims due to fraud. This led to the arrest of the former C.E.O, Russell Wasendorf Sr. who confessed to embezzling large amounts of money from the firm (Associated Press, 2012).
The fraud entailed the embezzlement of millions of dollars using forgery. According to the former C.E.O, forged bank statements were used to obtain money from the customer’s accounts. The activities run for twenty years without being detected. Furthermore, the C.E.O organized his exclusive access to the U.S bank accounts held by the company (Associated Press, 2012). Consequently, he successfully concealed the actual U.S bank statements from the relevant accounts departments. Moreover, he could receive the statements via mail, create counterfeit ones, and forward them to the accounts of the firm. He also forged other official letters and posts from banks and transaction authentication statements (Associated Press, 2012).
The money embezzlement carried out by Russell caused detrimental effects to both the company and him as an individual. From the fraudulent activities, he executed in his company the former C.E.O was arrested and sentenced.  ... Read More
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