learning from phoney vendor schemes: a case study analysis€¦ · learning from phoney vendor...
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Learning From Phoney Vendor Schemes:
A Case Study Analysis
2013 ACFE Canadian Fraud Conference
Toronto, Ontario, Monday, September 9, 2013
Reid Lester Laishley Reed LLP
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Introduction
• Internal Controls Versus Fraud
• Three Case Studies
• Internal Controls Lagged Behind Growth
• Internal Controls Breached
• Internal Controls Did Not Exist
• Recoveries
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Trade-Offs
• Internal controls take time and effort
• Different levels of effort depending on size and complexity of organization
• But: certain themes emerge from the case studies
• Periodic review of internal controls needed to ensure policies are up-to-date and followed
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Case Study 1
Shifty Sean
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Shifty Sean
The Organization:
Large national drug store chain
Products and services identical in all stores
“Parent” company had extensive quality control process in place, including use of external vendor to do testing
Only one vendor did this work: took three years to test all products (@ 50 products/month)
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Shifty Sean
The Employee:
Assistant Manager of Quality Control
Employed 5+ years
Trusted by his Manager (of Quality Control)
Authority to approve certain invoices
Interacted with testing company
US citizen
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Shifty Sean
The Fraud:
Sean convinced his Manager of Quality Control that they needed a second external vendor for testing
Suggested “Q.E.S.” as vendor and Manager of Quality Control agreed
Q.E.S. sent invoices to Sean for approval
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Shifty Sean
The Fraud (cont’d):
In fact, Q.E.S. was a phoney entity operated by Sean’s wife. Address was a P.O. box and no work was done
Total loss: $500K
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Shifty Sean
The Discovery: Manager of Quality Control met with accountants
every quarter to review expenses
Quality Control expenses were unusually high over past few months
Manager approached Sean to inquire: Sean said “nothing to see here”
Sean’s wife called the next day: Sean’s mother is sick, Sean needed time off
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Shifty Sean
The Discovery (cont’d):
Sean then resigned by fax
Subsequent review of invoices showed Q.E.S. billing for tasks already carried out by legitimate testing company
Sean “got greedy” which is why expense review revealed loss
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Shifty Sean
The Recovery: Norwich Order: bank statements and cheques
proved fraud beyond doubt and identified assets
Money transferred to Virginia and Florida; home in Florida
Determined that he had left Canada for the US; no assets in Canada
Judgment obtained in Ontario and enforced in Virginia and Florida
Inadequate fidelity insurance
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Shifty Sean
Internal Controls:
Segregation of duties: Sean selected vendor, approved work and invoices
No proper system for selecting external vendors
Inadequate system for review and approval of invoices
Good management of expenses
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Case Study 2
Malevolent Mike
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Malevolent Mike
The Organization:
Large public gas company
Company carried out remedial work on gas lines; resulted in ground being dug up
Dug-up areas had to be restored and organization used external vendors to do some of this work
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Malevolent Mike
The Employee:
Mid-level manager
Employed for 25+ years
Authority to approve invoices of up to $5,000
Interacted with external vendors on restoration work
Responsible for some administration re: restoration work
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Malevolent Mike
The Fraud:
One of external vendors befriended Mike; suggested scam
Phoney invoices prepared by vendor and his “accountant”; hand-delivered to Mike for approval
Mike approved invoices, added account coding and sent to accounting
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Malevolent Mike
The Fraud (cont’d):
Accounting approved invoices based on Mike’s approval; no independent review
Kick-backs paid to Mike
Four different vendor names used over six year life of fraud (so as to reduce suspicion)
Total loss: $6.5 million
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Malevolent Mike
Discovery:
In 2007, six years after fraud started, Manager of Operations noticed that an expense category was way over-budget
Subsequent investigation revealed one vendor that had billed a very large amount
Investigation revealed many suspicious circumstances
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Malevolent Mike
Discovery (cont’d):
When questioned, Mike gave evasive answers
Efforts to contact vendor revealed no such entity existed
Reviews of invoices showed Mike approved dollar amounts far beyond his level of authority; invoices contained obvious errors
Mike “got greedy” which is why the expense review revealed loss
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Malevolent Mike
Recovery:
Norwich Order: obtained banking information
Bank information conclusively proved fraud and identified other assets
Fidelity insurance responded
Mareva and Anton Piller froze everything
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Malevolent Mike
Recovery (cont’d):
Settled with Mike for $2 million
Obtained summary judgment against the two other fraudsters on basis of “knowing existence of breach of fiduciary duty” and bribery
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Malevolent Mike
Internal Controls:
No system for vetting and choosing external vendors
Inadequate segregation of duties
Inadequate vetting of invoices and failure to follow procedures
Some review of expense numbers, which finally led to discovery
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Case Study 3
Brazen Bruno
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Brazen Bruno
Organization:
Large municipal transit organization
Maintains bus stations which periodically require paving work (maintenance)
Paving work is carried out by external contractors, hired through open tender process
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Brazen Bruno
Organization (cont’d):
Paving jobs are generally scheduled as maintenance so there is predictability to workflow
Specific standards in place regarding the depth of asphalt. Roughly one metric tonne is required to cover 10 metres
Thus, easy to look at invoice and estimate volume of asphalt used for given paved area
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Brazen Bruno
Employee:
Employed for 25+ years
Had sole responsibility, for 10 years, for administering the paving contract with external contractors
Had substantial control over the tender process (setting the criteria by which the bids were judged)
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Brazen Bruno
Employee (cont’d):
Little direct supervision
Had authority to approve work done by contractor, and to approve and sign off on all invoices
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Brazen Bruno
The Fraud:
Bruno conspired with paving contractor ABC Inc.
Fraud took place over seven year period
Paving contracts are “cost-plus”. Contractors use a certain amount of asphalt per square metre in order to achieve a particular and specified depth of asphalt
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Brazen Bruno
The Fraud (cont’d):
ABC Inc. systematically over-charged for the amount of asphalt used on each legitimate paving job
In some cases, “over-charging” was obvious to anyone who reviewed the invoices since asphalt “volume” numbers greatly exceeded the predicted amount for given area of paving
In other cases, invoices falsified the area that was paved
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Brazen Bruno
The Fraud (cont’d):
Still other invoices were wholly fraudulent
Bruno approved the invoices and received kick-backs through companies controlled by him, and by his wife and his son
Bruno also rigged the bidding process in several ways. The bids by ABC Inc. were always the low bid and therefore appeared to be legitimate
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Brazen Bruno
The Fraud (cont’d):
However, the criteria for the bids were selected by Bruno. The bidders were asked to provide prices on six or seven different services. Bruno fraudulently over-weighted two categories for which, in reality, there was very little demand
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Brazen Bruno
The Fraud (cont’d):
ABC Inc. then bid extremely low prices on those categories, while bidding market rates on the other categories. Other bidders submitted market rates for all categories. Thus, ABC Inc. bids were always the lowest
Bruno shared, in advance, the confidential volume estimates with ABC’s principal, and told him what numbers to use
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Brazen Bruno
The Discovery:
Whistleblower informed of fraud and of paving jobs done by ABC Inc. at Bruno’s home
Subsequent surveillance and investigation showed evidence of pumped-up invoices
Review of all invoices from ABC Inc. over eight year period revealed fraudulent mark-ups
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Brazen Bruno
Recovery:
Norwich Order gave us bank records and led us to certain corporations over which Bruno and his wife and son had signing authority
Bank records then proved fraud and kick-backs beyond any doubt
Notices were registered on title to five properties; injunction froze bank accounts and properties
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Brazen Bruno
Recovery (cont’d):
Settled for roughly full amount of the provable loss ($800K)
Fidelity insurer notified, but no claim presented due to strong recovery
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Brazen Bruno
Internal Controls:
Segregation of duties: Bruno had complete control for 10 years over administration of paving contracts
Vendor selection
Review of invoices
Tender process
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Lessons
Balancing costs and benefits. You can scrutinize every vendor and invoice, but at some point cost of prevention exceeds potential benefit
Some things are obviously necessary:
Segregation of duties
Verification of external vendors
Scrutiny of invoices
Coding of expenses
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Lessons (cont’d)
Different organizations have different needs
Once procedures are in place, they must be adhered to
Professional assistance? Forensic consultants can help
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QUESTIONS
Reid Lester Laishley Reed LLP
505-3 Church Street Toronto, ON M5E 1M2
Tel: 416.981.9415, Fax: 416.981.0060 Email: [email protected]
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Thank you!
Reid Lester Laishley Reed LLP
505-3 Church Street Toronto, ON M5E 1M2
Tel: 416.981.9415, Fax: 416.981.0060 Email: [email protected]
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Background Reid Lester is a Partner at the firm of Laishley Reed LLP, in Toronto. Mr. Lester was admitted to the Ontario bar in 1990 after graduating from Queen's University with a Bachelor of Laws in 1988. He received a Bachelor of Arts in Economics (Honours) from the University of British Columbia in 1981, and a Masters of Arts in Economics from Queen's University in 1982. He also worked as an Economist in Ottawa for 4 years from 1983 – 1987 before completing his law degree. Mr. Lester has spent his entire legal career in Toronto, where he articled and worked at a large National firm in the early 1990’s before moving to an Insurance “boutique” firm where he practiced for over 11 years. He spent a further three years as a Partner at another National firm before moving to Laishley Reed LLP in 2007. Areas of Practice Mr. Lester practices in the areas of Fidelity Insurance Law, Commercial Fraud, Banking and Bills of Exchange, Insurance, E & O and Indemnity and other property insurance recovery actions. Professional Experience Extensive background in Fidelity Bond claims (both Crime policies and Financial Institution Bonds) providing coverage advice and defences where necessary, strategic guidance on issues and claims, underwriting and policy-drafting advice and guidance, as well as recovery work. Extensive experience in Commercial Fraud matters relating to Subrogation claims, Recovery claims, including Mareva injunctions, Anton Pillar orders, and tracing orders. Extensive experience in matters relating to Financial Institutions concerning bills of exchange issues, breach of trust matters, Canadian Payment Association clearing rules issues, and errors and omissions claims. Extensive background in liability and property insurance, both in providing coverage advice to insurers, and in defending liability claims and asserting subrogated recovery actions. Professional and Community Activities Frequent contributor to industry seminars on Fidelity Insurance, commercial fraud, and banking litigation issues Member of the Canadian Bar Association Member of the Association of Certified Fraud Examiners, Toronto Chapter Member of the American Bar Association (Tort and Insurance Practice Section (Surety and Fidelity))
Reid Lester, Laishley Reed LLP 505-3 Church Street - Toronto, ON M5E 1M2
Tel: 416.981.9415 o Fax: 416.981.0060 o Email: [email protected]