Identify all assets, liabilities, and income for 2018 and 2019

Identify all red flags

Was fraud evident

Use the following facts and circumstances relating to one of the suspects in the Swift Air case to calculate the change in net worth for 2017, 2018 and 2019. 1. According to the Miami courthouse records, the subject owns a residence at 3511 Northern Drive and paid $250,000 in 2007. 2. Brokerage statements indicated stock ownership in three companies: a) Apple Inc stock, with an original cost of $15,000 (owned in 2017 only). b) $30,000 in Microsoft stock (purchased in 2018). c) $125,000 in Pfizer stock (purchased in 2019). 3. A credit card application found during the execution of a search warrant indicates that in 2017 and 2018, the subject owned two vehicles. Information from an interview with the subject indicates that both vehicles were sold in 2019. a) Chevy Truck (purchase price $32,000). b) Used Toyota Camry (purchase price $10,000). c) The application indicated that as of July 1, 2017, $24,600 was owed on the truck and $14,100 on a home equity loan, a portion of which was believed to have been used to purchase the car. Payments to principal were about $100 per month for each loan plus interest. 4. According to other courthouse records and a loan application obtained via subpoena from Baxter's Boats and Jet Skis, the suspect owns a ski boat that was purchased in 2016 for $52,500. The boat loan was not listed on the credit card application noted above, but Baxter's records helped estimate the December 31, 2017, loan at about $21,000, with payments to principal of about $200 per month plus interest. 5. Testimony during a December 2019 divorce hearing indicates a savings account with amounts, $7,500 on December 31, 2017, and $12,500 on December 31, 2018, and with estimated balance of $0 on December 31, 2019. 6. In 2019 the Motor Vehicle Services records indicated that the subject purchased a Jaguar for $72,000. No records of any lien were discovered. 12 Swift Air Services Case Study 7. The records for registering a new business indicates that the subject incorporated a business in 2015. Company financial records indicate that the initial investment was $20,000. 8. Security records at the courthouse suggest that the subject put down $50,000 to purchase the home on 3511 Northern Drive. Using the terms of the loan, the amount owed were estimated (calculated) as about $152,000 in 2017, $140,000 in 2018, and $128,000 in 2019. 9. According to the loan application for the Jaguar, approximately $50,000 was owed at the time of purchase (near the end of 2019). 10. Divorce testimony indicated that the subject had a job that paid $62,500 in 2018 and that the subject normally receives a 5% annual raise. The subject tax records indicated that this estimate is reasonable. 11. Divorce testimony further indicated that the subject spent about $40,000 in 2018 on living expenses, and that the subject estimated $50,000 for similar expenses in 2019