Imagine you are a certified fraud examiner. You have been hired by the Securities and Exchange Commission (SEC) as a fraud prevention and detection expert. The position you were hired for is to provide training to SEC employees on lessons learned from financial statement fraud committed by publicly traded companies.

Review these two financial fraud cases THE FYRE FESTIVAL FRAUD: 100 INVESTORS WERE BILKED OUT OF $27 MILLION and $102 MILLION PONZI SCHEME (FIRST NATIONLE SOLUTION, LLC, PERCIPIENCE GLOBAL CORPORATION, AND UNITED RL CAPITAL SERVICES) then answer the below question:

1. Evaluate the effectiveness of SEC regulations and requirements, indicating improvements needed to detect fraud in the future. Provide support for your recommendations.