Question
Three people work at a Real Estate Title Firm, called Benchmark, the firm closes deals on new houses. They get checks as down payments/escrow from
Three people work at a Real Estate Title Firm, called Benchmark, the firm closes deals on new houses. They get checks as down payments/escrow from the buyers of the homes. They get checks from the banks as reimbursement items on the HUD statement. All three can write and sign checks and its not uncommon for them to have each other write the checks out for each other, so they can close out deals. They all also make deposits of the weekly receipts. Benchmark, the owner is not involved. Your suspects:
Kathy:
48 YOA/ 3 years with the Company/ Makes $78,000 annually
Bookkeeper for Benchmark/has access to all records
Drives a four year old Lexus/has new home
Two kids in College-FAU
Can sign checks/ make deposits/ make ledger entries
Goes out on the weekend/ quiet/ keeps to herself
Cassandra:
49 YOA/ 3 years with the Company/ Make $98,000 annually
Real Estate Agent/ Closer-Closes deals on new purchases
Married-two children in High School
Purchased her home 15 years ago
Drives a five year old Mercedes
Can sign and write checks/ has access to all records
Cannot make ledger entries
Goes out three times a week and every weekend
Joe:
49 YOA/ 3 years with the Company/ Makes $98,000 annually
Real Estate Agent/Closer-Closes deals on new purchases
Single/Enjoys the night life/ goes out whenever he wants
Drives a four year old Corvette
Purchased his home 15 years ago
Can sign and write checks. Has access to all records
Cannot make ledger entries
Funds are missing in excess of $100,000. You, as the Certified Fraud Examiner/CPA, have to figure out who took the funds, what records you need, how you will explain the crime and how they did it!!!!
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