Cory Svihla

Cryptocurrency FTX is Facing Collapse

Cryptocurrency FTX is Facing Collapse

Bankman-Fried Scandal The cryptocurrency FTX is facing collapse following a scandal involving its CEO, Sam Bankman-Fried. The crypto billionaire was scrutinized after FTX suddenly bottomed out in November of 2022. According to reports, a whistleblower contacted the U.S. Securities and Exchange Commission (SEC) to report fraud.  Background This shocked many in the cryptocurrency community, as Bankman-Fried had previously been seen as a respected and reputable figure. He was arrested on December 12th, 2022, by Bahamian authorities, as requested by the …

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Top 4 Signs Your Spouse is Hiding Money

Top Four Signs Your Spouse is Hiding Money

The following list comprises of the top 4 signs your spouse is hiding money. The process of divorce is unfortunate, tragic, and many times hard to navigate. While divorce may be initiated for a multitude of reasons, the factors that require the most attention throughout the process are children and finances. Many divorces may be resolved in an orderly fashion, while others may become contested. Children bear the unfortunate and overwhelming burden of divorce; however, finances typically demand the most …

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Scammers Target Ukraine Donors

Scammers Target Ukraine Donors

At the height of the Russian invasion, scammers target Ukraine donors using various email phishing tactics. This blog was originally written as an article published in the Star Tribune Business Section, on March 13th, 2022. See below. Star Tribune: “How to Guard Against Scammers Preying on Donors to Ukraine” The Russian invasion of Ukraine is a tragedy. Scammers see these types of tragedies as an opportunity to turn your compassion, generosity, sympathy and vulnerability into a money-making venture. Events that have …

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Top 6 Ways Forensic Accountants Help During Divorce

Top 6 Ways Forensic Accountants Help During Divorce

Forensic accounting is the sexy version of accounting that takes facts from behind closed doors, brings them into the open, and provides a sense of truth to individuals and businesses of all types. Without a shadow of a doubt, divorce is one of the most frequent altercations requiring the need for a forensic accountant. In many divorce scenarios, the trust component is in question, at best. Whether or not a spouse has formed a business to conceal assets, started a …

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Top 4 Signs That Your Employee or Business Partner is Committing Fraud

Man Committing Fraud

One of the most commonly asked questions our firm receives is “how do I know if someone is committing fraud?” Well, unfortunately you don’t know until you know. However, the sooner you identify the presence of fraud, the less detrimental to your business it will be. It is important to understand inherent risks your business model holds, and in turn, create awareness around certain parts of your business that are more vulnerable to fraud and how certain employee actions should …

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World Leaders in PPE Procurement Advisory & Due Diligence

Intellex Forensics Fraud and Forensic Accounting Industries Photo of busy street in Italy during sunset

In the unprecedented COVID-19 world we now live in, it appears the laws of the “Wild West” have taken effect. Buyers of all sizes are formulating fictitious “Proof of Funds” reports, while sellers are falsifying inventory stock levels, price gouging, “padding” with excessive commissions and creating levels of misrepresentation to conceal the true ownership of the PPE. Since the inception of the 2020 COVID-19 pandemic, Intellex has performed in-depth due diligence and fraud detection on both the buy and sell …

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Does the type of fraud differ between industries and locations?

fraud image

Fraud is an on-going concern for companies of all types and sizes. Certain industries are susceptible to different types of fraud, and can be affected in different ways based on the frequency and size of each fraud occurrence. For example, a company in the banking or financial services industry may experience a multi-million dollar fraud once every few years, where a company in the retail industry may experience fraud occurring on a daily basis. Companies in the retail industry use …

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How deep does the investigation process get?

investigation graphic

WHAT HAPPENED TO MY MONEY? This is a question that many of us will ask at some point in our careers, whether or not we do everything in our power to prevent it. In order to answer this question, you will need to investigate. Forensic accountants have investigation methods that can provide clarity in these types of situations. The methodology behind each financial investigation remains fairly constant, but with the ever-changing nature of business and more specifically fraud tactics, we …

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Global Fraud is on the Rise

entrepreneur, idea, competence

Global fraud is on the rise, and new statistics present a scary realization for small businesses around the world. The 2016 Global Fraud Study (GFS) released by the ACFE, was an analysis of occupational fraud occurrences over approximately a 2-year time frame from 2014-2015. The GFS states that small businesses with less than 100 employees suffered the same median loss due to fraud as large companies with more than 10,000 employees. To clarify, this means that the average amount lost …

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What is Forensic Accounting?

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When one hears the phrase “forensic accounting”, it is usually followed by “oh wow, that sounds exciting”, and it is! The StarTribune calls it “CSI for the number-crunching crowd” in an August 1, 2015 publication. Forensic accounting is a comprehensive analysis of financial and accounting records in order to provide a basis for the courts to use in a dispute between two parties. Traditional accounting expertise is used as the basis for forensic accounting, however the analysis of records goes …

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