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Benford's law is used by several countries and states (for example, California and New York) to identify tax defrauders.
Since negotiations cause significant transaction cost and the expected sanction for defrauders in reality is not very high (see Derrig and Zicko, 2002), it is questionable whether insurers can collect the penalty or not.
The lean years after the dot-com collapse left the investing public with a hankering for visible, swift revenge on its defrauders, real and alleged.
Meanwhile, the big swindlers, tax cheaters, offshore manipulators, stock inflators, accounting defrauders, laugh all the way to the bank.
Strong sanctions are appropriate for defrauders, but it must be ensured that those sanctions are imposed on bad actors only, Honest businesspeople and professionals need to be protected against threats intended solely to generate larger settlements and attorneys' fees, Investors are the intended beneficiaries of the deterrence produced by securities fraud class actions, but they bear the costs when class actions get out of control in the form of higher insurance premiums for directors' and officers' insurance, as well as higher fees that accountants, lawyers, and investment bankers will charge if they face unjustified litigation risk.
The federal government is glacially moving toward reform, according to Angelica Rendon, the director of Mexico's Coalition Against Fraud, and this slow "step-by-step" process has encouraged these defrauders to set up shop in Mexico and laugh at the lack of consequences for their thievery.
82) The law recognizes a variety of ways to legally acquire resources in a property system, including exchange, gift, accession, confusion, and first possession, but robbers, thieves, and defrauders do not own what they acquire and cannot take the resources of others without suffering the likelihood of criminal and civil consequences intended to protect lawfully recognized owners.
Securities and Exchange Commission papers show that an entity half-owned by Coors, the brother of Adolph Coors chief executive Peter Coors and great-grandson of the brewery's founder, Adolph, handed $40 million to alleged defrauders to invest in relatively safe bank instruments.
Leading companies in the sector have set up a database to pool information so that serial defrauders can be refused cover.
In 1999, the work of the Allstate New Jersey's Special Investigative Unit resulted in legal action against 388 suspected defrauders totaling $54 million.
Not only are we talking about real dollars that wouldn't be collected were it not for the law, but it also deters would-be defrauders.
This can sometimes be a blessing, as some bulletin boards have been used by credit card defrauders, computer crackers,(1) and pedophiles to spread criminal and contraband information online.
Criminals with the same mean preconviction income as larcenists and thieves ($10,312) can expect a reduction of $4705 (or 46 percent), while those with the same mean preconviction income as embezzlers and defrauders ($20,992) face a reduction of $13,451 (or 64 percent).
This was the first such body shop fraud case tried under a 1993 state law designed to augment law enforcement's efforts to prosecute defrauders.