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| Section | Objectives |
|---|---|
| Fraud Investigation and Analysis | - Evidence collection and documentation
|
| Financial Crimes | - Money Laundering
|
| Fraud Schemes | - Financial Statement Fraud
|
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NEW QUESTION # 307
Brad owns a failing business that sells various types of raw stone for homes. Brad decides to file for bankruptcy on behalf of the company, but one month before doing so, he transfers several expensive slabs of marble to his son's construction business at no charge. Which type of fraud scheme has Brad MOST LIKELY committed?
Answer: A
Explanation:
The correct answer is D. A fraudulent conveyance occurs when a debtor transfers property to another party, often an insider or related party, for little or no consideration before or during insolvency to place assets beyond the reach of creditors. Brad's transfer of valuable marble slabs to his son's construction business at no charge shortly before bankruptcy is a strong indicator of such a scheme. Option A, concealed transfer, is less precise because the key issue is not merely hiding a transfer but transferring assets for inadequate value to impair creditors. Option B is overly broad and does not identify the scheme type. Option C, planned bustout, usually involves obtaining goods or credit with the intent to dispose of assets and then file bankruptcy.
NEW QUESTION # 308
A method for gaining unauthorized access to a computer system whereby the attacker deceives victims into disclosing personal information or convinces them to commit acts that facilitate the attacker's intended scheme is known as:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Social engineering involves manipulating or deceiving people into revealing confidential information or taking actions that aid the attacker (e.g., clicking malicious links, sharing credentials). It targets human weaknesses rather than technical vulnerabilities.
* Analysis of Incorrect Options:
* A. IP spoofing - Forging an IP address to disguise origin.
* B. Electronic piggybacking - Unauthorized use of someone else's access connection.
* C. Packet sniffing - Monitoring data traffic across a network.
* Key Concept: Cyberfraud techniques - social engineering.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Social Engineering Attacks .
NEW QUESTION # 309
Once the expense account is closed, it becomes a historical item and probably will never be reviewed again.
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This is True . After the closing process, expense accounts are reset to zero for the new accounting period. They remain only as part of historical financial statements and supporting records. Because of this, expense accounts can be a target for fraud concealment (fraudulent disbursements), since closed accounts are rarely scrutinized again.
* Analysis of Incorrect Options:
* B. False - Incorrect, as the closing process does make expense accounts historical.
* Key Concept: Expense accounts in fraud concealment - vulnerabilities due to being closed at period end.
Reference: ACFE Fraud Examiners Manual (2020 International Edition) , Fraudulent Disbursements - Expense Account Manipulation .
NEW QUESTION # 310
Which of the following signs is a red flag that might indicate an entity is operating a securities business without the proper license or registration?
Answer: A
Explanation:
The correct answer is D because unexplained gaps in a promoter's work history are specifically identified as a red flag that an entity might be operating a securities business without proper licensing or registration. The ACFE material explains that legitimate brokerage firms and broker-dealers must register with the appropriate regulatory authority, meet required standards, and ensure that relevant personnel are properly registered or licensed. Red flags include agents with criminal records, unexplained employment gaps, prior customer complaints, regulatory problems, and questionable credentials. Options A and B are not red flags by themselves because prospectuses and regulatory filings may be associated with legitimate securities activity.
Option C is the opposite of a warning sign; customer complaints would be more concerning than a lack of complaints.
NEW QUESTION # 311
A special scheme in which employees know their employer is seeking to purchase a certain asset and take advantage of the situation by purchasing the asset themselves is:
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: This scheme is known as a Turnaround Sale or Flip . The employee secretly purchases an asset their employer needs and then resells it to the employer at a markup, thereby profiting at the employer's expense.
* Analysis of Incorrect Options:
* A. Conflict of interest in sale - Too general; does not describe the flipping mechanism.
* C. Unauthorized sale - Not an ACFE fraud category in this context.
* D. Written sale of unique assets - Not a recognized scheme.
* Key Concept: Conflict of Interest scheme - Turnaround Sales/Flips .
Reference: ACFE Fraud Examiners Manual (2020) , Conflict of Interest: Turnaround Sales .
NEW QUESTION # 312
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