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| Section | Objectives |
|---|---|
| Financial Crimes | - Financial Statement Fraud
|
| Fraud Schemes | - Asset Misappropriation Schemes
|
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NEW QUESTION # 20
Which of the following is an example of a corruption scheme?
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Corruption schemes involve the misuse of influence in business transactions for personal benefit, often through bribery, kickbacks, or conflicts of interest. In this case, the procurement agent accepts an improper benefit (use of a beach house) in exchange for contract favoritism, which is a classic bribery scheme.
* Analysis of Incorrect Options:
* A - Theft of confidential information = asset misappropriation/intellectual property theft , not corruption.
* C - Excluding laptops from records = inventory theft , not corruption.
* D - Omitting costs = financial statement fraud .
* Key Concept: Bribery as a form of corruption.
Reference: ACFE Manual, Corruption - Bribery and Kickbacks .
NEW QUESTION # 21
Which of the following elements is required for a contract, transaction, or scheme to qualify as an investment contract?
Answer: A
Explanation:
The required element is that the investment is in a common enterprise. The ACFE material explains that the investment-contract analysis parallels the Howey test, under which all required elements must exist: an investment of money or other assets, a common enterprise, an expectation of profit, and profits derived primarily from the efforts of others. Option A is incorrect because profits must come from the efforts of people other than the investor, not solely from the investor's own management efforts. Option B is too narrow because the investment may involve money or another asset. Option C is incorrect because notarization is not an element of an investment contract. Therefore, the common-enterprise requirement makes option D correct.
NEW QUESTION # 22
A client contacts Emma, a Certified Fraud Examiner (CFE), and explains that they prepaid a commission to a broker for help with obtaining a loan. However, after sending the payment for services, the client did not receive a response from the broker and is unable to contact them. This type of fraud is known as a(n):
Answer: B
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: An advance-fee scheme occurs when fraudsters request upfront payments (fees, commissions, or deposits) for services or opportunities that never materialize. The broker taking the fee without providing services is a classic case.
* Analysis of Incorrect Options:
* A. Bait and switch - Advertising one product/service but delivering another, not applicable here.
* C. Split deposit scheme - Involves diversion of payroll or deposits, not loans.
* D. Scavenger scheme - Charging for unnecessary services, often debt collection or foreclosure help, not applicable.
* Key Concept: Advance-fee frauds as common financial scams.
Reference: ACFE Manual, Fraud Prevention and Deterrence - Advance-Fee Schemes .
NEW QUESTION # 23
Troy collects rare books and learns of a dealer who is selling a book he has been searching for. Which of the following detection measures would be MOST EFFECTIVE in helping Troy avoid a potential collectibles fraud scheme?
Answer: D
Explanation:
The correct answer is C. Collectibles fraud often involves misrepresenting authenticity, rarity, condition, provenance, or value of items such as rare books, art, coins, stamps, or memorabilia. A professional appraisal before purchase is the strongest option because it provides independent evaluation of authenticity and value.
A dealer's social media presence does not prove legitimacy. A list of prior sales might be fabricated or unverifiable. A dealer's description of condition is useful but still comes from the seller and might be biased or false. The ACFE consumer fraud materials identify art and rare-item schemes as consumer fraud risks, and independent verification is an important safeguard before paying for expensive collectibles.
NEW QUESTION # 24
To detect fraud committed by a health care provider, a fraud examiner should look for which of the following red flags?
Answer: D
Explanation:
The correct answer is A because an unusually high number of reimbursement claims can indicate provider fraud, overutilization, fictitious services, inflated billings, or other abusive billing activity. Health care fraud detection often relies on identifying abnormal patterns compared with similar providers, patient populations, or expected service levels. A consistently low percentage of coding outliers is not, by itself, suspicious.
Producing adequate supporting documentation is generally a positive sign, although the documents should still be tested for authenticity. Creating medical records during or soon after the patient visit is proper practice because records should be timely and accurate. The ACFE health care fraud material identifies provider fraud and red flags of provider fraud as important detection areas, especially where billing volume or claim patterns appear abnormal.
NEW QUESTION # 25
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