Determine whether there is a likelihood of fraudulent income based on the review of information you were able to obtain from your Internet search. If there is a likelihood of fraudulent income, calculate the amount. (Hint: calculate potential income from unknown sources based on the unexplained increase/decrease in Jaleesa's assets and liabilities.) You must show how you calculated the amount.
Assume you are the lead forensic investigator for a potential fraud case at AJB, Inc. After searching public records and other Internet sources, you accumulate the following financial information for the suspected fraud perpetrator, Jaleesa P. Crimin.
|
|
YEAR 1 |
YEAR 2 |
YEAR 3 |
|
Assets: |
|
|
|
|
Residence #1 |
$243,000 |
$243,000 |
$243,000 |
|
Residence #2 |
|
|
138,000 |
|
Stocks and bonds |
15,000 |
30,000 |
57,000 |
|
Automobiles |
27,000 |
52,500 |
52,500 |
|
Boat |
|
34,500 |
34,500 |
|
CD |
12,000 |
42,000 |
81,000 |
|
Cash |
5,670 |
12,150 |
29,160 |
|
Liabilities: |
|
|
|
|
Mortgage balance #1 |
136,080 |
68,040 |
16,200 |
|
Mortgage balance #2 |
|
|
138,000 |
|
Auto loans |
18,000 |
57,000 |
|
|
Boat loan |
|
34,500 |
9,000 |
|
Income: |
|
|
|
|
Salary |
|
78,750 |
82,650 |
|
Interest/other |
|
8,730 |
17,790 |
|
Expenses: |
|
|
|
|
Mortgage payments |
|
24,300 |
42,120 |
|
Auto loan payments |
|
9,720 |
9,720 |
|
Boat loan payments |
|
5,670 |
8,100 |
|
Other living expenses |
|
35,640 |
42,060 |
- Determine whether there is a likelihood of fraudulent income based on the review of information you were able to obtain from your Internet search. If there is a likelihood of fraudulent income, calculate the amount. (Hint: calculate potential income from unknown sources based on the unexplained increase/decrease in Jaleesa's assets and liabilities.) You must show how you calculated the amount.
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