NCJ Number
41380
Editor(s)
D MOFFITT
Date Published
1976
Length
189 pages
Annotation
THE VOLUME DESCRIBES SIX CLASSIC BUSINESS FRAUDS OF THE 1970'S AND FOCUSES ON THE CAUSES, METHODS, AND EFFECTS OF FRAUD.
Abstract
IT EXAMINES THE VARIOUS MOTIVES BEHIND FRAUD AND RAISES PERTINENT QUESTIONS ABOUT THIS CRIME IN THE UNITED STATES. SOME OF THE QUESTIONS DISCUSSED ARE HOW THE COURTS PUNISH A SWINDLER, WHAT HAPPENS TO RINGLEADERS OF FRAUD SCHEMES AND THEIR ACCOMPLICES, WHAT CAN BE DONE TO PREVENT MASS SWINDLES, AND WHO FINALLY PAYS FOR LARGE-SCALE FRAUD. DETAILED ANALYSES ARE PRESENTED OF THE FRAUD SCHEMES OF JESSE D. QUISENBERRY; STANLEY GOLDBLUM, FOUNDER AND CHIEF EXECUTIVE OF EQUITY FUNDING CORPORATION; ROBERT TRIPPET, A WEALTHY LAWYER AND ORGANIZER OF THE HOME-STAKE PRODUCTION COMPANY; ROBERT VESCO, OF INTERNATIONAL NOTORIETY; MOE STEINMAN, A NEW YORK MEAT BROKER; AND JACK DICK, A NEW YORK PROMOTER WHO ORGANIZED THE BLACK WATCH FARMS TAX SHELTER. AS EACH OF THESE FRAUD SCHEMES DEMONSTRATE, INVESTORS SHOULD BE WARY OF BUSINESS VENTURES THAT PROMISE LARGE PROFITS IN A SHORT TIME. CORPORATIONS WITH IMPRESSIVE-LOOKING NAMES ARE NO MORE TRUSTWORTHY OR SECURE FROM MANIPULATION THAN THE ORDINARY PEOPLE WHO SIGN AND COUNTERSIGN THE CHECKS. ON THE STRENGTH OF A CERTIFIED FINANCIAL STATEMENT, A DUBIOUS ENTERPRISE MAY RAISE MILLIONS OF DOLLARS. THE INNOCENT VICTIM OF LARGE-SCALE FRAUD IS THE GENERAL PUBLIC WHO MUST PAY HIGHER TAXES. NO REFERENCES ARE PROVIDED.