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Module 05 Course Project - Course Project PresentationJeremyWheelerRasmussen CollegeAuthor NoteThis paper is being submitted on December 07, 2017, for Tiffany Krogman’s A276/ACG2680 Section 02 Financial Investigation course.
Who are they?•Started as a parcel shipping business and banking services during the California Gold Rush days•Separated shipping from banking in 1905, and focused exclusively on banking as of 1918•Acquired multiple smaller banks•Largest bank in the world as of 2015
Fraud Summary•Unauthorized accounts opened by employees•Over 2 million checking & saving accounts•Over 500,000 credit cards opened•Unauthorized insurance policies on 570,000 car loans•$2 million in fees generated
Company Culture•Expected to sell at least 8 “products” per day•Expected to sell 20 per day in January•Employees given incentives for opening more accounts & warnings when they didn’t•Management did not question fraudulent accounts as long as metrics were reached•Perfect fraud triangle setup