March 2014
Beginner
316 pages
7h 48m
English
Content preview from Fraud Prevention and Detection
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Fraud and Money Laundering
INTRODUCTION
This chapter focuses on money laundering and how it can be used to con-
ceal the proceeds of fraud.
THE KOOP FRAUD
*
In 1997, William H. Koop, a US citizen from New Jersey, began to rep-
resent himself as an experienced investment advisor. Even though he
had no nancial credentials or education beyond high school, Koop, a
retired contractor, began selling a high- yield investment program that he
claimed could produce returns as high as 489% over a 15-month period,
allegedly with little or no risk.
In fact, it was nothing more than a fraud that bilked investors of mil-
lions of dollars. As part of the fra
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