Former Oil Ceo Gets Jail in Fraud Case

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Former Oil CEO gets Jail in Fraud Case 1. How does Benjamin Koorbatoff, CEO fit the profile of the average fraud perpetrator? How does he differ? How did these characteristics make him difficult to detect? Benjamin Koorbatoff fit the profile of the average fraud perpetrator by having the opportunity. He was the CEO of Calgary Oil Company. He was different because he thought he was the driving force of the company. He misappropriated funds from several companies. He even misappropriated funds while on probation because he was in a position of trust. He thought that he could get away with misappropriated of funds because he was a nice guy. 2. Explain the three elements of the opportunity triangle (commit, conceal convert), and discuss how Koorbatoff accomplished each when embezzling funds from Calgary Oil Company and Brink Energy. What specific concealment techniques did Koorbatoff use? According to our textbook page 11, commit fraud is the theft of assets is the most common type of misappropriation. Many of the financial reporting involves overstatements of assets or revenues, understatements of liabilities, or failures to disclose information. On the other hand, conceal the fraud is to prevent detection when assets are stolen or overstated, perpetrators must keep the accounting equation in balance by inflating other assets or decreasing liabilities or equity. Concealment takes more effort and time and leaves more evidence of the theft or misrepresentation. The perpetrator uses many ways to hide the theft or misrepresentation. Some of the ways are as followed: hiding the theft in a balance sheet; or a lapping scheme where the perpetrator steals the cash or checks from the customer then pays the customer accounts receivable (with this scheme the cover up must continue until the money is pay back; check kiting is cash that uses lag between the time a check is
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