Category Archives: Crime

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Corrupt Chinese Officials Steal Billions

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It seems Chinese government officials are anything but honest employees. A lengthy report that recently made its way into the media details how corrupt Chinese officials have stolen 3 billion over several years and stashed most of it in the U.

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S.

The report claims that up to “18,000 corrupt officials and employees of state-owned enterprises have fled abroad or gone into hiding since the mid-1990s.” The PDF of the report is available in Chinese cyberspace and offers a glimpse into who was stealing money, how much they stole and how they handled their cross border money laundering.

In one case, Xu Fangming, a former Ministry of Finance official allegedly deposited roughly 1 million yuan into the bank account of a son studying abroad.

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In another, Cheng Kejie, a top politician got his mistress settled in Hong Kong and funneled money to her. Some of the stories are well known. Among the most notable is the tale of Zhang Jian, a former Communist Party chief of Haimen in Jiangsu province, who famously dumped his ill-gotten 18 million yuan into Macao casinos. According to the report, he funded his 48 visits over two years with credit cards.

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The other popular methods used for stashing stolen money include black market banking services, trade under current accounts, overseas investments, credit cards and offshore financial centers in the Caribbean and Europe.

China’s central bank has stated that it will cooperate with foreign officials.

The Most Extreme Workers Comp Fraud Cases

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In this position, I receive so many press releases that it’s difficult to keep up and some sit in my email inbox unread because they don’t relate to this industry in the slightest way. However, I recently received one press release that not only caught my attention, it amazed me and inspired me to write this post about it.

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It tells of a man named Paul Colbert, who is the president and CEO of Meridian Investigative Group, a workers comp investigation company. With more than a decade of experience, Paul has seen some of the worst workers comp fraud cases in history. Below are a few of the more severe ones he shared in the email (names have been changed):

  • Kristy G: She alleged that her right foot was so injured that she couldn’t walk for for extended periods of time or be a productive member at her place of employment. Video caught her walking into the doctor’s office with her crutches and ambulatory aid for her ankle. Later, she was videotaped walking around without the crutches and holding her boot in her hand, trying to hit someone with it and then walking off quickly without any aid or signs of disability.
  • Kathy V: Her alleged injury was to her neck and shoulders, and in her claim, she indicated that she gets regular injections in her arm for pain. Her pain was so severe, that she could not work. Video caught her riding in a rodeo competition on two different occasions, after her date of injury.
  • Eddie R: His alleged injury was to his back, left ankle and heel. Again, his injuries were to such a degree that he could not work anymore. Video captured Eddie handily pushing his pickup truck after it stalled.
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  • Burt F: Burt filed a claim indicating the he was allegedly legally blind due to his workplace injury, but apparently not blind enough to prevent him from working as a maintenance man at an apartment complex. He was captured on video driving a golf cart and performing maintenance duties.

Do you know of any extreme workers comp fraud cases?

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Alibaba: The Case of Massive Fraud in China

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The website Alibaba.com claims to be “the global leader in e-commerce for small businesses.” It acts as a platform for global trade involving millions of buyers and suppliers around the world and is known as the largest B2B commerce site in China and one of the biggest in the world. Any way you put it, Alibaba.com is a success. Or was.

It seems the folks running the site were not so successful in one area of business: fraud prevention. The site allowed phony suppliers to set up accounts on the site and sell their goods (mostly low cost electronics) to buyers. Once actually supplying the small amounts of goods to buyers, the sellers moved on to high-ticket items and would take large orders from overseas businesses who paid upfront. The sellers would never deliver.

What’s more troubling is that most of these sellers were labeled “Gold Suppliers” by Alibaba.com, meaning they were checked out by the Alibaba staff and were deemed reliable and trustworthy. Some reports claim the Alibaba staff turned the other other way since they work on commission for each sale.

Though the company said only about 100 of 5,000 sales employees were implicated in the fraud, during the past two years more than 2,300 complaints were filed. According to the numbers the company supplied, the total losses suffered approached .

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8 million. The company’s stock price on the Hong Kong Stock Exchange dropped 8% Tuesday. And though management did take some measures to respond, the company’s top leaders deemed them inadequate.

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The board of directors’ investigation found that “sales people were incentivized to bring in as many paid suppliers as possible without regard to quality. There was a breakdown of the company’s internal check-and-balance systems.”

After news of the fraud was made public, David Wei, chief executive since 2007, and Elvis Lee, the company’s chief operating officer, stepped down.

Though it is Alibaba’s responsibility to police its website, ensuring fraudulent activity of any kind is prevented, it is also the responsibility of the consumer to do a little research of their own. With a Google search of Alibaba, I came across a site solely intended to publicize the wrongdoings of Alibaba.

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com and its staff. The site, appropriately named AlibabaScam.com, lists hundreds of complaints, some dating back years, from buyers who were ripped off, giving detailed information regarding the con artist’s name, email address, website URL and Paypal account name used. It makes one wonder why it took so long for any action to be taken against such a fraudulent company. Buyer beware. Always.

More from the Economist blog.

Jan/Feb Issue of Risk Management Now Online

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Faithful readers: the January/February issue of Risk Management magazine is now online. The cover story focuses on women’s struggles and successes within the risk management and insurance industry. Other features explore the rising risk of pirate threats on the high seas, the 3 worst assumptions risk managers make and how a new SEC rule changed the way companies look at risk management.

Our columns explore topics such as insurers reaction to the Fed’s spending, the biggest risks of 2011, the property/casualty market in 2011 and an engaging Q&A with Eurasia Group President Ian Bremmer.

If you enjoy what you seen online, you can subscribe to the print edition to enjoy even more content.

Please let us know what you think in the comments below. And stay tuned to the blog for even more coverage in the future. Lastly, you can follow the magazine on Twitter, “like” us on Facebook and join our LinkedIn group.