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ACFE Opens Fraud Museum July 7, 2006 (SmartPros) The Association of Certified Fraud Examiners (ACFE), a global provider of anti-fraud training and education, recently unveiled a Fraud Museum featuring memorabilia of frauds throughout history. From highly recognizable documents like Enron, WorldCom, and Adelphia stock certificates, to unique finds like a check signed by legendary inside trader Ivan Boesky, the new ACFE Fraud Museum currently boasts 50 unique pieces. The museum will make its debut as a traveling collection at the 17th Annual ACFE Fraud Conference & Exhibition this month in Las Vegas. The permanent home of the museum is the Gregor Building at ACFE Headquarters in Austin, Texas. "I've always found the lives of fraudsters to be extremely fascinating," Joseph Wells, CFE, CPA, ACFE founder and chairman explains. "While researching my book, Frankensteins of Frauds, I came across some interesting characters and subsequently found accompanying memorabilia. I started collecting these pieces and -- voila! -- the fraud museum was born." The notorious fraudster Ivar Kreuger claims the first piece in the Fraud Museum collection. Known as the "Swedish Match King," Krueger engaged in a large number of frauds in the early 20th century including embezzlement, the use of shell companies, transferring debt to subsidiaries, and even counterfeiting $142 million worth of Italian bonds. After his schemes began to collapse, Kreuger committed suicide in 1932 leaving a note that said, "I'm too tired to continue." The new ACFE Fraud Museum brings lesser-known fraudsters to light -- like Clarence Hatry. Financial historians generally agree that the infamous stock market crash of 1929 actually began with a chain of events surrounding the bankruptcy of this flamboyant English financier. On Sept. 20, 1929, it was revealed that Hatry had forged $67 million in municipal bonds to cover his debts. As a consequence, many of his shareholders had to fortify themselves by selling their American holdings, creating panic in the market. Less than 30 days later, the stock market crashed, causing the worse financial crisis in U.S. history. Hatry served 15 years in prison for his crimes. For more information visit www.ACFE.com/about/museum.asp. 2006 SmartPros Ltd. All rights reserved. |
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