The expertise of most advisors usually stops short of forensic accounting or detecting client fraud. What do you do when there is evidence of missing assets or forgeries? To uncover intentional - and increasingly sophisticated - deceits, planners need to know about forensic accounting, financial planning, tax law and criminology.
Fraud can take a variety of forms and financial fraud cases can be brought under federal or state laws. So-called off-book fraud, which is often not covered up, can be as simple as a client working a side job, getting paid in cash and then spending the cash to fund an extramarital affair or gambling. On-book fraud requires falsifying records or lying to mask deception. A husband or wife might transfer money from a joint account, or open an individual account and spend it without the spouse's knowledge.
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