TITLE

Losses loom in fraud fallout

AUTHOR(S)
Jones, Lee
PUB. DATE
September 2009
SOURCE
Money Marketing;9/10/2009, p28
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article presents an analysis of the effects of exposing mortgage fraud cases in relation to mortgage lenders. It notes that Chelsea Building Society and Bradford & Bingley PLC have made mortgage fraud provisions of approximately 41 million and 271 million pounds respectively. Moreover, the standing fraud in the Great Britain has reached at 1.19 billion pounds, according to BDO Stoy Hayward LLP.
ACCESSION #
44384217

 

Related Articles

  • Mounting fraud is adding to mortgage market instability. Martin, Natalie // Mortgage Strategy;7/6/2009, p4 

    The article discusses the prevalence of mortgage fraud in Great Britain. A report from accounting firm BDO Stoy Hayward LLP reveals that 21 mortgage fraud cases happened in the first six months of 2009, part of the £960 million worth of total fraud in the country for the same period. Jonathan...

  • Lenders could be hiding fraud losses. Jones, Lee // Money Marketing;9/10/2009, p3 

    The article reports on the admonition of experts concerning the possibility of lenders to hide mortgage fraud losses on their balance sheets in Great Britain. Matthew Wyles, nationwide group director who warned the industry on new build buy-to-let lending in 2005, notes that lenders may not want...

  • BDO lawsuit fuels auditor liability and choice debates. Percy, Sally // Accountancy;Sep2007, Vol. 140 Issue 1369, p7 

    The article reports on orders which were given to BDO Seidman, the U.S. sister firm of the British accounting firm BDO Stoy Hayward, by a Florida court. The court ordered the company to pay $521 million in punitive damages and compensation for failing to find massive frauds in the audits of...

  • EDITOR'S COMMENT. Charlton, John // Employers Law;Dec2008/Jan2009, p3 

    The article focuses on the growing incidence of workplace fraud in line with the economic downturn. Workplace fraud is likely to rise during a downturn because some will be tempted to falsify expenses claims upwards in the hope that employers won't notice. Accountancy firm BDO Stoy Hayward...

  • Company fraud forecast to triple by 2012. Scott, Tracey // Money Marketing;1/14/2010, p8 

    The article reports on the BDO Stoy Hayward LLP research which found a 76 percent increase of company fraud cases in Great Britain.

  • The enemy within. Bevan, Simon // Commercial Motor;3/12/2009, Vol. 209 Issue 5322, p26 

    The article reports that according to the recent annual FraudTrack report from BDO Stoy Hayward LLP, the audit, accounting and business services firm, fraud in Great Britain stood at £ 1.19 billion for 2008, up 14% on 2007's figure of £ 1.04 billion. The report highlights the fact that...

  • Downturn creates fraud temptation.  // Supply Management;2/5/2009, Vol. 14 Issue 3, p11 

    The article highlights a report by accountancy firm BDO Stoy Hayward which showed that the value of procurement fraud in Great Britain increased by 347 percent in 2008. According to the report, total purchasing fraud reached 273 million pounds in 2008, compared with 78.7 million pounds in 2007....

  • Fraud soaring, says BDO.  // Accountancy;May2005, Vol. 135 Issue 1341, p133 

    Reports on the increase in incidence of fraud in Great Britain in 2004. Statistics on fraud incidence from BDO Stoy Hayward; Value of total reported fraud.

  • CALL FOR LONGER FRAUD JAIL TERMS.  // Supply Management;7/17/2008, Vol. 13 Issue 15, p9 

    The article reports that jail terms for those found guilty of fraud in Great Britain should more stringent. This was the appeal of accountancy firm BDO Stoy Hayward. The company made the call after its FraudTrack study revealed fraud cost businesses in Great Britain around £705 million in the...

Share

Read the Article

Courtesy of THE LIBRARY OF VIRGINIA

Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics