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Nearly 5 years removed from the multi-billion dollar monetary frauds perpetrated by Bernie Madoff and Allen Stanford, multi-million dollar “small-time” frauds are routinely uncovered by enforcement agencies and regulators world wide. Actually, in response to Madoff, Stanford and lots of other frauds uncovered through the financial disaster, enforcement exercise was dialled up a notch. The allegation additional claims that the adviser raided consumer accounts to spend on luxury vehicles, resort stays and sporting events. And it’s not simply small-time investors who still find themselves defrauded. Final 12 months, AIJ Investment Advisors in Japan was uncovered for misreporting balances to several pension funds. Similarly, an Iowa-based mostly futures broker, primarily working with farmers seeking to hedge production and gross sales, was exposed for siphoning hundreds of thousands from consumer accounts. However that hasn’t stopped us from getting rooked. The US legal system and SEC is extra forthcoming with fraud particulars than different nations, like Australia and Canada, usually are. Yes, monetary fraud is still alive and properly.