Homework answers / question archive / Class, Mark is a young business student at the University of Georgia, who works part-time as a financial advisor at a local credit union

Class, Mark is a young business student at the University of Georgia, who works part-time as a financial advisor at a local credit union

Accounting

Share With

Class,

Mark is a young business student at the University of Georgia, who works part-time as a financial advisor at a local credit union. Mark has been married about two years. Mark’s wife is currently taking care of their newborn son, while Mark finishes up school. Mark is well liked by all those who know him. In fact, those who know Mark would describe him as outgoing, funny, and very intelligent.

At the credit union, Mark’s primary responsibility is to set up new accounts, make initial loan interviews, and work as a teller. While at work, Mark always appears to be working hard, and rarely misses work (even for vacations). Often times, Mark is the first one to volunteer to stay late and look over accounts or help clean up.

Over the last four months, Mark’s credit union supervisor noticed Mark make many interesting purchases. Four months ago, Mark purchased a big screen television and frequently invites coworkers to watch movies at his home. One month ago, Mark bought three new wool suits, which he frequently wears to work. Two months ago, Mark traded in his old Geo Prism for a new Jeep Grand Cherokee (with many additional features). When asked where Mark was getting the money for these purchases, Mark humorously responds, “I guess people are right, when you die, you can’t take it all with you. However, it sure was nice they left it with me,” alluding to the fact that a wealthy grandmother had recently passed away and left Mark (her favorite grandson) a significant inheritance. 

Also, recently the supervisor heard some of the new customers complaining that their balances are off by $20, $30, and even $50.

What fraud symptoms are present in this scenario? (Don’t just provide a list of fraud symptoms – identify one (or two) and explain in detail why it is symptom.)

Is it possible to know from the information given that Mark is committing fraud at the credit union? Why or why not?

What is one reasonable action the supervisor could do if he or she suspected Mark as a fraud suspect?

Full responses in 1.5 pages

3.  Explain one of the foreign currency translation methods. Describe the pros and cons of this translation method (1 page)