Category: Employee Theft

"Shadows of Deceit: Unveiling Financial Fraud Through Private Investigation"

6/2/2023

Private investigators play a crucial role in uncovering financial fraud and protecting the interests of individuals, businesses, and organizations. With their specialized skills, knowledge, and resources, they assist in detecting fraudulent activities, gathering evidence, and presenting a strong case for legal action. In this article, we will explore the role of private investigators in investigating financial fraud and how they contribute to maintaining the integrity of the financial system.

Financial fraud encompasses a wide range of illegal activities, such as embezzlement, money laundering, insider trading, Ponzi schemes, and identity theft, among others. These acts can cause significant harm to individuals and businesses, leading to financial losses, reputational damage, and even bankruptcy. Private investigators, such as those who are part of the EXCALIBUR Private Investigation team, headquartered in Colorado Springs, Colorado and serving the state of Colorado, are often hired to identify perpetrators, collect evidence, and help victims seek justice.

One of the key strengths of our private investigators is their ability to conduct discreet and confidential investigations. They have the expertise to navigate complex financial transactions, analyze records, and follow the money trail. They employ various techniques, including surveillance, interviews, background checks, and forensic accounting, to uncover fraudulent schemes and trace the flow of illicit funds. By utilizing their networks and resources, private investigators can access information that is not readily available to the public, which can be instrumental in unraveling financial fraud.

EXCALIBUR’s investigators also collaborate closely with law enforcement agencies, regulatory bodies, and legal professionals in financial fraud cases. They work hand-in-hand with these entities to share information, provide expert analysis, and strengthen the overall investigation. This collaboration ensures that all relevant aspects of the case are thoroughly examined and that the evidence gathered meets the required legal standards. We often act as liaisons between victims and law enforcement, bridging the gap and facilitating effective communication.

In addition to their investigative skills, our Colorado-based investigators bring a unique perspective to financial fraud cases. They possess a deep understanding of human behavior, motivations, and patterns, allowing them to anticipate the actions of fraudsters and identify potential vulnerabilities in financial systems. Their expertise in risk assessment enables them to provide valuable recommendations to individuals and organizations to prevent future fraud occurrences. By conducting comprehensive due diligence and implementing robust internal controls, private investigators help mitigate the risk of financial fraud.

Moreover, private investigators are adept at presenting their findings in a clear and concise manner. They compile comprehensive reports and, if necessary, testify in court as expert witnesses. Their ability to communicate complex financial concepts in a way that is understandable to non-experts is crucial for legal proceedings. Their testimony often serves as a critical component in securing convictions and ensuring that justice is served.

In conclusion, private investigators play a vital role in investigating financial fraud. Their specialized skills, resources, and collaboration with law enforcement agencies contribute to the detection and prevention of fraudulent activities. By diligently following the money trail, conducting thorough investigations, and providing expert analysis, private investigators assist in safeguarding the financial system and protecting the interests of individuals and businesses. Their efforts in uncovering financial fraud are essential in maintaining the integrity of the financial sector and ensuring that those responsible are held accountable.

Have you been a victim of financial fraud or are you about to enter into a financial arrangement and want to make sure the other party doesn’t have any skeletons in their closet? Contact EXCALIBUR Private Investigation and let us put our 30+ years of federal law enforcement (FBI) and private investigation experience to work on your case. We’ll find the answers you need. Call us today at 719.208.4088 or fill out our contact form and a professional private investigator will be happy to discuss your case with a no-obligation, free consultation.

Lee Walters
President-Lead Investigator
Colorado Springs, Colorado

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10 QUESTIONS YOU MUST ASK BEFORE HIRING A PRIVATE INVESTIGATOR

11/28/2022

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10 Questions to Ask a Colorado Springs Private Investigator

There are many instances where you may need to hire a private investigator. No matter what you're trying to accomplish, it's best to interview multiple investigators to see who is the right fit for you before giving one the assignment. We developed ten questions you should ask any professional investigator you're thinking about hiring:

1. How long have you been conducting investigations?

Note that this question will give you a good sense of how long the investigator has actually conducted investigations and if they have law enforcement experience where they've actually received training in all aspects of conducting an investigation. If they respond with "5, 7, ____ fill-in-the-blank years, be sure and ask if all those years of experience are only as a private investigator or not. At EXCALIBUR Private Investigation, we have over three decades of law enforcement (25 years) and private investigation (10 years) experience and have received ongoing training during the entirety of that time.

2. Are you licensed, insured and bonded?

In the state of Colorado, Governor Jared Polis vetoed ongoing licensure of private investigators effective August 31, 2021 and the industry is full of people who couldn't get licensed in the past due to a variety of reasons. Make sure to ask if they've ever been licensed in any state and inquire as to what insurance they have and if they are bonded. An uninsured, unbonded, private investigator is a train wreck looking for a place to happen. At EXCALIBUR we're insured and bonded and have held state issued private investigator's licenses in California, Virginia and Colorado.

3. What hours will you work on my case?

Never, never, never hire a private investigator who only works banker's hours, i.e. 9:00 a.m. - 5:00 p.m. If you've already hired them and can't seem to get in touch with them after 5:00 p.m. fire them. Immediately! Many cases require the investigator to work nights, weekends, and holidays, and can require much more than an 8-hour day. Our investigators work when the case requires it, no matter when that may be. Private investigation is not a 9-5 job!!!

4. What type of training have you had?

Many investigators will vacillate and stumble when you ask them this question and will try to generalize their training. They'll try to tell you how many years they've been doing this kind of work, what they did in the military, etc. If they can't answer with specifics, you can assume they aren't qualified, or equipped, to handle your case. At EXCALIBUR our investigators have trained at the FBI Academy, the DOJ Advocacy Center, the Central Intelligence Agency (CIA) and the Military Police Academy, to name just a few places our investigators have trained. Training is ongoing as there's always something new to learn.

5. What kind of report will you provide?

No matter what kinds of evidence a private investigator collects, if it isn't properly documented, via written reports, chain-of-custody recorded, videography, photographs, etc., it does no one any good. Many times a case has been defeated at trial due to shoddy or incomplete reports. Unless the private investigator has been trained in how to properly document evidence, they'll fail every time. A good professional investigator will give you frequent updates on all investigation conducted including what they've discovered, and what remains to be discovered. At EXCALIBUR Private Investigation we update all clients any time there's activity in a case and we provide a detailed, written report, that references all audio, video, photographs, surveillance activity, GPS tracking, etc. collected during the investigation. We hand deliver our reports with all of the collected evidence and take the time to go over our findings with the client.

6. How should we communicate with each other?

Many times in an investigation the client may still live with the subject of the investigation. If the private investigator you're interviewing doesn't have alternative communication methods in mind, find another investigator. We use a variety of apps and burner numbers untraceable to our firm as any investigator worth their salt should.

7. Can you recommend a good lawyer?

This question will let you know immediately if the investigator is respected by those in the industry. All good investigators should at least have a few law firms as clients and should be able to recommend which lawyer would be the best for your particular matter. Our firm has worked with law firms all over the country and can recommend the right firm no matter what type of case you need help with.

8. Are you willing to testify in court?

Any private investigator should be willing to testify in court. If the investigator you're interviewing hesitates, even momentarily, that's a huge red flag! Individuals who have presented themselves as PI's may have something in their background that they know will come out in any trial, such as criminal convictions. Without licensing even an individual with a criminal past can claim to be a private investigator. The investigators of EXCALIBUR Private Investigation have all testified in federal, state and local courts numerous times.

9. Will you guarantee your results?

If an investigator tells you they can guarantee the outcome of an investigation they are either lying or have never worked an investigation. An investigator with any experience whatsoever, understands that you never know where an investigation will lead. We guarantee we'll work your case with all available tools and expertise, but we can never guarantee a particular outcome. If the investigator tells you they guarantee their results hold on to your wallet and be suspect of any information they provide.

10. Do you have references?

Any private investigator with a level of experience should be able to provide references when requested. Most reputable PI's will have plenty of clients they can't provide as references due to confidentiality, but they should have some, such as law firms and other professionals, that can speak to their work product. Another red flag if the PI you're interviewing can't, or won't, provide references.

I recommend printing these questions out any time you are thinking of engaging a private investigation firm. I'm sure our competitors will be practicing their answers should one of our readers call them. If we can help you in any way, please don't hesitate to contact us.

Lee Walters
President-Lead Investigator
EXCALIBUR Private Investigation
719.208.4088

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WHEN YOU JUST HAVE TO HAVE THE BLING!

3/26/2022

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HP victim of embezzlement Colorado Springs Private Investigation

I often point out, in writings and speeches, that small businesses really need to be on the lookout for employee theft and/or embezzlement. A recent case proves that large companies can also be victims as well. A former Hewlett-Packard executive pled guilty Wednesday to stealing nearly $5 million from the tech giant. She admitted to using company credit cards to buy luxury cars, designer bags and expensive jewelry.

Shelbee Szeto pled guilty to wire fraud, money laundering and filing false tax returns, and admitted in court that she used her position as an executive assistant and finance planning manager to defraud HP out of $4.8 million. Szeto was accused of using commercial credit cards to wire money to herself through various Square, Paypal and Stripe accounts.

As part of her position at HP, she was issued a variety of credit cards for business expenses and allegedly used an American Express card to transfer hundreds of thousands of dollars to false merchant accounts that she alone controlled.

Some of the items she ended up forfeiting in her plea deal include things such as a 2020 Tesla, a 2021 Porsche, Dior, Gucci, Hermes and Chanel bags and purses, and almost 100 pieces of assorted jewelry.

A bank employee with First Republic Bank actually questioned her about the source of all her stolen funds which she falsely represented to that employee that it was legitimate business income from her work as a "consultant".

The subject is scheduled for sentencing on July 20 of this year.

I constantly caution our clients that they need to always be vigilant when it comes to who in their companies/organizations have financial control in whatever form that takes. We're happy to answer any questions any Colorado company, or from any state for that matter, may have about safeguards to put in place so you don't become a victim of employee/theft embezzlement. Our Colorado Springs-based private investigators cover the state of Colorado and are happy to discuss any potential case you may have.

Lee Walters
President
EXCALIBUR Private Investigation
Serving all of Colorado and beyond

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THE TALE OF A BAAAD EMPLOYEE: My Paralegal Tried To Kill Me!

2/18/2022

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Colorado Springs Private Investigator and employee theft

In this business, as long as I've been in it, you think you've seen it all and then a new story comes along and you realize there's always something out there that's coming to top the last story you thought couldn't be topped. In a report out of Texas, an attorney was defrauded out of at least $800,000 from a "trusted employee" (we've worked too many cases to count where a "trusted employee" defrauded their employer) as well as poisoned. Yes, you read that right. Poisoned!!!

Arturo Guzman, a sole practitioner in San Marcos, Texas, had one employee, his only employee, Ashley Szymonek, who was with him for 10 years and had his total trust. And I do mean total. Guzman allowed Szymonek to be the firm's primary contact for his bankers, accountants, and other professions and she handled almost all of the email traffic in and out of the office. We tell all business clients of EXCALIBUR Legal Support - Private Investigation that they should NEVER place this kind of trust in one employee. It's a recipe for disaster but yet we've seen it time and time again.

This all started when Guzman was sued by a client over allegations that he improperly withheld funds. Guzman, trusty guy that he is, relied on Szymonek to contact his malpractice insurance carrier to get an attorney to represent him. Of course, unbeknownst to him, Szymonek had let his coverage lapsed and no attorney was retained although, according to court papers, she led him to believe he did have coverage and an attorney. Lo and behold Guzman gets disbarred in February of 2020 which was a secret to him for weeks until a fellow tenant in his building told him he was surprised to hear he'd been disbarred.

On April 29, 2020, Guzman was discovered in an office where all the doors locks had broken off keys inside them, bloated with vomit on his face. At the hospital the doctors suspected poisoning, likely from ingesting a large amount of antifreeze. He ended up in a coma for days. To complete the story Szymonek was arrested on a property theft charge, though never charged with the suspected poisoning.

Are you a small, medium or even large business owner? If you suspect you have an employee that you've given too much trust to who may be embezzling funds, contact us immediately. We've worked literally hundreds of these cases and there's not any way of skimming funds that we haven't seen. We've seen it all and know what to look for and where to look for it.

Lee Walters
President
EXCALIBUR Private Investigation
www.excaliburlegalsupport.com
719.208.4088
Serving all of Colorado and beyond

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EMPLOYEE THEFT????

1/24/2022

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Today we're going to discuss several types of employee theft that can occur and which business owners should be aware of. These have been going on for decades, but if you know what to look for (security cameras within a business are a must) you can spot them pretty easily. An alternative if you're seeing your gross receipts taking a dip, is to hire an undercover investigator that knows what to look for. If that's something you need to discuss, our Colorado Springs-based private investigations team is ready to go over options.

Family Discounts

This is exactly what you think it is. It usually involves an employee giving a discount to their family or friends by using their discount code if they have one. Alternatively they can provide products or services to a family member or friend, act as if they are legitimately ringing up the sale, and then zero out the sale at the register during, or after the "sale" is completed. It's estimated that this kind of theft costs businesses over $100 billion a year. You read that right, $100 billion a year. And you and I are paying for this theft in the increased cost of items. Don't ever forget that. This is far from a victimless crime!

Gift Cards

This one you have to be on the lookout for as an owner or honest manager as you'll have to rely on your customers to bring this to your attention. It works like this. A customer brings in a gift card that has an amount left on it, they've usually used it before, but isn't quite sure how much. A dishonest employee can easily scan the card and tell the customer that it has nothing left on it. Most times a trusting customer is going to take their word for it. The employee then pockets the card and spends it at a different location. Sneaky!!!!

Cash in the Pocket

This one involves an employee, usually working alone, taking the opportunity anytime a customer pays with cash to enrich themselves. This theft involves the employee acting like they are ringing up the sale, even going as far as scanning the item and producing a receipt for the customer, only to go back and process a return or an immediate refund so that it looks like the customer bought something and then quickly changed their mind. The way to catch this one is by making sure you're checking the daily receipts, EVERY DAY!!!

Under Ringing

This one is usually used in conjunction with family or friends. The employee basically doesn't ring up everything that they place in the bag, "gifting" an item or two to the friend or family member. You can catch this one by reviewing security camera footage or by frequent inventory, but taking inventory is only going to show you're missing an item(s) and not why.

Theft of Products

Just like it sounds, this one involves an employee taking items from stock and not paying for them. It can be a simple as placing an item in a purse or backpack and walking out or, in the case of a restaurant, eating food that hasn't been paid for.

Phantom Company Theft

This is one we've seen a lot of and which can cost an owner their business. Literally! It happens when an owner places too much trust in one employee. You know, the employee who never takes a vacation, arrives early and stays late, and is more than happy to make sure all the bills are paid on time relieving the business owner of that hassle. The thing they are relieving the business owner of is their hard-earned money!!!! This theft takes time to put into place but involves the employee writing checks on the bank account to dummy companies they set up accounts for. The real sophisticated ones will produce dummy invoices to match up with the checks they are sending out all for their own benefit. If you don't take anything else from this article remember this. Always have checks and balances in place so that one employee alone doesn't have total control over the books and check writing. Make sure to reconcile the checks going out and the invoices that those checks are paying. It very well could be that those checks are circling back to your "trusted employee's" back pocket. Make sure EVERY employee takes time off and vacation. We've seen cases where an employee hasn't taken time off or vacation for 5-6 years, and when that employee was sick or absolutely had to be away from work, it was discovered that they'd been embezzling from the company for years.

Think you may have an employee theft problem? Call our Colorado Springs-based professional private investigators to see how we can help you identify the problem and provide a solution.

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