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Internal controls help in dealing with rapid changes in the economy, the competitive arena and such other issues as dealing with customers’ change in the patterns of demand.

A Hedge- fund manager who largely made his billions from a Reston startup wireless phone filed for bankruptcy and faced charges in a civil law suit in a United States District court for the misappropriation of assets belonging to the clients, market manipulation and betrayal of customers. Philip A. Falcone is alleged to have borrowed a hundred ad thirteen point two million dollars that belonged to investors that was put in the hedge fund without their consent. In 2009 he allegedly without their consent, asked Harbinger capital partners to pay this sum for his personal tax duties to the state and federal government.

Fraud by employees is twofold, where an employee steals from the company through financial statement and misappropriation of assets of the company for personal gain. This is felled by financial pressure. In this case scenario, the payment of personal taxes is immediate and pressing to many. Without the requisite amount required for the payment of the taxes, the manager is under financial pressure.  The second factor that is ripe for the fraud is opportunity. Being the manager of o hedge fund, he has the access to the funds readily. Finally is the rationalization factor, where he rationalizes that in due time before the fraud is detected; he will be in a position to return the amounts owed to the hedge fund.

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For the company to guard against such internal fraud in future, the use of forensic accountants to examine the business processes and often conducting inventories of assets. It is also crucial that there is investigation of financial discrepancies in the accounts of the company, with technological advancement, there is security software, for instance, that is structured with a central server linking all main holders of the company’s assets, to allow transparency, where monies are withdrawn for any activity, and it automatically reflects so.

To prevent such recurrence in the hedge fund misappropriation, opportunity to withdraw or authorize funds transfers should not only be vested in one person. It would be prudent to have two or three persons to authorize the transfers to kill the opportunity to misappropriate funds. It should also make frequent internal and external audit reports on the finances.

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