I gave a keynote speech to the 23rd ACFE Annual Emerging Trends in Fraud Conference on May 6th in Columbus, OH. This annual event by the Central Ohio Chapter of the Association of Certified Fraud Examiners was co-hosted by the Central Ohio IIA Chapter (Institute of Internal Auditors) and the Ohio state offices of Attorney General and Auditor.
Speaking to several hundred attendees in the room and another 700+ online was an honor. These attendees each received certified professional education hours toward their respective required annual certifications.
I spoke on “How to Create an Ethical Corporate Culture,” holding up examples of the extreme breakdowns I experienced at Citigroup and my many attempts to warn Citi management as well as the government agencies, with everyone ignoring and covering up my warnings about the massive fraudulent securities also being sold by other large banks as good securities to pension and investment funds. The ultimate losses incurred were instrumental in causing the 2008 financial crisis.
We talked about some of the significant research that has been done in the field of corporate and government ethics and about how to tell if a corporate culture is an “ethical” corporate culture. We also discussed many of the things that management can do to embrace ethical employee behavior.
As long as institutions and organizations offer their students, members, and employees the chance to learn about and openly discuss ethics, unethical behaviors, and what they witness in their interactions, we can help safeguard against future fraud and the harm that comes from ignoring warnings.
Thank you to all who participated both virtually and in person to help make this event a success!
Richard Bowen is widely known as the Citigroup whistleblower. As Business Chief Underwriter for Citigroup during the housing bubble financial crisis meltdown, he repeatedly warned Citi executive management and the board about fraudulent behavior within the organization. The company certified poor mortgages as quality mortgages and sold them to Fannie Mae, Freddie Mac and other investors.
