The State University of New York at Old Westbury School of Business and its Master’s in Forensic Accounting program are launching the Justice for Fraud Victims Project, which will work to assist victims of suspected financial fraud in cases where forensic investigative services are limited or too costly.
Being developed with participation from the Long Island Chapter of the Association of Certified Fraud Examiners, the program seeks to leverage higher education, law enforcement, and forensic accountants to form an effective fraud-fighting unit while giving students in the SUNY Old Westbury program the opportunity to develop hands on forensic accounting skills.
“No matter whether you are a student of the liberal arts, business, natural and social sciences, or education, a value we work to instill in each of our students is that they must contribute to the development of a world that is just for all,” said President Calvin O. Butts, III. “The Justice for Fraud Victims Project is an effort that ties directly to that mission while also giving students the skill-building opportunities they need to succeed.”
Working with Old Westbury faculty and local mentors from the ACFE community, students will seek to determine if a financial fraud occurred, how it was perpetrated, and an estimate of the financial loss. Without this information, law enforcement cannot prosecute such cases. As a result, students will help both victims of financial fraud and area prosecutors who may prosecute the case.
“Having a fraud examination by a fraud or accounting professional often can be too expensive for many victims, especially small business owners, not-for-profit organizations, and the like,” said Associate Professor of Accounting David Glodstein and lead professor of the College’s graduate forensic accounting program who is leading the new effort. “We will be working with our community so that our students can become a force multiplier for victims while gaining valuable experience for themselves.”
The College is now reaching out to form partnerships with law enforcement officials, prosecutors, local Certified Fraud Examiners and forensic accountants to develop the network through which cases will be referred.
“We are excited to help bring the Justice for Fraud Victims Project to the public,” said Dottie Morelli, president of the Long Island Chapter of the Association of Certified Fraud Examiners. “This is an important initiative that gives fraud victims a way to fight back and an avenue to receive some restitution of financial loss.”
SUNY Old Westbury has been preparing students for careers in accounting, finance, management, and marketing for more than 40 years. Through the instruction and research of its faculty, the School of Business pursues its mission of empowering students with the knowledge, skills, and values to think critically, communicate effectively, and act responsibly. Serving more than 800 students in its undergraduate and graduate programs, the School of Business offers rigorous academic training in a small class atmosphere.