SLED’s Financial Fraud Unit is available to assist local, state, and federal law enforcement agencies with identifying financial fraud by analyzing accounting and financial practices, along with securities and banking laws. The Unit is made up of two financial fraud examiners: Sr. Special Agent Matt Wright and Special Agent Mitchell Whitener. The Unit is supervised by Captain Bryan Jones.
The team conducts independent forensic analysis of financial data, including bank records, person-to-person payment records (i.e. CashApp, Venmo, PayPal, etc.) and financial statements.
“The Unit’s examiners assist throughout the financial fraud investigation,” Captain Jones said. “Both the agents and prosecutors are able to trace the funds obtained through illegal activities, while summarizing the victim’s losses.”
Financial fraud is the intentional act of deceiving someone to obtain money, property, or other valuable benefits through false statements, concealing facts, or misrepresenting information. The target or victim of financial fraud can be an individual, a business, or a government entity.
While a business may be the victim of theft or embezzlement, a government entity may request an investigation regarding misconduct, breach of trust, embezzlement of public funds, or public corruption. These investigations often target public officials who abuse their position for private gain.
SLED’s Financial Fraud Unit may also be requested to assist in other types of cases where the primary investigation may not center around financial crimes.
“I have assisted in cases that were financially motivated,” Agent Wright said. “We created a financial profile in a double homicide investigation with underlying financial motivations related to life insurance.”
Regardless of the type of fraud being investigated, Wright says the process is methodical and includes being patient while investigating the crime… transaction by transaction.
It takes time getting the required records, typically through multiple search warrants or subpoenas, Wright added, and it is not uncommon to analyze multiple years of bank records for each case.
“It’s a slow and deliberate process, which requires identifying thousands of records, with the expectation you will most likely need to continue to locate additional records, throughout the investigation,” Wright said.
Many investigations take months, and some may take years, depending on the type of case and the duration of a fraud investigation, which can vary widely based on several factors. These factors include the complexity of the case, the amount of evidence available, and the cooperation of the parties involved. Each of these elements plays a pivotal role in determining how quickly investigators can reach conclusions and take the necessary actions.
“We take the same investigative approach, whether it’s a nonprofit, government official, or large corporation,” Wright said. “The truth is that financial records don’t lie, so we just follow the money.”
