My Wall Street Heist: The Gary Foster Story

Overview:

From Jamaica, Gary Foster immigrated to the United States as a young boy with a dream: to work for a major bank on Wall Street. After much dedication and hard work, he realized his dream. Yet, why did he embezzle $22 million from his employer? This fraud persisted for nearly a decade. Despite both internal and external audits, why wasn't it detected earlier? For almost ten years, he deceived them, even with consistent checks in place. The documentary case study emphasizes how organizational culture and perceived injustices or inequalities can drive individuals to commit illegal and unethical actions like fraud. This narrative illustrates how individuals manipulate trust in the workplace to perpetrate crimes. It sheds light on how fraudsters leverage trust to facilitate their illicit activities.

Learning Objectives:

Upon completing this course, you should be able to:

• Understand the Consequences of Unethical and Illegal Activities: The course vividly illustrates the severe consequences of fraudulent activities, serving as a powerful deterrent. It emphasizes that fraud not only leads to legal repercussions but also damages a person's personal reputation and career prospects.
  
• Enhance Fraud Awareness: The course can be used for general fraud awareness training for all employees. It provides a real-life example of how fraud can occur in a corporate setting, making the learning experience more relatable and impactful. It provides a deeper understanding of fraud, which is a critical aspect of their role in ensuring financial transparency and accountability.
  
• Corporate culture: The importance of corporate (organizational) culture – fraud can be the result of perceived injustices or inequities
  Organizational Communication: By improving communication and implementing "open door" policies, organizations can reduce fraud.
  
• Trust but Verify: Trust is not an internal control, it shouldn't replace internal controls. Employees shouldn't overlook or bypass procedures just because they're familiar with the other party in a transaction.
  
• Understand the Terrain: Auditors need a basic understanding of the area, service, or product they are auditing – fraudsters can trip up an auditor if they aren’t properly prepared
  

Who Will Benefit: 

• Certified Fraud Examiners 
• Accountants 
• Lawyers 
• Auditors
• Boards of directors
• Management
• Any employees responsible for assessing culture, reviewing or establishing internal controls
• Any employees with anti-fraud responsibilities