As reports of global fraud continue to rise, members of corporate boards are becoming increasingly concerned about personal liability that could result from both large- and small-scale financial fraud as well as bribery, corruption and other fraudulent activities.

According to the 11th Global Fraud Survey issued in May by Accountancy Magazine and the accounting firm Ernst & Young, fraud also continues to be a concern of smaller, privately held companies and their advisers, who are often relied upon to provide advice relative to questionable transactions and suspicious activity.

While there is no way to eliminate fraud, with awareness of "red flag" indicators that may show the possible existence of fraud, all of us – whether lawyers, certified public accountants, investors or regulators – may be able to better spot fraudulent activity in development or before material losses from fraud have occurred. The examples below show a few case-specific red flags recently in the news and, equally important, highlight select fraud schemes and the need for increased awareness of the potential for fraud across all industries.

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