This week's arrest of hedge fund manager Murray Huberfeld for an alleged kickback scheme with New York City's correction officers union didn't surprise one particular private eye.
Financial fraud investigations have increased dramatically in recent years, according to Ken Springer, the CEO of Corporate Resolutions. Springer's business is on the upswing.
"Business has increased dramatically. I think we've almost doubled in size the last two or three years," he said.
Springer and his team conduct background checks, searching for resume fraud. The company also investigates money laundering, cyber threats, and embezzlement.
Springer, a former FBI agent, works with a team of investigators at his offices in New York.
"We've been in business 25 years now, and with some of the newer schemes and with cyber fraud, I think we'll be in business for the next 25 years," said Springer.
The investigator said not much has changed since Bernie Madoff's Ponzi scheme cost investors billions of dollars.
"Going back to Madoff in '08, it hasn't stopped. We would have thought people would have learned their lesson. They haven't. It comes down to people not knowing enough about the people they are doing business with,'' explained Springer.
"We often say in our business it's often not what they tell you, but what they don't.''
Springer said one thing that has changed since Madoff is that social media has become an important tool in his business.
"We have a diverse group of young investigators who grew up with the Internet. It's amazing what they can develop."
Springer's clients include private equity firms, pension funds and family offices. But he urges all investors to think before they invest.
"It's important that investors do their homework," said Springer. "People are somewhat greedy. If they hear that someone is getting good returns, that's all they need to know."