The traditional definition of an investor as one who invests money does not include the other stakeholders in the modern corporation: employees, members of the pension fund, suppliers, the assured, depositors, and the large numbers of people whose savings are invested by institutional investors. Fraud affecting these large numbers of people became possible with the advent of the modern computer; pensioners and pension funds are prime targets. The article describes some innovative approaches to investor protection, some of which have been implemented by countries around the world, including: (1) auditor reports of all unlawful activities to the authorities; (2) auditor reports of irregularities to shareholders; (3) more active role by auditors and creation of avenues of access for shareholders and holders of debentures; (4) imposition of civil liability on auditors; (5) recording of irregularities and auditors' comments made to directors; and (6) imposition of civil and criminal liability on directors. References