Ignoring the potential for control fraud as an outcome of free market forces, even the best intended regulatory policies can lead to catastrophic financial events. Additionally, the failure to acknowledge control fraud as a social phenomenon can only encourage those seeking to take advantage in two ways: with no effective mechanisms to prevent control fraud, actors are allowed to engage in various crimes and failing to recognize the possibilities of control fraud encourages lawbreaking. This paper addresses the question of the significance of fraud by presenting both fraud minimalist and criminological explanation of two major debacles, representing financial failures in the United States. These two financial debacles causing enormous financial losses include the savings and loan crisis or S&L crisis which ended up costing the American people over $150 billion and the corporate and accounting scandals (i.e., Enron and Arthur Anderson) are discussed.