Preview

How Did Eddie Antar Skim Cash

Satisfactory Essays
Open Document
Open Document
288 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
How Did Eddie Antar Skim Cash
1. How did Eddie Antar skim cash?
Eddi was able to skim cash through multiple ways. In the first video it stated that he would not record the cash transactions while in the second it said he would take it to a man and they would ask him how much he would want to skim. In addition, he hires family and they help with the skimming business. For instance, he sent his cousin, Sam to accounting school and then Sam goes to work for the firm that audits Crazy Eddi. Furthermore, he does not get caught because when the firm comes to audit Crazy Eddi, it is Crazy Eddi’s own employees that help with the count and even manipulate what has been written down when the auditor is not looking.
2. Eddie Antar was the company owner, so why did he skim money from
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Better Essays

    Case Study Ephonia M Green
    • 2494 Words
    • 10 Pages

    Case Study Ephonia M Green

    The crime went undetected for a long period of time due to the lack of supervision from AAMC and for the lack of segregation of duties. Once the invoices were submitted by Green the accounting department should not have returned to checks to Green, and the checks should have been mailed by the accounting department not Green. The accounting department should have also checked each invoice before the check was generated. There was also lack of management oversight, which all of these contributed to green embezzling more than $5.1 million. Embezzlement is a kind of property crime; it occurs when someone is in charge of someone else’s money…

    • 2494 Words
    • 10 Pages
    Better Essays
    Read More
  • Good Essays

    Accounting Case Study
    • 619 Words
    • 3 Pages

    Accounting Case Study

    Management’s alleged scheme for inflating revenue is that in 2001, when the company was not able to meet their sales and revenue goals, they would record sales on the books as soon as products left the warehouse. So if ClearOne shipped a lot of products during the last week of the quarter (or swept the floor as they call it), they would be able to meet their revenue projections. So basically, they manipulated their revenue by placing significantly large orders during the last few days of the quarter. The CEO then had an agreement with other companies or third party garages to send them the shipments at no cost, until the shipments were sold and at no risk to that third party. After the shipments left the warehouse, ClearOne would list the revenue as a receivable on the transaction. ClearOne continued to do this at the end of every quarter, which conflicts with the GAAP principles.…

    • 619 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Analysis Of Marc Ching Lawsuit
    • 308 Words
    • 2 Pages

    Analysis Of Marc Ching Lawsuit

    With the possibility of facing a jail sentence for embezzlement, Marc Ching did what most people in his position had done, he looked for a patsy. Within weeks…

    • 308 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Crazy Eddie Fraud Case
    • 945 Words
    • 3 Pages

    Crazy Eddie Fraud Case

    Antar also dabbled in insurance fraud. He made many claims of floods or fires at his stores. When the insurance agent would come out to assess the damage, Antar would stack up empty boxes with water all over then or burn marks. He walked away with hundreds of thousands of dollars from these claims that he pocketed and distributed to his family.…

    • 945 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Roslyn school district case
    • 1375 Words
    • 6 Pages

    Roslyn school district case

    2) Frank A. Tassone; the former business manager, Pamela Gluckin; and an accounting clerk, Debra Rigano, who is a niece of Ms. Gluckin embezzled money in a scheme in which Dr. Tassone and Ms. Gluckin and nine of their family members and friends charged $5.9 million for personal items and cash advances on 74 personal credit cards. Then Ms. Gluckin and Dr. Tassone used district checks to pay those bills. The audit found that Dr. Tassone and Ms. Gluckin would obtain cash advances on their credit cards at A.T.M. 's. Ms. Gluckin, whose salary and benefits in her final year were $87,250, charged $559,176 in cash advances to the district over six years. Dr. Tassone, who received a salary of $230,000, charged $541,596 to the district in cash advances. Once the cash advances and the credit card charges - among them, for Tiffany and Tourneau jewelry, Coach leather accessories, carpet and furniture for him; and clothes from Nordstrom and Sears, electronic equipment, pet supplies and art and furniture for her - were executed, those amounts were submitted to the district, the audit said. To pay those bills, district checks were sent directly to the card issuers. The audit found that the district 's financial software could be easily manipulated and had fraud controls that had never been activated. Using a legitimate vendor account number, the name of the check 's recipient would be changed from a vendor of school supplies to the creditors. After the check was issued, the name of the payee would be changed back in the computer records to the legitimate vendor to conceal the fraudulent payment, according to the audit.…

    • 1375 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Good Essays

    Worldcom White Collar Crime
    • 1065 Words
    • 5 Pages

    Worldcom White Collar Crime

    white collar crime. Bernard Ebbers cooked the books to make his company seem like they are…

    • 1065 Words
    • 5 Pages
    Good Essays
    Read More
  • Good Essays

    Internal Fraud Case Study
    • 653 Words
    • 3 Pages

    Internal Fraud Case Study

    This case is about the $4 million embezzlement fraud by an employee of a magazine publisher, and how the fraud was discovered. The type of fraud discovered was a billing scheme that was found on accident. A billing scheme is, “Any scheme in which a person causes his employer to issue a payment by submitting invoices for fictitious goods or services, inflated invoices or invoices for personal purchases.” 1 In this case, it just so happened that the new chief internal auditor decided to stop by the accounts payable department to collect a series of recently submitted invoices so that he could meet with the vice president to understand how the accounting codes work. In doing so, they found that a number of invoices had been forged. According to the 2010 Global Fraud Studies, “11% of the time, victim organizations either had to stumble onto the fraud or be notified of it by a third party in order to detect it.” 2 With coincidence one, the investigation revealed that the forgeries were coming from the painting operations in its facilities department, in which was overseen by Albert Miano. Miano started his scheme by creating false invoices for the jobs done by painters. He would not reinvoice exactly the same work done during a week, but he would make it look similar to where no one would ever become suspicious. The opportunity for Miano to commit fraud came into play when he was allowed to go and collect the approved invoices and insert his own replicated fraudulent invoices as approved. He also was the one who transported the invoices and collected…

    • 653 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Fraud Examination
    • 387 Words
    • 2 Pages

    Fraud Examination

    Review 2-3: Sales skimming schemes leave a victims organization's books in balance because an employee will make a sale or a service to a customer, collect the payment at the point of sale, but will make no record of the transaction. The employee will then pocket the money received instead of turning it over to the employer.…

    • 387 Words
    • 2 Pages
    Good Essays
    Read More
  • Powerful Essays

    Dhb Industries Fraud Effect
    • 1091 Words
    • 5 Pages

    Dhb Industries Fraud Effect

    The fraud at DHB Industries developed directly from collusion of upper-management, poor oversight by the board of directors, and equity based compensation. Knapp and Knapp (2012) note the constant involvement of Brooks, Hatfield, and Schlegel in falsifying accounting records and attempting to conceal the fraud. With the ability to override controls within the company which identify such irregularities, the involvement of practically all executives allowed for the concealment of the fraud to occur. As Eaglesham (2013) points out, frauds which involve upper management typically go on for longer periods of time. Although the fraud was inevitably exposed, the direct involvement of upper-management prolonged an earlier exposure…

    • 1091 Words
    • 5 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    The Corporate Con
    • 1118 Words
    • 5 Pages

    The Corporate Con

    Skimming is the process by which cash is removed from a victim entity before the cash is recorded in the accounting system. When an employee skims from a company they are stealing sales and receivables before they can be recorded into the company's book. These are considered off-book schemes since the receipt of the of the cash is never recorded. Since the stolen funds are never recorded, there is no direct audit trail. In the video Pam tells the audience how it felt after she was caught skimming.…

    • 1118 Words
    • 5 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Bernie Ebbers
    • 651 Words
    • 3 Pages

    Bernie Ebbers

    So should we expect the same behavior from the rest of the employees, according to Trevino and Brown we should because “If leaders are observed “cooking the books,” enriching themselves at the expense of others, or lying to customers or suppliers, followers learn that such behavior is expected.” (2005, p. 72). Probably without knowing it Ebbers was setting the example for the rest of the company to act the same way, hold onto the power, micromanage and don’t worry if our personal ethics and your business ethics are different. In the after math of the WorldCom collapse reports showed that the accounting fraud occurred at the executive level and was clearly allowed by and caused by the culture that Ebbers had created in the staff (Ackman, 2003)…

    • 651 Words
    • 3 Pages
    Good Essays
    Read More
  • Good Essays

    Simon Sinek Concepts
    • 749 Words
    • 3 Pages

    Simon Sinek Concepts

    Simon Sinek’s ideas and concepts of leadership relate to ones used by the Marine Corps. Marines are one of the most successful military organizations around the world. They have achieved success by accomplishing missions and winning battles. Battles fought in difficult terrains, climates and circumstances. Marines have also thrived in times when other military branches have better equipment and funding.…

    • 749 Words
    • 3 Pages
    Good Essays
    Read More
  • Satisfactory Essays

    Fraud Paper
    • 318 Words
    • 2 Pages

    Fraud Paper

    2. R2-3 : How do sales skimming schemes leave a victim organization’s books in balance, despite the theft of funds?…

    • 318 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    School Shootings
    • 669 Words
    • 3 Pages

    School Shootings

    Since 2010, there have been 49 cases of school shootings that left 63 injured and 66 dead. This growing problem has increased over the years and has put fear in the minds of parents and their children. Even though children may jokingly exaggerate that school is terrible, it now seems as if going to school is truly a life or death situation. There has to be someone or something to blame and it seems as if this problem can debatably be blamed on the security among schools. Having a more advanced security system in schools is essential to protecting the well-being of staff and students.…

    • 669 Words
    • 3 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Foreign Direct Investment
    • 1565 Words
    • 7 Pages

    Foreign Direct Investment

    may increase sales and profits. A company may gain higher revenue by boosting a sale of…

    • 1565 Words
    • 7 Pages
    Powerful Essays
    Read More

Related Topics