Industrial Automation Solutions: Norvell Group and Associates Manufacturers Review
AC600 Week 1 Assignment
Keller Graduate School of Management of DeVry University
Define the major problem or problems As stated from the court documents, Jeremy Blackburn, of Canopy’s former president and chief operating officer and Anthony Banas, Canopy’s chief technology officer used false information about Canopy’s financial condition including a false auditor’s report and falsified bank statements to fraudulently obtain around $75 million from several private equity investors during the year 2009. The report also stated that around $39 million of that money was used to redeem shares of other Canopy investors, including $1.6 million that went to Jeremy Blackburn and $975,000 that went to Anthony Banas, while another $29 million obtained from investors was deposited into Canopy operating accounts. Jeremy Blackburn and Anthony Banas also misappropriated Canopy operating funds for their own benefit which lead to one account of wire fraud (United States of America v. Jeremy Blackburn and Anthony Banas) What has happened to the key players since the events in this case? Anthony Banas, Canopy’s chief technology officer, was sentenced to 160 months in prison, while Jeremy Blackburn, Canopy’s former president and chief operating officer, was sentenced to 180 months in prison. The judge also ordered that both party pay a mandatory restitution totaling $93,125,918 (United States of America v. Jeremy Blackburn and Anthony Banas). They had to pay this because they were guilty of wire fraud and a fraud scheme that cheated investors out of money. Jeremy Blackburn took his own life on March 19, 2012 of this year. Jeremy Blackburn death is not being investigated as a homicide as state by Lee County coroner (Chicago Tribune).
No matter what issues Jeremy Blackburn faced, I have never understood the path of self destruction. I don’t grasp how you get to the point of no return; to point where someone says enough is enough.
What is your
Keller Graduate School of Management of DeVry University
Define the major problem or problems As stated from the court documents, Jeremy Blackburn, of Canopy’s former president and chief operating officer and Anthony Banas, Canopy’s chief technology officer used false information about Canopy’s financial condition including a false auditor’s report and falsified bank statements to fraudulently obtain around $75 million from several private equity investors during the year 2009. The report also stated that around $39 million of that money was used to redeem shares of other Canopy investors, including $1.6 million that went to Jeremy Blackburn and $975,000 that went to Anthony Banas, while another $29 million obtained from investors was deposited into Canopy operating accounts. Jeremy Blackburn and Anthony Banas also misappropriated Canopy operating funds for their own benefit which lead to one account of wire fraud (United States of America v. Jeremy Blackburn and Anthony Banas) What has happened to the key players since the events in this case? Anthony Banas, Canopy’s chief technology officer, was sentenced to 160 months in prison, while Jeremy Blackburn, Canopy’s former president and chief operating officer, was sentenced to 180 months in prison. The judge also ordered that both party pay a mandatory restitution totaling $93,125,918 (United States of America v. Jeremy Blackburn and Anthony Banas). They had to pay this because they were guilty of wire fraud and a fraud scheme that cheated investors out of money. Jeremy Blackburn took his own life on March 19, 2012 of this year. Jeremy Blackburn death is not being investigated as a homicide as state by Lee County coroner (Chicago Tribune).
No matter what issues Jeremy Blackburn faced, I have never understood the path of self destruction. I don’t grasp how you get to the point of no return; to point where someone says enough is enough.
What is your
References: Business or Hobby? Answer Has Implications for Deductions. (n.d.). ed www.irs.gov McGovern, G., Tracy Gaspardo Mortenson, & Mark, L. (2010). Editors. Chicago, IL: CCH a Wolters Kluwer business. Smith, E. P., Harmelink, P. J., & Hasselback, J. R. (2010). Editors. Chicago, IL: CCH a Wolter Kluwber business.