Insurance Fraud A gang of Russian crooks ran a record-setting‚ $279 million fraud that exploited New York’s “no-fault” auto –accident law‚ authorities said 2/29/12. The gang worked with corrupt doctors to set up more than 100 phony medical clinics across the city. There‚ they generated fake bills for the treatment of “injuries” that “ranged from wild exaggerations to outright fabrications‚” Manhattan US Attorney Preet Bharara said. The fraudsters took advantage of the “patient-friendly provisions”
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HealthSouth Corporation Case Study By Robert H. Barr‚ Jr. - © 2012 In 2002‚ HealthSouth Corporation was one of North America’s largest outpatient surgery‚ rehabilitation and diagnostic imaging companies. HealthSouth had over 1800 facilities in all 50 states plus the United Kingdom‚ Australia‚ Puerto Rico‚ Canada and Saudi Arabia. In 2002 HealthSouth had over 50‚000 people on staff in sales revenues in excess of $4 billion per year. HealthSouth worked with more than 85‚000 referring physicians
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Fall 2007 Group Assignment 2 Publicized Cases of Alleged Audit Failures Involving Large Public Companies 1) Ten Publicized Audit Failures i. Parmalat (2003) - Deloitte & Touche Tohmatsu /Grant Thornton Misleading investors with “Brazen Fraud” was what the United States (US) Securities and Exchange Commission (SEC) had sued Parmalat for in 2003. It all began when Parmalat defaulted on a bond payment worth $185 million. This raised a flag for auditors and banks‚ which then began to closely
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University BA560 Business Ethics Dr. Janice Spangenburg March 19‚ 2013 The Corporate CultureLegal Case: Adelphia Case: Feds drop fraud case against Adelphia founder‚ son A six-year legal battle involving the jailed father-son duo who headed now-defunct Adelphia Communications has ended after prosecutors withdrew tax fraud charges related to their earlier conviction in a $1.9 billion fraud case. Prosecutors said they withdrew the tax-related charges Wednesday against the Pennsylvania cable company’s
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investors’ returns are paid for directly by later investors’ investments‚ giving the false impression that the investment is viable. b) The Great Depression - was a severe worldwide economic depression in the decade preceding World War II. c) Tax Fraud - intentionally violate your own legal duty to voluntarily file income tax returns and/or pay the accurate amount of income‚ employment and excise taxes that you owe. d) Embezzlement - The fraudulent conversion of property from a property owner. II
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prove a point and the only prior sentence comparable to this was John J. Rigas from Adelphia Communications earlier in the year . I think the CFO Scott Sullivan got a light sentence and consciously knew what he was doing and could have put a stop to it. He should have been the good advisor telling Ebbers not to proceed with this fraud. Ebbers probably could not have figured out how to produce this type of fraud without financial experts doing the dirty work. Even if Ebbers was the one telling
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the shortest sentences‚ an average of 1.8 months (2007 F raud Examiners Manual‚ Association of Certified Fraud Examiners‚ page 4.312). Recently‚ however‚ the tide has turned against white-collar criminals. This is due in part to the well-publicized stream of corporate frauds that cost investors billions of dollars. Consider the following Department of Justice statistics in corporate fraud cases brought by prosecutors from July 2002 through July 2007 (www.usdoj.gov/ opa/pr/2007/July/07_odag_507
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Assumptions 1 Fraud Enron 2 Tyco 2 World Com 3 Understanding SOX 4 Conclusion 5 References 6 INTRODUCTION Sarbanes-Oxley Act of 2002 is the most far-reaching change in organizational control and accounting regulations since the Securities and Exchange Act of 1934. The new law made securities fraud a criminal offense and made more strict penalties for corporate fraud. The law now requires
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Question 1 It is important to seek public confidence in the accounting profession where its role is to maintain the integrity of corporate reporting. Discuss the possible effects of FCB’s fraud in this matter. Integrity of corporate reporting can be defined as quality of being honest and having strong moral principles upon presenting and preparing financial report of an entity or business. It is important for accounting profession to keep maintain the integrity of corporate reporting for the
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fast-moving organization. 2. Research on one financial scandal - The Adelphia Communications Corporation was marked as the fifth largest cable company in the United States before it filed for bankruptcy in April of 2002. Founded by John Rigas‚ Three Rigas family members (incuding John Rigas) and two other ex-executives have been arrested for fraud. The Rigas family collected $3.1 billion in off-balance-sheet loans backed by Adelphia and overstated the results by inflating capital expenses and hiding
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