The Adelphia Scandal The Dawn of Adelphia Adelphia was founded in 1952 by John Rigas and his brother Gus Rigas in Coudersport‚ Pennsylvania with the purchase of their first cable franchise for $300. After 20 years‚ the Rigas brothers incorporated their company under the name Adelphia which derived its name from a Greek word which means brothers‚ an apt corporate title for a business that would employ generations of the Rigas family. Adelphia was a cable television company and built its success
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The commissioner position in major league professional sports arose in the 1920’s in Major League Baseball. The position was created to help prevent scandals following the 1919 World Series‚ in which the Chicago “Black-Sox” purposefully threw games for money. Ever since the creation of the position‚ the power to act in the “best interests” of the sport‚ regarding conduct detrimental to the league‚ has been entrusted to the commissioner. Currently all four major professional sports leagues in the
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Assignment 1: Scandals in Auditing Fortex Introduction Fortex was regarded as one of New Zealand’s top companies. They used innovative technology to add value to their product. They won awards‚ looked after employees‚ and paid suppliers well. But when the company collapsed in March 1994 it was revealed that the success was all based on false accounting. The management team was able to fool a company of respected auditors as well as everybody else for more than three years. Thousands
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Auditing failure is also a key factor contributing to the Wedtech scandal. It is presented as a result of independence of auditing reporting and confirmation.On the one hand‚ even if auditors complied with auditing process on the surface (Berg and barbanel‚ 1987)‚ they are not independent since they were bribed to forge auditing reports.In 1982‚ Wedtech employed the Main Hurdman to financially audit its financial statementswhen it went to Initial Public Offerings. One of the auditing partners‚ Richard
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| A Trifecta Scandal | Arthur Waldon | | Charter College | | Conspiracy to steal more than a quarter billion dollars from insurance companies. The plot involved 10 doctors‚ 9 separate clinics in New York and 105 different corporations‚ and all in service in a health care fraud ring. It all stems from Russian-speaking immigrant population‚ to who grew up in a communist society that bred despite for the rules and a willingness to cheat around them. Come to find out this scheme is the
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league’s Chairman and Commissioner. It is currently contested by nine teams‚ consisting of players from around the cricketing world. ------------------------------------------------- However‚ the league has been engulfed byseries of corruption scandals. ------------------------------------------------- Controversies involving the Indian Premier League From Wikipedia‚ the free encyclopedia The Board of Control for Cricket in India (BCCI) has found itself in the middle of many conflicts with
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SATYAM SCANDAL I. Analyze the case and respond to the following questions: (a) Discuss the earnings management techniques employed by the management of Satyam. In this case of Satyam‚ I can conclude that the obvious technique employed by the said management are: 1. “Big Bet on The Future”. When an acquisition occurs‚ the company acquiring the other is said to have made a big bet on the future. As refer to this case‚ Ramalingam Raju the Chairman of Satyam Computer Services Ltd
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Charles Ponzi .. The Scandal !!! By: Rawan Al-Deraibi Class of: Prof. Alan J. Pan Who is Ponzi?!! Born in 1882 in Parma‚ Itlay‚ Charles Ponzi was the infamous swindler who payed out returns (To give money in exchange for goods or services) with other investors’ money. The "Ponzi scheme" is named after him. After running a highly profitable and expansive investment scheme‚ Ponzi was arrested on August 12‚ 1920‚ and charged with 86 counts of mail fraud. Owing an estimated $7 million‚ he pleaded
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HIH Insurance Company Background HIH was originally found in 1968 by Ray Williams‚ then was acquired by British company CE Health PLC in 1971‚ and renamed as "HIH" in 1995. Before its collapse‚ HIH was the second largest insurance company in Australia‚ and covered several insurance segments‚ including worker’s compensation‚ public and private liability‚ property‚ industrial and commercial insurance. It also expanded globally into the US and UK markets. On March 15‚ 2001‚ HIH insurance was
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Earnings management is typically regarded as a bad thing. I will cover why it’s considered a bad thing‚ and what it entails. When an executive “cooks the books” it’s referring to them providing false information in order to deceive other important employees or shareholders. This act includes‚ but is not limited to: falsifying receipts‚ inventories‚ balance sheets‚ and/or cash flow statements. This is an important concept to familiarize yourself with because‚ if identified and stopped in time‚ could
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