Freddie Mac Fraud Thanaphan Darnsomboon PME604 Project Financial Management National University December 18‚ 2012 Freddie Mac Fraud The definition of fraud is “an intentional deception or deceit‚ perpetrated for profit or to gain some unfair or dishonest advantage” (dictionary.com). Fraud is a breach of law and can be punishable by law. Mortgage fraud is one of the financial crimes where a company materially misrepresents or omits information on its mortgage loan documentation in order to
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As a follow up to my questions last week on Halyard $HYH I did some more digging on the fraud case and thought I would pass along what I found out. Pete said that Mike did more work on this so it may be repetitive but here goes. I talked to Michael Avenatti the lawyer on the class case. He said the case is ongoing and should go to trial in the next few months. He said it is a Qui Tam case to recover money for the whistle blowers. He is not sure HYH will survive this as they have no insurance
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| | |Financial Statement Fraud | |Navistar International Corporation | |
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Payroll Patty Scam The Payroll Patty Scam is a payroll scam were a company nearly lost three quarters of a million dollars. The payroll clerk‚ known at Payroll Patty‚ was creating “ghost” employees in order to hide the fraud she was committing. The payroll clerk was adding these “ghost” employees to a separate cost center which was not noticed since the company typically had seasonal contract labor employees anyways. No red flags were noticed for a long time because it was typical for the company
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Fraud Examination & Forensic Accounting Professor: David L. Cotton Meriann El Haddad Student Travel Agent Fraud Analysis Christopher Ryan Thomas‚ who ran a travel business‚ was sentenced for stealing students’ spring break funds. In September 2006‚ Thomas was selected as a travel agent by the senior class at Hampton University who were planning a spring break trip to the Sunset Beach Resort and Spa in Jamaica. From November 2006 through April 2007‚ Thomas collected approximately
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KPMG United States- Oct. 17‚ 2015 1. Issuer O: “The Firm identified a fraud risk related to revenue. The Firm’s testing of controls over revenue and accounts receivable‚ however‚ was insufficient. Specifically: With respect to one of the issuer’s segments‚ which consisted of three business units‚ the Firm failed to identify and test any controls over revenue and accounts receivable for two of the business units‚ which‚ in combination‚ represented a significant portion of the issuer’s total revenue
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Tanner can get his funds back Fraud. When Tanner was getting information over the hotel‚ Grano‚ the owner‚ stated that the motel netted $30‚000 during the previous year and that it will net at least $45‚000 for the next year. When Grano turns over the motel books‚ which had all the information of the motel‚ and is where Grano could have gotten the information of the numbers that he told Grano during negotiation. But‚ he committed an element of fraud which is silence because in the motel books it
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In the novel Revolution by Jennifer Donnelly‚ the protagonist of the story Andi Alpers goes to Paris with her father to finish her senior thesis. Andi is failing school and must finish her senior thesis to graduate. The place where she stays is at the house of one of her father’s close friends who is addressed as G. G is a historian who is fixated on the French Revolution and wishes to create a museum about the French Revolution‚ for this reason‚ he owns many artifacts from the era of the French
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Livent. Inc Overview In the year 1979 Drabinsky and Myron Gottlieb decided to enter the show business world. These two young entrepreneurs were able to convince a well-known Toronto businessman to invest one million in “cinema complex”. Over the next several years Drabinsky and Gottlieb were successfully able to expand their company‚ while they convinced to gather up large sums for the development of multiscreen theaters complexes throughout Canada and the United states. By 1980 Cineplex Odeon
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campaign which incorporated two of the social media platforms outlined by the agency. This 5% estimate would cover the costs of two of the three social media plans outlined in the case and is quite conservative in comparison to measures taken by other companies such as such as Johnson and Johnson mentioned in the case. There are benefits to each social media platform so further analysis will be needed to find which is best suited to Foley‚ taking into consideration the three main issues which Foley
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