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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CHAPTER I INTRODUCTION 1.1 Background of the Study The study of performance of listed commercial banks and returns to investors occupies an important role in the development of capital market. Development and expansion of capital market are essential for the rapid economic growth of the country. Capital market helps economic development by mobilizing long term capital required for the productive sectors. It is vital to long term growth and prosperity of the economy since it provides
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ZZZZ Best Company Fraud Case Study 1) At an early age‚ Barry Minkow was introduced to the carpet cleaning industry by his mother who worked part time as a telephone solicitor for a small carpet cleaning company. This insight of the industry allowed Minkow to understand that the carpet cleaning industry was one which had very few barriers to entry‚ no licensing requirements‚ and required only a small amount of capital to enter. Also‚ because of these few barriers to entry‚ the industry has historically
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2014 Real and Accrual Based Earnings Management 1.1 Introduction The most important item in the financial statements of a company is earnings. Earnings indicate the amount of value-added activities a company has engaged in over a period of time‚ as well as assist in the direction of resource allocation in capital markets. Just as the eyes are the window to the soul‚ earnings are the window to a company’s value. Increasing earnings represent an increasing company value‚ while the opposite can
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Future Earnings Management Activities at Maynard Manufacturing Company (Page 54) Examples | GAAP-based | Latitude by GAAP | Fraud? | 1 | Yes | Yes (Gray Area) | No | 2 | Yes | Yes (Gray Area) | No | 3 | Yes | Yes (Black Area) | No | 4 | Yes | Yes (White Area) | No | 5 | Yes | Yes (Gray Area) | No | 6 | Yes | Yes (Black Area) | No | 7 | Yes | Yes (Black Area) | Yes | 8 | Yes | Yes (White Area) | No | 9 | No | Black Area | Yes | 10 | Yes | Yes (White Area) | No | 11 | Yes |
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| | |Financial Statement Fraud | |Navistar International Corporation | |
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Khanani and Kalia was one of the largest currency exchange companies in the country‚ founded in 1983 by Hanif Kalia. Khanani and Kalia claims to be Pakistan’s first ISO 9001 and 27001 certified Exchange company. The directors of the company were accused of violating the Foreign Exchange Regulations Act‚ the Prevention of Electronic Crimes Ordinance and the Pakistan Penal Code by operating a money transfer system based on personal contacts‚ known as Hawala. Munaf Kalia and Javed Khanani‚ directors
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Summary Investor behavior analysis is a study made on the demographics and psychographics of the investor considering the parameters like age‚ gender and income groups and also some psychological parameters that will attract the investor towards that particular investment. This analysis describes why an investor will opt a particular investment and the motive behind the investment and other objectives of investment. Investment markets are becoming more risky and each and every passing day makes
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KNUST SCHOOL OF BUSINESS Earnings management is in the best interest of shareholders. Discuss ACF 351 CORPORATE GOVERNANCE ACCOUNTING & FINANCE BY‚ DUNOO SELASI LARRY Earnings management is in the best interest of shareholders. Discuss Earnings‚ sometimes called profit‚ net income are the single most important item in the financial statements. They indicate the extent to which a company has engaged in value added activities‚ they are signals that helps direct resource allocation
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a local disposal service company asked for help keeping itself afloat. Orinda-Moraga Disposal Services wanted to raise rates on its customers and needed the Contra Costa Sanitation District’s approval. However‚ the company had recently stated its desire to lower rates. The wary city manager hired forensic accountant Dan Ray to uncover the truth. After examining Orinda-Moraga’s records‚ Ray discovered that the company sent checks to non-existent people at several companies that had fake addresses
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