track e-mail messages‚ phone conversations‚ and locations of employees and board members to keep them in line‚ From the outside of the company‚ the internal audit committee did not do their duty of proper checking on the company and allowed for the fraud to
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HealthSouth Impact on Stakeholders HealthSouth’s fraud impacted many of their stakeholders. Some of the stakeholders discussed below are the Directors and Management Team‚ external auditors Ernst & Young‚ the employees‚ the patients‚ and Chief Financial Officer Weston Smith. The Board of Directors and Management team engaged in several conflict of interest actions. They were the first company to be charged under the Sarbanes Oxley Act of 2002; which holds financial executives more accountable by
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Research Paper Bernie Madoff’s Ponzy Scheme Contemporary Business Ethics Contemporary Business Ethics Contemporary Business Ethics June 16‚ 2012 Table of Contents Ethical issues involved……………………………………………………………..3 Relevant facts……………………………………………………………………….4 Fairness to all concerned……………………………………………………………5 Impact on society……………………………………………………………………5 Impact to related industries………………………………………………………….6 Impact to the stakeholders…………………………………………………………
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prison. According to the Associated Press (2014)‚ Steinger was the mastermind of an insurance scam in which investors lost about $830 million between 1994 and 2004‚ affecting 30‚000 victims around the world. Mutual Benefits Corp was one of the largest fraud schemes in Florida history to date. Between 1994 and 2004‚ Mutual Benefits Corporation (MBC) “purchased life insurance policies from persons suffering from AIDS‚ the chronically ill‚ and elderly persons‚” (U.S. Attorney’s Office‚ 2014). MBC then
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Peregrine Financial Group- Case study Last July 2012‚ a new financial fraud came out and hit the news headline‚ déjà vu‚ perhaps of other famous scandals‚ but not. This time a medium size financial institutions‚ name “ Peregrine Financial Group Inc” accused of shortfall of funds for around $200 million‚ where its CEO‚ Russell Wasendorf managed to misstated financial record for over 20 years‚ and finally in July 2012 filed for Bankruptcy. CEO‚ Russell Wasendorf‚ was no different than others high
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THE CENDANT CORPORATION ACCOUNTING SCANDAL BCOM21 TABLE OF CONTENTS ACKNOWLEDGEMENT ………………………………………………………… 2 INTRODUCTION …………………………………………………………………. 3 SUMMARY ……………………………………………………………………….. 4-7 COMPANY PROFILE …………………………………………………………… 8 THE OFFICERS INVOLVE …………………………………………………….. 9-15 DISCUSSION ……………………………………………………………………. 16-20 THE SETTLEMENT The settlement with Cendant ………………………………………… 21-22 The settlement with Ernst & Young ……………………………….. 23 THE BREAKUP ………………………………………………………………… 24 CONCLUSION
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always be present in the financial world. They are shocking when they come to light and at the same time‚ consumer starts doubting the system that were supposed to be watching out for these frauds. These financial scandal is another reminder of how incompetent government overseers have been at detecting financial fraud and how ill equipped the industry has been at policing itself. This paper will back up that claim by looking at the Peregrine Financial Scandal that happened just last month of this year
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THE PARMALAT SCANDAL The Parmalat situation started out as a fairly standard – although sizeable –accounting fraud. Not even the best auditors could prepare for what was to come from this company. The Parmalat group‚ a world leader in the dairy food business‚ collapsed and entered bankruptcy protection in December 2003 after acknowledging massive holes in its financial statements. This happened when billions of euros seem to have gone missing from the company’s accounts. This dramatic collapse
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How is Fraud and Embezzlement defined as? Fraud is defined “the abuse of a position‚ or false representation‚ or prejudicing someone’s rights for personal gain (Serious Fraud Office‚ 2013). In Moore v. United States‚ (1895)‚ the Supreme Court defined embezzlement in the following terms: Embezzlement is the fraudulent appropriation of property by a person to whom such property has been entrusted‚ or into whose hands it has lawfully come. It differs from larceny in the fact that the original taking
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involve fraud and deceit. According to the Miniature Guide to Understanding the Foundations of Ethical Reasoning‚ "The proper role of ethical reasoning is to highlight acts of two kinds: Those which enhance the well-being of othersthat warrant our praiseand those that harm or diminish the well-being of othersand thus warrant our criticism." It goes on to say‚ "For any action to be unethical‚ it must inherently deny another person or creature some inalienable right." It refers to fraud and deceit
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