Jickling‚ 2). Under the pressure of declining profit and market expectations of continuing growth‚ top management at WorldCom began to manipulate its accounting reports in an attempt to avoid or delay market losses (Lyke and Jickling‚ 1). Accounting fraud was committed in mainly two ways. First‚ over $3.8 billion of “line cost‚” or payment made to other companies for use of their communication networks‚ was classified as capital expenditures rather than current expenses (Lyke and Jickling‚ 2). Since
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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 his accountants to cook the books‚ his accountants and the auditors should have put a stop to it. There were too many people
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Actuarial Accounting: A Cautionary Report Dan R. Young‚ Esq. Attorney at Law Law Offices of Dan R. Young Seattle‚ Washington danryoung@netzero.net Presented the Spring Meeting of the CAS New Orleans‚ Louisiana May 6‚ 2009 The Story of the AIG Accounting Scandal The Companies The Participants Regulatory Scrutiny Intensifies The Prosecution Case The Defense Case Relevant Laws and Regulations The Fate of the Participants The Companies AIG Overview (2007)
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killed.In a developed country it is unfortunate that‚their is no protection for truth neither it is cared for until the situation worsens and becomes an eye-opener.As many as agencies either in the state or at federal level could not investigate such frauds‚ but have priorities for other unwanted activities.The pure negligence if in future could result in causing effects like" Great depression"‚"economic slow down" and "Recession" which would lead to other
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Preventing EBT Fraud in Florida For my project proposal I would like to inform the reader of the benefits of preventing many fraudulent uses by some EBT recipients in the State of Florida. Contents: This project should inform the reader to the possible benefits of preventing fraudulent uses with the EBT program. This policy would help the state’s economy by saving tax dollars that is pumped into the farm bill and is a large part of Florida’s budget. The EBT program is designed to help low income
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SSI 3013 INFORMATION AND COMMUNICATION TECHNOLOGY IN SCIENCE TITLE: WHAT IS CYBER CRIME? MEMBER’S NAME : HASNOR IZZATI BINTI CHE RAZALI [D20091035119] NOORIDAYU BT MOHAMED [D20091035077] NORHAMIDAH BT ROHANI [D20091035109] NOR SHARLIDA BT MOHAMAD JALAILUDIN [D20091035086] MOHAMAD ARIF BIN NASARUDDIN [D20091035123] WHAT IS CYBER CRIME? Crime is a common word that we always heard in this globalization era. Crimes refer to any violation of law or the commission of an act
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Sharron Watkins only blew the whistle internally and so did not do everything she was morally required do as Vice President of Corporate Development for Enron. 1. Sharron Watkins ignored the first signs of fraud in a selfish pursuit to develop her own career. When first warning signs of fraud happened in 1996 Watkins protested against them to higher management however got no response. Instead of alerting the public or taking legal actions she simply accepted defeat and switched divisions in the company
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The Bernie Madoff fraud happened because of greed. All of the people involved wanted more and more money and eventually the system collapsed. On March 12‚ 2009‚ Bernie Madoff pled guilty to the largest Ponzi scheme in history. He successfully took $65 billion from investors that trusted him with their money. Why the fraud case was created Bernie Madoff had his investors believe that they were making a lot of money through his investment firm (Bernard Madoff Securities)‚ by creating false trade
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HEALTHCARE FRAUD Abuse AND Prevention Health care fraud is a crime. Fraud is committed when a provider or patient intentionally submits false or misleading information to a health plan for use in determining the amount of health care benefits payable. As a Group Health member‚ there are steps you can take to prevent health care fraud and to report suspected fraud and abuse. There are a lot of things people can do to prevent Healthcare fraud some things that can be done Start by knowing your benefits
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Cyber crime In the recent years‚ computer technology has had a great impact on the society‚ governments and businesses. The world-wide network of activities has changed the relationship between people and the physical world. Information is now easily transferable through the internet‚ which has been useful in business transactions and service delivery. On the other hand‚ increase in crime because of the internet access has become a matter of public concern. Criminal justice system has drawn its
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