Topic: ZZZZ Best Company One of the most elaborate and frauds in the United States corporate history was done by a man named Barry Minkow during the 1980s. At the age of 12 Barry got involved with the carpet cleaning business through his mother. One of the good things for a young person of Barry’s age is that this industry is fairly simple to get into. Therefore it required no prerequisite abilities or permits. However what Barry Minkow did not expect was the high tolerance required in order to
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New Fraud Crackdown Looms | Emily Chasan Senior Editor With accounting-fraud cases at nearly a 10-year low‚ complacency might be the biggest fraud risk facing chief financial officers. Large fraud-related restatements of corporate earnings reports have fallen sharply since the financial crisis‚ but that doesn’t mean that companies aren’t still vulnerable to them. “There still is financial-reporting fraud going on out there‚” said Andrew Ceresney‚ the new co-director of the Securities and
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The Sarbanes-Oxley Act of 2002 (SOX) was a direct output of the financial statement fraud that sank industry giants such as Enron and Worldcom. 1. What are the primary goals and tenets of SOX with respect to fraud? The goals of the Sarbanes-Oxley Act are expansive‚ including the improvement of the quality of audits in an attempt to eliminate fraud in order to protect the public’s interest‚ as well as for the protection of the investors (Donaldson‚ 2003). Prior to the implementation of SOX
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are now convinced that the accounting fraud‚ more then likely‚ began with the company’s establishment. Minor adjustments made to the accounting records by Aaron Beam were the beginning of the largest fraudulent accounting schemes in history. HEALTHSOUTH used fraudulent financial statements to secure well over $50 million from unsuspecting bankers. Even with marked executive turnover the fraud continued. Any HEALTHSOUTH personnel that questioned the fraud found themselves not longer in the company’s
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categories. They are Cyber crimes against persons‚ Cyber crimes against property and Cyber crimes against government. The Council of Europe Convention on Cyber crime defines computer-related crimes as: computer-related offences such as forgery and fraud‚ content-related offences such as child pornography‚ offences related to infringements of copyright such as the illegal online sharing of copyrighted material‚ offences against the confidentiality‚ integrity and availability of computer data
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Q 1 Explain the nature of accounting fraud? A1. Background: The origin of WorldCom can be traced to the breakup of AT&T in 1983. The company began as Long Distance Discount Services Inc during 1983. LDD name was changed to WorldCom in 1995. To build the economies of scale that were critical success factor in long distance market it was imperative for WorldCom to grow its available volume off bandwidth as it lowered the per unit costs. Also the Telecommunication act of 1996 permitted long
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Cyber Crime v Traditional Crime Alan Maricle CJA 204 November 25‚ 2014 Professor Davis Cyber Crime v Traditional Crime Eighteen people were charged in what may be one of the nation’s largest credit card fraud rings‚ a sprawling international scam that duped credit-rating agencies and used thousands of fake identities to steal at least $200 million‚ said federal authorities. (The Associated Press‚ 2013). This story was in the headlines in the news early last year around February. It is a great
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CASE SUMMARY In this case‚ Dena Brenner‚ a young woman uses her position as Payroll Manager of the International Agricultural Seed Company‚ to commit fraud by paying the company’s payroll. What is interesting about this case is that the fraud was performed through of the use of a phantom employee that in this case was a former employee of the company. Another interesting thing is that she did not even know that person at all‚ she just chose him perhaps‚ because the company had terminated him long
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According to Federal Trade Commission‚ “over the last 20 years over a trillions of dollars has been lost by innocent people and many businesses.” That’s more than enough money that could be used to help fix the roads‚ schools and other important environmental/everyday things. “The average person who has had their identity stolen or misused lost close to $2‚000 and the average company or business loses approximately $15‚000.” (Rotter) In 2012 a survey showed that around 16.6 million people have experienced
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communications‚ fraud‚ and wire fraud for his actions in this case. Penal code 18 U.S.C. § 876 - U.S. Code states Whoever‚ with intent to extort from any person any money or other thing of value‚ so deposits‚ or causes to be delivered‚ as aforesaid‚ any communication containing any threat to kidnap any person or any threat to injure the person of the addressee or of another‚ shall be fined under this title or imprisoned not more than twenty years‚ or both (findlaw.com). He also committed fraud‚ false representation
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