hospitals in the United States. Since the company’s inception in 1984‚ HealthSouth has garnered the attention of Wall Street and millions of investors. However‚ the attention was because the iconic HealthSouth was involved in one of the largest accounting fraud scandals in United States history. HealthSouth’s founder and CEO‚ Richard M. Scrushy‚ was also the inventor of the entire scheme that defrauded the government and private investor out of $2.5 billion dollars. The HealthSouth scandal provides a look
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Employees may be encouraged to dress casually to encourage a feeling of equality and to encourage comfort and productivity. 4) Fraud: Fraud is a deception deliberately practiced in order to secure unfair or unlawful gain. As a legal construct‚ fraud is both a civil wrong and a criminal wrong. Defrauding people or organizations of money or valuables is the usual purpose of fraud‚ but it sometimes instead involves obtaining benefits without actually depriving anyone of
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| Whistleblowers and their protection | | | 1.0 Introduction Fraud is one of the risks will disruption business and its profitability. Fraud is based on trickery and deceit that it is particularly difficult to detect it. The most common means of detection fraud is whistleblowing. In certain countries‚ the term whistleblower is often associated with being a traitor or spy or even a snitch‚ and whistleblowers will be discriminatory or retaliation. Thus‚ establish an effectively
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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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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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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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approach of detecting fraud is anonymous tips and complaints. An organization like business entity should guide employees to provide useful information and to provide various ways and methods for individuals to contribute such kind of information. On the other hand‚ when the organization received the information provided‚ it should have an effective and efficient way to collect and process these complaints‚ dissatisfaction and information. 2. One of the important thing in fraud investigation is timing
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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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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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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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