membership. Introduction Business failures have an economic implication which is disastrous to the economy of any nation. In fact big investment frauds and trading scams have resulted in the loss of billions of dollars from gullible people. Nigeria is not an exception. There are various advanced fee frauds in Nigeria and other investment frauds that have bedeviled the Nigerian economy and the world. Bernard Ma doff‚ a former chairman of Nasdaq Exchange was arrested for running a $50 billion
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Bernie Madoff’s $50 Billion Ponzi Scheme Named after con man Charles Ponzi‚ a Ponzi scheme is a fraud of investment‚ which appeals to investors due to the promise of high returns with little to no risk. Investors believe they are receiving profits however they are merely receiving principal of new investors. In order to be successful‚ the old investors must not withdraw large sums of money at a given time‚ and there must constantly be an inflow of money from new investors contributing to the
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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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The Bernie Madoff Scandal is considered to be the largest financial and accounting fraud in American history. The details of the scandal itself are so complicated and unbelievable that it appears to be a work of non-fiction. Many have tried to gather enough evidence to make sense of what happened‚ but there was never enough evidence to prove when the fraud began. Madoff himself said that the scheme began in the late 1980s or early 1990s‚ but then again we cannot be certain of when it really started
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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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confidence in the way businesses handled accounting and reporting practices. The Sarbanes-Oxley Act was passed into law in July 2002 with the intent of protecting investors by improving financial reporting accuracy and reliability as a result. Ideally‚ fraud will be prevented through SOX by increased internal controls and greater transparency in accounting practices. The theory is based on the logic that managers who engage in fraudulent activity will be discovered and punished by fines or imprisonment
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electronic crime. All of these are crimes where computers or networks are used or attacked. These electronic crimes are being used to steal identities and huge sums of money. Many traditional crimes such as theft‚ blackmail‚ forgery‚ embezzlement and fraud today are all conducted on the Internet. Impact of cyber crime On the global level‚ both governments and non-state actors continue to grow in importance‚ with the ability to engage in such activities as espionage‚ financial theft‚ and other cross-border
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pirating‚ not paying taxes‚ or telecommunication fraud. Such broad spectrum can involve any person in every social class. Furthermore‚ the types of fraudulent activities can easily be social stratified. For example‚ a Wal-Mart cashier would probably never be involved in insider trading or bank embezzlement‚ yet she/he could fail to pay taxes or steal credit card data from customers. On the other hand‚ a CEO from a very large bank can easily be engaged bank fraud‚ and a government official can be prosecuted
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deaths and injuries emphasized by local television news tend to have high relationships to crime‚ real or inferred‚ and those that are de-emphasized have a much lower likelihood that a criminal act was involved”(Graham‚ 6). Unfortunately things like fraud and corrupt loans do not seem to appeal to society; furthermore people simply do not understand them. Blue-collar crimes frequently tend to have a direct impact on just a group of individuals whether it’s a family or a community. Although some of these
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Fraud Investigator NAME COURSE NUMBER DATE Fraud Investigator If I were to be a part of the fraud examiner career field‚ I would have to choose the fraud investigative field. There are a wide variety of companies that hire fraud investigators; for example insurance agencies‚ realtors‚ banks‚ online retailers and also the government. There are plenty of other types of companies that need fraud investigators‚ because it is‚ unfortunately‚ an all too common crime. The job posting I found is
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