In this article‚ Bobbie Jean Donnelly was a fraudster who used Travel and Expense reimbursements to defraud her company. Donnelly figured out how to manipulate her travel and expense reimbursements to eventually defraud her company of about $275‚000. Had her company had proper controls in place for travel and expense reimbursements‚ wouldn’t have occurred to this magnitude. Donnelly was targeted in an internal investigation because she was one of three employees with the highest amounts of travel
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Cassie Angelucci 9/21/14 Crazy Eddie Fraud Case Eddie Antar came from a low rent neighborhood in Brooklyn from a family of merchants. Growing up poor he had dreams and aspirations of becoming a household name. At the age of 20 years old‚ Antar opened up his very first store‚ Crazy Eddie. Crazy Eddie was an electronics store that specialized in low prices and a party atmosphere. The business did very well in its startup years and began to grow. Not long after Antar opened up his first store‚ he
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Fraud Risk Memorandum This memo is to determine potential fraud risks that may exist within our client‚ Apollo shoes. There are reasons to believe that potential fraud risks do exist‚ however these risks are only hypothetical‚ but will be tested to assure users that Apollo’s financial statements are fairly stated. First‚ the client’s prohibition of contacting the predecessor auditor is considered a red-flag. The importance of the predecessor’s working papers and comparative work would make completing
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owner’s permission. Six (6) cases of embezzlement stand out in Modern day History. The first case is about Yasuyoshi Kato in 1997 who managed to steal $132 million from Day-Lee Foods‚ Inc. of Santa Fe Springs‚ California. At the time‚ Yasuyoshi was the Chief
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| | |Health Care Fraud and Abuse | | | |
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Jerome Kerviel - Genius of Fraud Background: Imagine growing up in a working class European family that is getting by but is by no means rick. You ’ve done well in undergraduate college and are on the verge of graduating with a Masters in Finance from a reputable university but didn ’t do much to differentiate yourself while there. After grad school‚ you receive an offer for a middle office position at a large investment bank who guaranteed there ’s room to grow into a trading position‚ you
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AFM 351: Audit Strategies Satyam Fraud: A case of India’s Enron 1. Describe the governance structure at Satyam. What was the “tone-at-the-top” at Satyam during the fraud period? • • • • • • • 2. In terms of the confirmation of cash balances‚ what deficiencies can you identify in terms of the procedures followed in the Satyam engagement? • • • • 3. Ramalinga Raju was the Chairman of the Board His brother‚ Rama Raju‚ was the Managing Director and CEO They both had direct operational
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of hotel franchises in the early 1990s. Among Silverman’s purchases were such brands as Ramada and Howard Johnson’s as well as Days Inn‚ which he was able to buy for $290 million (less than half what he had sold it for) after the company had filed for bankruptcy in 1991. Silverman quickly took Hospitality Franchise Systems public in a 1992 IPO. HFS was among the fastest growing companies of its size in the 1990s and the company’s stock had risen from its IPO price of $4 per share to $77 per share
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Patten is the independent director. Trescowthick‚ executive Chairman‚ is no-independent. Hodgson‚ Chief Financial Officer‚ is non-independent.(Psaros&Seamer‚ 2001). Obviously‚ most of the members of its audit committee are non-independent‚ and Hodgson was from the senior management. The two auditors did not get accurate information from this audit committee‚ which also resulted from the poor corporate governance. Some of the directors of audit committee are also from the management‚ which is easier for
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Salami Fraud (1) by M. E. Kabay‚ PhD‚ CISSP Associate Professor‚ Computer Information Systems Norwich University‚ Northfield VT The recent disclosure that WorldCom concealed almost $4 billion of expenses as if they were asset acquisitions and thus falsified its accounting reminds me of the very opposite kind of fraud – one that involves lots of little thefts instead of one gigantic theft. In the _salami fraud_‚ criminals steal money or resources a tiny bit at a time. Two different etymologies are
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