’s stock. Caught by surprise‚ CFO Tim couldn ’t come up with a decent response. Adelphia Communications Corp. founder John Rigas and his son Timothy were sentenced of conspiracy‚ bank fraud and securities fraud for looting the cable company and cheating its investors.The two were convicted of all 15 securities fraud charges against them and other counts. The Rigases and Mulcahey were charged with hiding $2.3 billion in debt at
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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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corporate accounting fraud that lead to the largest bankruptcy in U.S. history. Two investigate reports and subsequent court cases conclude that WorldCom executives were responsible for billions in fraudulent or unsupported accounting entries. How did this mammoth accounting scandal occur without anyone raising the alarm? Evidence suggests that Ebbers and Sullivan held considerable power and influence that prevented accounting staff from complaining‚ or even knowing‚ about the fraud. Ebber’s inner
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How is Fraud and Embezzlement defined as? Fraud is defined “the abuse of a position‚ or false representation‚ or prejudicing someone’s rights for personal gain (Serious Fraud Office‚ 2013). In Moore v. United States‚ (1895)‚ the Supreme Court defined embezzlement in the following terms: Embezzlement is the fraudulent appropriation of property by a person to whom such property has been entrusted‚ or into whose hands it has lawfully come. It differs from larceny in the fact that the original taking
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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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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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Parmalat accounting scandal Which factors were relevant in the Parmalat scandal? Describe the causes and consequences of the scandal. Parmalat scandal is one of biggest fraud in the world‚ for years the company can eluded responsibilities with financial analysts and investors but was in December 2003 when Parmalat went bankrupt. In this summary it can appreciate the most significant events: In 1990‚ Parmalat started buying milk producers around the world‚ in order to hide a huge debt
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The postscript also will relate subsequent important events in the telecommunications industry‚ the effect of WorldCom’s problems on its competitors and labor market‚ and the impact WorldCom had on the lives of the key players associated with the fraud and its exposure. From Benchmark to Bankrupt Between July 2002 when WorldCom declared bankruptcy and April 2004 when it emerged from bankruptcy as MCI‚ company officials worked feverishly to restate the financials and reorganize the company. The
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BUSINESS VALUES AND ETHICS ASSIGMENT: FRAUD AND CORRUPTION TABLE OF CONTENTS Introduction……………………………………………………………...3 Ethical issues………………………………………………………….....3 Impact on organization………………………………………………....3 Measures to be enforced………………………………………………..4 References………………………………………………………………6 INTRODUCTION Fraud and corruption is one of the biggest issues
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