RELATED CASES: None SUPPORT DOCUMENTS: Eight Pages Bank Of America Fraud Affidavit/Transaction History. On 12/09/2015, Sandra Agrait contacted the Pasco Sheriff`s Office by telephone to report fraudulent use of her Bank Of America ATM/Debit Card ending in 5457. Ms. Agrait advised she reviewed her bank account transaction history and observed two unauthorized cash withdrawals that she did not make. She said her houseguest, Timothy Midkiss took her debit card out of her wallet, used it to make the cash withdrawals and returned it to her walle without her knowledge or permission.…
The way W. R. Grace justified this was they decided it was immaterial and it would not influence the investor’s decisions. PwC, an external public auditing firm came into W. R. Grace to do their annual report, while going over the numbers they discovered the hidden profit. PwC repeatedly told W. R. Grace that it was wrong, and mentioned it in their memos, but ultimately gave W. R. Grace a clean report, and signed it. Mr. Eatough the company 's, internal audit chief…
All fraudulent individuals have three aspects in common: the opportunity to commit a crime, the financial pressure to ignite thoughts to commit a crime, and the rationalization to make a crime seem less ethically incorrect than it really is to commit (Will et al). Barry Minkow, after gaining high power and praise in the market by reporters and Oprah Winfrey herself, had all three of these aspects allowing him to commit his fraudulent white collar crime worth more than $200 million on paper (Ciulla). When Minkow was 16, he started his own carpet cleaning business in his parents’ garage under the name of ZZZZ Best (Ciulla). People viewed Minkow as a prosperous young entrepreneur, but they didn’t know that his carpet cleaning business was all…
Pete Clark, Director, Business Operations has been with Mediacom since July 2009. During this time Pete’s performance has been acceptable with his last performance scores at 3.32. Throughout 2017 Pete’s performance has been less than what is expected in this role. His 2017 MMIP Mid-Year Score is 2.78.…
On July 21, 2002, WorldCom, one of the nations leading companies in Telecommunications, filed for bankruptcy and exposed an $11-billion-dollar fraud, making it one of the largest in all time. Spearheading the scandal were six employees, Bernard Ebbers the CEO, Scott Sullivan the CFO, David Myers the accounting controller, Buddy Yates the Accounting Director, and Betty Vinson and Troy Norman the accountants. The scandal went to federal trial, and after six days of jury deliberation, all six of the employees that were part of the scandal were found guilty. Bernard Ebbers was found guilty of Securities fraud, conspiracy and sentenced to 25 years in Oakdale Federal Correctional Institution where he resides to this day. Scott Sullivan was found…
OFAC is an office of the U.S. Treasury that administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals against entities such as targeted foreign countries, terrorists, international narcotics traffickers, and those engaged in activities related to the proliferation of weapons of mass destruction and other threats to the national security, foreign policy or economy of the United States. By pulling a credit report, we automatically check against OFAC and receive a daily report from Equifax. Contact the BSA Officer if you have an OFAC report fail. Members are verified through Galaxy software every two weeks.…
The SEC’s allegations in the complaint revolved around seven different accounting practices. But in the end, the main purpose and effect of these manipulative actions was to accelerate Xerox's revenue recognition at the cost of future periods. According to SEC’s complaint, “Xerox fraudulently disguised these actions so that investors remained unaware that the company was meeting earnings expectations only by using accounting maneuvers that could compromise future results” (“Xerox Settles SEC Enforcement,”…
Following the pervasive financial losses which occurred as a result of the great depression, the U.S. Securities and Exchange Commission (SEC) was established with the guiding principle to instil confidence in current and potential holders of stocks and bonds that publicly traded companies are managing funds efficiently and appropriately, which is to be achieved through “full disclosure” of the organizations’ financial performance in the form of quarterly and annual financial statements (Callahan, n.d.a, p. 1). Nevertheless, since the inception of the SEC, there have been several high profile fraud cases involving senior leaders of public traded companies, perpetuated by breakdowns in the audit process imposed to detect misappropriation of…
Bernard Ebbers was the CEO of Worldcom, which was a long distances communications company. In 1997, Worldcom acquired its competitor MCI, skyrocketing to the second largest telecommunication company in the world. Ebbers was promoted into the position of CEO in 1985, where for years he culminated multiple acquisitions, quickly building up the resources. In 1999, Ebbers attempted to buy out Sprint. If Worldcom were to have acquired their assets, the company would have been placed ahead of AT&T, becoming the largest telecom company.…
Yes, both parties should be held accountable. The board of directors who ought to really screen the administrators, helping toward the organization; rather was much the same as leaving everything to the management itself to do whatever they feel is right. None of the outside directors had general correspondences with the top management or with other representative outside of board or council gatherings and preceding April 2002, they were never met without anyone else's input to talk about matter related with WorldCom. They were taking everything simple, did not do anything aside from going to the board meeting which was directed and chosen by Bernie Ebbers, and as an arrival, get the profit yearly. This shows how removed they were from the…
In this case all individuals involved would be charged with a crime against Miss Vicky. Dan would be charged with conspiracy to commit burglary, burglary, assault and stealing over 500. Conspiracy to commit burglary: Dan told his plan to Eric, at which, Eric denied going along, but would led his car to assist with the crime. Burglary 569.160: Unlawfully entered Vicky home for the purpose to take all of her computers. This charge would be Burglary 1st due to the fact that Vick was present at the time of the act and was assaulted.…
Dage Michael Martinez Fraud Auditing May 1, 2016 Fraud Audit Program: Hollate Assess: Fraud: Type/Scheme Control Opportunity Occurs/Fraud Scenario Concealment Red Flags Conversion Journal Entry Scheme The scheme likely occurred due to management override of controls.…
. The conduct of the salesperson definitely constitutes fraud. There was a reliance on the salesperson’s statement when he said that the car had never been in a wreck. If Lester had known the truth about the car being in a wreck he would have known that the car was worth much less than the value he paid for it. The car had a much lower value because it was in a wreck.…
Earnings before taxes and minority interest for 2001 were overstated by as much as 4,700%. The perpetrators in the fraud had a good mastery of GAAP. This is the reason why they were able to make the false entries appear to be routine entries that complied with GAAP. When Ernst & Young’s auditors reviewed the accounts payable and other accounting functions, they did not detect anything out of the ordinary in the accounts payable function.…
MGMT 512 – Exam I Naci Yüksel - 0037094 Page 1 of 2 Toshiba’s Accounting Scandal Toshiba is a leading Japanese multinational conglomerate which provides diversified products and services such as electronics, home appliances, information & communications systems, medical equipment and power systems. The company was founded in 1875 to pioneer in high technology not only in Japan but also anywhere in the world (“About Toshiba”). Unfortunately, an independent investigation had revealed one of Japan’s biggest accounting scandals in 2015 just after the 2011 Olympus scandal – another major technology company concealed $1.7 billion losses starting from the early 1990s. It was also a surprising news in the face of Japanese Prime…