There are several ethical issues surrounding the Madoff case‚ but the two that significantly caught my attention was white collared crimes and enhancing the wealth of the rich at the expense of working class individuals. According to the textbook‚ white-collar crime (WCC)‚ is a nonviolent crime orchestrated by highly educated people‚ resulting in deceit‚ concealment‚ subterfuge‚ and other fraudulent activity; consequently‚ WCC does more damage in monetary and emotional loss in one year than violent
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Bernie Liu‚ an architect by profession‚ is an entrepreneur at heart with a dream and a vision. In 1986‚ right after the People Power Revolution‚ Bernie together with close friends from college and supported by his family who were then garments manufacturers‚ conceptualized‚ produced and marketed an initial product line of one-sized T-shirts with catchy prints–all targeted at the youth market. And so Penshoppe was born! Today‚ the merchandise mix of Penshoppe‚ the anchor brand of Golden ABC
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MADOFF ANSWERS IN WORD FORMAT Question 1: Research recent developments involving this case? More than1‚000 civil lawsuits have been filed Statute of limitations is running out 15 people have been criminally charged 9 people have plead guilty $9.3 billion has been recovered JP Morgan offers to settle Ultimate sacrifice…family Question 2: Suppose that a large investment firm had approximately 10 percent of its total assets invested in funds managed by Madoff Securities. What audit procedures
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Checkpoint 1 Impacts of Unethical Behavior The company that I researched for unethical practices is Tyco International; the nature of the controversy was the fraud and scandals that Tyco international has gone through. In 1999 the SEC began to analyze Tyco’s accounting practices do to the company was standing in 28 million dollars in debt. They were able to pinpoint many areas that were not adding up with the amounts money was being taken and there was really no good explanation. They found out
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The Coca-Cola Company established itself as a premier beverage business by maximizing its production and distribution throughout the world. These strong production efforts were met with equally effective marketing campaigns which led to it becoming the biggest beverage company in the world. Due to these accomplishments‚ many of Coca-Cola’s controversial labor and business practices have been overlooked by many in the general public. However‚ more people are becoming aware of these disputes due
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(170). Madoff was charged with securities fraud‚ investment advisor fraud‚ mail fraud‚ and wire fraud after confessing to stealing more than $50 million dollars from people over the course of decades. After the stock market collapse of 2008 it became apparent to Madoff that he would not be able to repay the money clients believed they had invested and he confessed that he never bought or sold a single stock. He simply deposited the invested money into his own account. Furthermore‚ Bernie Madoff
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e)The Ponzi Schem( Bernard Madoff First Semester - 2012 Contents: Name of the company…………………………………………………………2 Field of the company…………………………………………………...…..2 The Ethical dilemma or issue‚ which faced the company………………..2 The Consequences of ethical dilemma……………………………....….…3 -Economical consequences………………………………………....……3 - Social consequences……………………………………………..……..3 - Political consequences…………………………………………
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Effect on Unethical Behavior Article Analysis The Sarbanes-Oxley Act of 2002 was intended to improve corporate governance and increase the transparency of financial audits. The legislation also could have significant effects on the public accounting industry. Sarbanes-Oxley Act (SOX) of 2002 has requires companies to repeat the section 404-certification process annually and to review processes and controls for changes on a quarterly basis. The Act also promises to make important improvements in
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The Fraud of the Century The Case of Bernard Madoff Summary of the case In December 2008‚ the highly respected American businessman Bernard Madoff made the headlines when the US authorities accused him of orchestrating a $65 billions Ponzi scheme which is the biggest financial frauds of all time and made of him “ The Conman of the Century”. Bernard Madoff also called "Bernie" is a former American businessman‚ stockbroker‚ investment advisor‚ financier and the former non-executive
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Case 1.12: Madoff Securities Questions: 1. Research recent developments involving this case. Summarize these developments in a bullet format. 2. Suppose that a large investment firm had approximately 10 percent of its total assets invested in funds managed by Madoff securities. What audit procedures should the investment firm’s independent auditors has applied to those assets? 3. Describe the nature and purpose of a “peer review.” Would peer reviews of Friehling & Horowitz have likely
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