Insolvency Fraud A. Introduction Bankruptcy is a leading cause of concern for the government of the United States. According to The Washington Post‚ in 1991‚ bankruptcy cases are increasing by eighteen percent (Walsh). The legal definition of Bankruptcy is the permissible procedure for dealing with debt complications of individuals and businesses (United States Code: Title 11‚TITLE 11—BANKRUPTCY Legal Information Institute). Specifically‚ a case filed under any of the chapters of Title 11 of
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Types of cybercrime or current and ongoing Internet trends and schemes identified by the Internet Crime Complaint Center are: ● Auction Fraud ● Auction Fraud — Romania ● Counterfeit Cashier’s Check ● Credit Card Fraud ● Debt Elimination ● Parcel Courier Email Scheme ● Employment/Business Opportunities ● Escrow Services Fraud ● Identity Theft ● Internet Extortion ● Investment Fraud ● Lotteries ● Nigerian Letter or "419" ● Phishing/Spoofing ● Ponzi/Pyramid ● Reshipping ● Spam ● Third Party Receiver of Funds
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Assignment # 3 WorldCom Accounting Fraud By Mark A. Cowan Strayer University ACC 499- Accounting Capstone May 15‚ 2011 The purpose of this paper is to discuss the aspects of the WorldCom accounting scandal and the effects that this scandal had on the accounting world as we know it. We will discuss the corporate culture at WorldCom and how it contributed to the accounting fraud‚ how the CEO’s desire to be the #1 stock on Wall Street contributed to the fraud‚ pressures on accountants to book
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the inevitable introspection. The events that followed had worldwide implications and were analyzed extensively in the media as well as in government circles. Experts pointed their fingers at a number of different reasons that led to the massive fraud in business and accounting practices in the Enron collapse. One theory put forth by Alex Berenson of the New York Times was that “the focus that analysts‚ investors and executives place on quarterly earnings as a company’s success indicator” began
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stock option award and $700‚000 in other compensations. By the year 2002 Scrushy owned 5.1% of HealthSouth shares‚ which equaled to $20.9 million of the company’s shares. HealthSouth is known for the massive accounting fraud that was discovered in 2003 and this accounting fraud almost led the company to bankrupt. Although HealthSouth emerged from this experience and has so far had a successful recovery‚ but the memory of the scandal is still and will always be fresh. HealthSouth problems started
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(2003). The strategy process: Concepts‚ Contexts‚ Cases (4th ed.) Moberg‚ D.‚ Romar‚ E. WorldCom. Retrieved February 5‚ 2014 from: http://www.scu.edu/ethics/dialogue/candc/cases/worldcom.html Scharff‚ M.M. (2005). Understanding WorldCom’s accounting fraud: did groupthink play a role? February 5‚ 2014 from: http://www.entrepreneur.com/tradejournals/article/132353947.html Romar‚ E.‚ Calkins‚ M. (2006). WorldCom Case Study Update. University of Massachusetts- Boston Mountain of Debt. The Wall Street
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CYBER CRIME Introduction: cybercrime‚ also called computer crime‚ the use of a computer as an instrument to further illegal ends‚ such as committing fraud‚ trafficking in child pornography and intellectual property‚ stealing identities‚ or violating privacy. Cybercrime‚ especially through the Internet‚ has grown in importance as the computer has become central to commerce‚ entertainment‚ and Because of the early and widespread adoption of computers and the Internet in the United States‚ most
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3D Fraud Risk Assessment Model Dinev’s SMARTGuide INSTITUTE OF EXPERT FRAUD EXAMINERS First Edition - 2012 Foreword .......................................................................................6 Part I: Navigating Fraud Risk Assessment Terminology ..............8 1.1. What The Dinev’s SMARTGuide Isn’t and Is? .............................................8 1.1.1. The Dinev’s SMARTGuide Isn’t ... ..........................................................................8
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scholarship will motivate me‚ it will help me work hard in order to deserve it. a. Fraud is an intentional misrepresentation of facts‚ like Misappropriation of assets. In order to commit fraud a person has to have motivation‚ opportunity‚ and rationalization for committing the fraud. PCAOB AU 316 describes fraud as follows‚ “Fraud is a broad legal concept and auditors do not make legal determinations of whether fraud has occurred. Rather‚ the auditor’s interest specifically relates to acts that result
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earnings expectations. This memorandum will describe who was involved‚ how the operation was carried out‚ as well as a timeline documenting the resulting damages of the scandal. On March 19th 2003‚ the Securities and Exchange Commission filed civil fraud charges against HealthSouth and CEO and Chairman Richard Scrushy of “allegedly duping investors into believing the company had met earnings targets” (washintonpost.com staff‚ 2004). The SEC’s complaint “alleges that since 1999‚ at the insistence of
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