recognize there are some disadvantages as well. Much like any other technical or mechanical advancement there are drawbacks or risks that need to be mitigated in order to enjoy the positives. Here are a few of the disadvantages of the Internet: *Fraud and Theft Fraud and theft is the largest complaint consumers have about the Internet. These cyber crimes impact individuals and organizations and causes serious damage in society. Lurking across the dark corners of the web are identity thieves‚ embezzlers
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“White collar crime is defined as various crimes‚ as embezzlement‚ fraud‚ or stealing office equipment‚ committed by business or professional people while working. Generally the person accused of a white collar crime is someone of high prestige. White-collar crime is a broad term that encompasses many types of nonviolent criminal offenses involving fraud and illegal financial transactions. White-collar crimes include bank fraud‚ bribery‚ blackmail‚ counterfeiting‚ embezzlement‚ forgery‚ insider
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The Bernie Madoff Scandal is considered to be the largest financial and accounting fraud in American history. The details of the scandal itself are so complicated and unbelievable that it appears to be a work of non-fiction. Many have tried to gather enough evidence to make sense of what happened‚ but there was never enough evidence to prove when the fraud began. Madoff himself said that the scheme began in the late 1980s or early 1990s‚ but then again we cannot be certain of when it really started
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deaths and injuries emphasized by local television news tend to have high relationships to crime‚ real or inferred‚ and those that are de-emphasized have a much lower likelihood that a criminal act was involved”(Graham‚ 6). Unfortunately things like fraud and corrupt loans do not seem to appeal to society; furthermore people simply do not understand them. Blue-collar crimes frequently tend to have a direct impact on just a group of individuals whether it’s a family or a community. Although some of these
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Kozlowskis wife in Italy‚ $ 6‚000 shower curtain‚ $ 2‚000 trash can‚ $ 13 million worth of art work PWC chief auditor for TYCO‚ Richard Sculze‚ issued fraudulent audit reports and was aware of the interest free loans. Embezzling funds as a financial fraud which causes an act of conflict of interest. In order to fulfill self-interest (luxurious life) the leaders embezzled the company funds that should be used to manage the company in the best interest of the shareholders and stockholders. Kozlowski
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knew from the very beginning that he wanted to be an entrepreneur" says James Cameron‚ who is currently writing a book on CyberNet and its late chief executive. The FBI first investigated Watson in 1986 as the subject of a fraud probe. In 1987‚ Watson pled guilty to mail fraud after investigators determined he had swindled the unnamed investor as well as others and used the money for his personal expenses. He was sentenced to three years in prison‚ serving just less than 24 months at Allenwood Federal
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’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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