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Magnificent Masquerade Book Report

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Submitted By kcfrank1991
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Term Paper/Book Review
11/16/15
Magnificent Masquerade, by Charles Keats, 1964
Summary of the McKesson & Robbins Scandal Before the scandals of Enron and WorldCom, which are considered the greatest accounting scandals of the 21st century, the most notorious & influential accounting scandal of frauds in the 20th century, or in American history, is the McKesson & Robbins scandal of 1939. In the early fall of 1926, Philip Musica, assuming the name of F. Donald Coster, took control of the pharmaceutical company McKesson & Robbins by using his bootlegging profits from Girard & Co. to issue a merger between the two pharmaceutical companies, and he became McKesson & Robbins’ president.
From his experience with Girard, Coster “knew how auditors functioned, they were interested in account books & supporting documents” (Keats, 71) & he knew how to mislead auditors. Coster conducted fraudulent transactions for McKesson & Robbins by continuing to manufacture (fraud) documents of inventories & accounts receivable such as, “order slips, shipping records, duplicate invoices, & other bookkeeping evidences of sale” (Keats, 72).
Julian Thompson, Coster’s top assistant, finally uncovered the fraud scandal in 1938 through his suspicions of the existence of the McKesson & Robbins’ Canadian subsidiary’s warehouse. Coster was convicted of “violating Section 32 of the Securities Act of 1934: filing false financial information with the SEC” (Keats, 195). During his arrest, the federal agents obtained Coster’s fingerprints, & were able to discover his true identity as Philip Musica. Before the federal agents were able to take him in to custody, Musica-Coster committed suicide on Friday, December 16, 1938.
Coster conducted all of his fraudulent transactions under the nose of one of the accounting profession’s leading firms,

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