behind a ponzi scheme is to promise large returns to the small group of investors over a period of time. A key issue behind convincing a small group of investors to give up their money is proving that the investment and the return is legitimate and not fraud. So, during that time period that the scam company promised the return on investment, it needs to find another set of more investors to pay off the previous group with interest.
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Deceptive advertising occurs when a retailer or a marketing channel gives misleading or false advertising information about a production to make a profit (Dunne, Lusch, & Carver, 2014, p.227). I would say Comcast is deceptive. My reasons for this would be they are always promoting and sending out advertisements about package deals with cable, phone, and internet services. These deals last a year and then you will have to call before the year ends for a new deal and promotion or you will have
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and CFO must sign certain representations regarding annual and quarterly reports and reviewed by audit committee. Since we rely on Dell Inc.’s inventory control after assess the internal control risk, we can assume that there is no misstatement or fraud with related parties’ transactions.
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The Congress responded to the problem of computer crime by enacting severallaws. The first federal computer crime statute was the Computer Fraud andAbuse Act of 1984 ("CFAA"). The fact that only one indictment was ever madeunder the original CFAA before it was amended in 1986 shows how difficult it isto write effective computer crime legislation.CFAA is the most importantcomputer crime statute because almost every other statute that dealswith computer crime modifies the CFAA.Originally CFAA had a
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According to the Computer Security Institute's Computer Crime and Security Survey for 2007, 494 computer security professionals in the United States corporations, government agencies, universities, and financial medical institutions reported that computer fraud was the greatest source of financial losses, with losses resulting from virus attacks falling into second place for the first time in seven years. In addition to this, 29 percent of the organizations suffered a computer intrusion that they reported
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Independence, 3. Corporate Responsibility, 4. Enhanced Financial Disclosures, 5. Analyst Conflicts of Interest, 6. Commision Resources and Authority, 7. Studies and Reports, 8. Corporate and Criminal Fraud Accountability, 9. White Collar Crime Enhancement, 10. Corporate Tax Returns, 11. Corporate Fraud Accountability. These 11 sections were created to help protect investors from companies who unethically choose to practice illegitimate accounting techniques, AKA “cooking the books”, which give the
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once your account has been established. This is also true if Bank personnel contact you by phone. They would never ask your social security number as a means to identify you. This type of fraud that was attempted on my account is called Phising. Here is Wells Fargo’s policy on Phising and email fraud: “Report Phish and Email Scams If you encounter a suspicious email or website that says it's from Wells Fargo, do not respond to it or click any links. What to do Never open attachments
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Information Technology and Accounting Fraud History has shown the accounting network has come a long way from the days which included manual general ledgers to the present where electronic general ledgers are a necessity. In the electronic world we now live in, the accounting information system requires us to utilize computer systems and intranets, which transfer vital information at a much more rapid speed. Information systems used for accounting purposes
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Diamond Foods Financial Fraud Scandal Adrienne M Somers David F McCormick Acct 320 February 27 2012 In April 2011, Diamond Food Inc (DMND), the nation's largest walnut processor and maker of Emerald nuts announced plans to buy Pringles from Proctor and Gamble for $1.5 billion in stock (Reuters, 2012). This move was part of the company's aggressive growth strategy to become a leader of the snack food industry. Former chief executive officer, Michael Mendes, and former chief financial officer
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------------------------------------------------- Fraud and forensic accounting in small business’ Tasha S. Barnes ------------------------------------------------- Fraud and forensic accounting in small business’ Tasha S. Barnes Accounting fraud is serious issues for all businesses, but they are especially challenging for small companies that are “cash strapped”. Fraud undermine decision making, lead to financial losses and, in some cases, even force companies to lay off staff or shut their doors. Fraud is a common
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