Fraud Case on Phar-Mor, Inc. Introduction Phar-Mor, Inc. was one of the top ten deep discount store that grew rapidly in a short period of time during the 1980s. Phar-Mor pricing strategy was to sell products at an even greater discount than other deep discount stores like Wal-Mart. While the practice of selling at such low cost attract customers, Phar-Mor was experiencing losses. The prices were cut so low that profit would not be generated. And this was how the fraud began. To prevent the truth
Words: 2730 - Pages: 11
Abstract To: Dr. Telesco From: This is regarding an embezzlement case that was brought to my attention. Options for the company: “The investigation of a white-collar crime like embezzlement is difficult due to a lack of physical evidence. Accusations of embezzlement do not take place after a violent act and proof of wrongdoing requires extensive research. You need to take the right approach in order to legally investigate and prove embezzlement.” (eHow Contributor, 2012) There could
Words: 1070 - Pages: 5
and scams are the same just different people doing the same con games. The internet has made it easy to retrieve information, almost an open book to anyone with a computer. Some of the favorite frauds are: • Ponzi schemes promise high returns , early investor only benefit • Affinity fraud use religious organization and bogus charities to gain investor trust • Oil and gas scams offer the get-rich-overnight scheme and high gas price, • Unlicensed individual selling
Words: 1657 - Pages: 7
Because of the high value of inventory, theft of inventory is the favorite target of employees. The embezzlement could occur in Dell Inc. Therefore, further investigation such as physical account of inventory and tracing or vouching method should be developed in inventory account. Furthermore, based on the SEC 2010 report, SEC charged Dell’s Chairman and CEO, former CEO and Former CFO $100 million with fraudulent behavior. And recent SEC compliant reports represent that illegal insider trades
Words: 420 - Pages: 2
during the scandals .............................................................................. 10 6.2.1. Insider trading .............................................................................................................. 10 6.2.2. Wire fraud .................................................................................................................... 11 7. Conclusion ................................................................................................................
Words: 5102 - Pages: 21
CASE 3 : Accounting Fraud at WolrdCom Table of Contents Introduction....................................................................................................................... 1 Question 1 .......................................................................................................................... 2 Question 2 .......................................................................................................................... 4 Question 3 .......................
Words: 6350 - Pages: 26
Fraud of ZZZ Best Company The ZZZ Best was the carpet cleaning company that was started by 15 year old Barry Minkow in 1982. He was inspired to enter into this industry by his mother when he was 12 years old. His mother was working as a telephone solicitor for a small carpet cleaning firm. Though most of the companies in carpet cleaning industry were legitimate, the nature of this business attracts many seedy characters of the malpractice. There are no barriers for any entry even no license was
Words: 2246 - Pages: 9
“Cyber-crime,” which refers to any criminal activity committed with the aid of or in the arena of the Internet and similar telecommunications, is both a new incarnation of old crimes through a new medium, and a unique entity all its own. It differs from physical crime in four ways. It is easy to commit, requiring minimal resources for great potential damage, being committable in a jurisdiction in which the perpetrator is not physically present, and often, not being entirely clearly illegal. A cyber
Words: 1335 - Pages: 6
Albrecht et al Chapter 1 Discussion Questions 1. Fraud always involves deception, confidence, and trickery. The following is one of the most common definitions of fraud: a. “Fraud is a generic term, and embraces all the multifarious means which human ingenuity can devise, which are resorted to by one individual, to get an advantage over another by false representations. No definite and invariable rule can be laid down as a general proposition in defining fraud, as it includes surprise, trickery, cunning
Words: 1408 - Pages: 6
concerned had to bear the consequences. First, Lee and Li’s reputation was seriously affected in Taiwan and abroad. The firm’s core principles of excellence in quality and client service were jeopardized since Liu used Sandisk’s shares to perpetuate the fraud. Prospective clients might find it difficult to trust the firm and would prefer taking their business elsewhere. Besides losing important clients, Lee and Li would have to make extra effort to restore its tarnished image. Second, apart from the fact
Words: 818 - Pages: 4
