Corporation® and WorldCom® Your Name October 31st, 2012 FIN/486 Instructor Enron Corporation and WorldCom In the last decade, two powerful American companies, Enron Corporation and WorldCom, have become the models of accounting corporate fraud. The Enron Corporation was founded in 1985 by Kenneth Law in Omaha, Nebraska. The company later moved its operation to Houston Texas when InterNorth and Houston Natural Gas merged. This American organization offered paper, pulp, electric, communication
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to the collapse of Enron due to fraud, shady accounting practices, false reporting revenue, and general disregard of virtually every principle of business ethics. Kenneth Lay, Jeffrey Skilling and Richard Causey went on trial for their part in the Enron scandal in January 2006. The 53-count, 65-page indictment covers a wide range of financial crimes, including insider trading, making false statements to banks and auditor’s bank, fraud, securities fraud, wire fraud, money laundering, and conspiracy
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In A Doll’s House by Henrik Ibsen, a woman named Nora is facing a life altering situation that stands to both ruin her social and private life. In dealing with the potential outcomes of the scenario, Nora comes to find that she has been living a convenient mistruth. Nora’s greatest and most damaging lies are lies she tells to herself. As is seen numerous times throughout the play, Nora hides, withholds, and distorts the truth in order to please everyone around her, including herself. Nora is presented
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felony counts—securities fraud, investment adviser fraud, mail fraud, wire fraud, three counts of money laundering, false statements, perjury, false filings with the United States Securities and Exchange Commission (SEC), and theft from an employee benefit plan—on March 12, 2009. (Biography, 2011) Mail fraud includes any scheme that attempts to unlawfully obtain money or valuables in which the postal system is used at any point in the commission of a criminal offense. (Mail fraud, 2011) By using the
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Cyber-Crime Trends In the dawn of the 21st century, the evolution of new technology and science concepts have made changes to everyone’s daily life. Cyber-crimes are a creature that did not exist 15-plus years ago. Back in the day, before technology, were only the conventional crimes such as illegal behaviors people thought were criminal behaviors. However, in today’s time an individual must be extremely careful because not only are people combating traditional crimes but cyber-crimes as well. Cyber-crimes
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the criminal can do such crimes as fraud, theft of service, theft, threats and even harassment. Another method involves converting legitimate computer processes for illegitimate purposes. Crimes in this category include fraudulent use of automated teller machine (ATM) cards and accounts; theft of money from accrual, conversion, or transfer accounts; credit card fraud; fraud from computer transactions (stock transfers, sales, or billings); and telecommunications fraud. Crimes in which the computer
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The postscript also will relate subsequent important events in the telecommunications industry, the effect of WorldCom's problems on its competitors and labor market, and the impact WorldCom had on the lives of the key players associated with the fraud and its exposure. From Benchmark to Bankrupt Between July 2002 when WorldCom declared bankruptcy and April 2004 when it emerged from bankruptcy as MCI, company officials worked feverishly to restate the financials and reorganize the company. The
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the Internet leaves almost permanent traces motivated offenders might refrain from crime once realizing they can somehow be identified” The statement might be more believable were there not proof that I think proves otherwise case in point financial fraud ring recenetly nabbed it stands to reason that among the person nabbed were web designers and computer experts. I think these people bassed on their areas of expertise had to know that traces of their activities would be left behind and the assumed
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correction. If further development is needed, then it should be done in order to eliminate these bot herders who kept on seeking cybercrimes. 5.16 What are two tactics criminals use to commit credit fraud? What are two countermeasures financial institutions and retailers use to prevent credit fraud? 5.19 The meaning of the term hacker has changed overtime. Describe three phases it has gone through and what it meant it each phase. Explain the terms white-hat-hackers, black-hat-hacker and cracker
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Organizational Behavior within WorldCom WorldCom entered the telecommunications market as LDDS in 1983, founded by Bernie Ebbers in Jackson, Mississippi. The company grew dramatically through numerous acquisitions and adapted the name “WorldCom” in 1995. In 1998, WorldCom purchased MCI, the nation’s number two long-distance provider, for $37 billion. WorldCom, considered a major success story of the 1990s, filed Chapter 11 bankruptcy in July 2002. With 65 successful acquisitions, including 11
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