money along with an additional amount of money as a return. Definition of Fraud: In criminal law, a fraud is an intentional deception made for personal gain or to damage another individual. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud. In the simplest terms, fraud occurs when someone knowingly lies to obtain benefit or advantage or to cause
Words: 2765 - Pages: 12
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
2012 The Obvious Fraud: A Short, Problem-Based Case Study to Highlight Inappropriate Fraud Examination Techniques David O’Bryan Jeffrey J. Quirin* INTRODUCTION Assume you are an internal auditor for a large, multinational, manufacturing organization with a division in Mexico. One of your responsibilities is to investigate allegations made on the company’s fraud hotline. When you arrive at work one morning you learn an anonymous tip was left on the hotline that alleges fraud involving the division
Words: 3900 - Pages: 16
HealthSouth: Fraud, Greed & Corporate Governance Marilyn J. Bordeaux HCS 5339 Rachael Kehoe HealthSouth: Fraud, Greed & Corporate Governance During the 1990s, Richard M. Scrushy, the former CEO of HealthSouth Corporation, engineered many acquisitions of rehabilitation clinics, outpatient surgical care operators, nursing homes and other health care companies. In 2003, the Securities and Exchange Commission (SEC) accused the company and Scrushy of inflating earnings to the tune of $1.4
Words: 3204 - Pages: 13
Teaching Notes HealthSouth Corporation: Fraud, Greed and Corporate Governance Case Summary During the 1990s, Richard M. Scrushy, the former CEO of HealthSouth Corporation, engineered many acquisitions of rehabilitation clinics, outpatient surgical care operators, nursing homes and other health care companies. Mr. Scrushy had been a respiratory therapist who spotted a niche in the health care market and utilized his entrepreneurial talents, marketing skills, and super salesmanship to set up and run
Words: 362 - Pages: 2
Running head: INDIVIDUAL PROJECT: Forensic Accountants: Fraud Busters 1 Individual Project: Forensic Accountants: Fraud Busters Pamela Turner Professor Ann Nelson Contemporary Business 508 February 13, 2013 Strayer University INDIVIDUAL PROJECT: Forensic Accountants: Fraud Busters 2 Individual Project: Forensic Accountants: Fraud Busters Determine the most important five skills that a forensic
Words: 2306 - Pages: 10
Bait and Switch John Doe Strayer University Law, Ethics and Corporate Governance LEG 500 Bait and Switch Betty drove three hours in one-hundred degree heat. Does this have any bearing on whether or not the dealer must perform in accordance with the published advertisement? The Federal Trade Commission defines bait advertising as an enticing but insincere offering for a product or service where the advertiser has no intention or desire to sell. Instead, the purpose is to entice
Words: 1704 - Pages: 7
WorldCon: A Case Study of WorldCom ACCT 424B Prof. R. Hayes May 12, 2011 WorldCom is a telecommunications company that was once worth billions but is now merged with Verizon after bankruptcy due to fraudulent activities. The question is what caused one of the largest US corporations began a spiral into financial ruin. WorldCom according to John Sidgmore, a former top executive of WorldCom, stated that WorldCom generated annual revenues of over $30 billion a year, has more than 60,000 employees
Words: 2888 - Pages: 12
support your response. When Edwin Sutherland first began his study/analysis under the Traditional Summary Reporting System, there was a limited amount of information available on White Color Crime. The white-collar offenses that are measured are fraud, forgery/counterfeiting, embezzlement, and all other offenses. Because white-collar crimes are not Index crimes, the only information available on these offenses is arrest information, which includes age, sex, and race of the arrestee. Additionally
Words: 1583 - Pages: 7
Financial statement fraud includes the deliberate misstatement of numbers by either booking false accounting entries or deliberately misapplying accounting rules. There are common ways to carry out a financial manipulation and fraud such as overstatement of revenues, understatement of expenses, overstatement of assets, understatement of liabilities, improper use of reserves, mischaracterization as one-time expenses, misapplication of accounting rules, misrepresentation or omission of information
Words: 383 - Pages: 2
