Bankruptcy Fraud

  • Bankruptcy of a Retail Giant

    Bankruptcy of a Retail Giant Blunders by former Chairman Charles Conaway and President Mark Schwartz led Kmart into bankruptcy. The retailer had to close 284 stores, including this one in Novi, and lay off 22,000 workers. They lived the good life of gated estates, a 47-foot yacht, corporate jets at their beck and call, and multiple pay hikes, perks, bonuses and loans. But even as Kmart Corp. struggled for survival, its chairman, Charles Conaway, and president, Mark Schwartz, wanted more, renegotiating

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  • Adelphia Communications’ Bankruptcy

    Adelphia Communications’ Bankruptcy Bankruptcy The case talks about the situation Adelphia went through after the governance problem and fraud they had that led them to bankruptcy. Adelphia being a family owned company; by April 2005 they decided to sell out the remaining assets of the company to the one of the other 3 big cable companies; Time Warner, Comcast and Cablevision; each one of them offered different amount in the bid, nevertheless the company had to analyze how certain each offers

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  • Financial Fraud

    Accounting 1 Ms. Harrington 2/22/12 Financial fraud was a word rarely herd of before the 2000’s, but as the economy got worse and worse it became a leading headline. Americans began to find out that some of America top companies had been intentionally altering their accounting books to appear stable. Some of these companies were taking the money for personal use and some to convince people to still invest with them. As well as top company’s being fraudulent there were new highs hit as banks

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  • Bankruptcy Fraud

    According to the IRS, ten percent of bankruptcy filings are fraud and less than one percent of those are convicted. Bankruptcy can be filed when a company or a land owner is unable to pay overwhelming debts. Sometimes people hide their money and assets, and file bankruptcy just so they won’t have to pay back the debts that they owe even though that person is fully capable of doing so, which is illegal. This is called bankruptcy fraud, which is federal white collar crime which can lead to a maximum

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  • Bankruptcy

    live occasionally bring troubling times. For Carl’s specific debt situation, I’d be sure to encourage him in the fact that the bible does speak frequently of debt and how to handle such debts, but it certainly does not forbid bankruptcy. To be honest, quite often bankruptcy is the only effective means to deliver a debtor from the slavery of overwhelming debt and to break the vicious cycle of borrowing. It was put into place for debtors to have a way out of the debt they’ve gotten themselves into

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  • Fraud

    What is a Fraud? A fraud is when one party deceives or takes unfair advantage of another. A fraud includes any act, omission, or concealment, involving a breach of legal or equitable duty or trust, which results in disadvantage or injury to another. In a court of law it is necessary to prove that a false representation was made as a statement of fact, that was made with the intent to deceive and to induce the other party to act upon it. It must be proven that the person who has been defrauded

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  • Bankruptcy

    County in Alabama Strikes a Bankruptcy Deal. New York: The New York Times Company. This article reports how a county in Alabama is dealing with bankruptcy and how it will handle the situation. Due to a sewer debt shot up during the financial turmoil of 2008, and the repayment schedules accelerated sharply, it left Jefferson County unable to pay. The repairs went unfinished as well. According to the article, the county also had other debt outstanding when it declared bankruptcy, for a total of $4.2 billion

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  • Fraud

    for example. These are the security issues that clients and companies have to face as online investing, banking, and account management become more the norm. Identity theft, international money laundering, theft of business trade secrets, auction fraud, web site spoofing, and cyber-extortion are all schemes that were carried out in 2002 and involved at least 125,000 victims and more than $100 million. And these crimes didn’t make the Computer Security Institute’s Computer Crime and Security Survey

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  • Fraud

    often leads to bankruptcy. The management system is not capable of detecting cases of being cheated on by other illegal businesses and at times it occurs within the organization despite existence of well formulated laws that are designed to prevent liability and unethical performances in the business sector. The Board of Directors of the company in conjunction with their audit engagement team should act swiftly in responding to fraud allegations by addressing key areas of fraud. The first step

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  • Fraud

    in the “The CPA Journal”, “many studies suggest fraud is more likely to occur when someone has an incentive (pressure) to commit fraud, weak controls or oversight provide an opportunity for the person to commit fraud, and the person can rationalize the fraudulent behavior (attitude).” This is known as the fraud triangle. There are two types of fraud: fraudulent financial reporting and misappropriation of assets. For the first one, this kind of frauds came from the top management. Most of the pressures

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  • Fraud

    Fraud  Is any purposeful communication that deceives, manipulates or conceals facts in order to create a false impression?  It is a crime and conviction may result in fines, imprisonment or both.  The most common fraudulent activities employees report about their coworkers are stealing office supplies or shoplifting, claiming to have a worked extra hours and stealing money or products. Accounting Fraud  Usually involves a corporation financial reports in which companies provide important

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  • Individual Bankruptcy

    Chapter 11 bankruptcy allows a business to remain in operation while reorganizing its structure and debt. According to the Fried Law Firm, unlike a chapter 7 bankruptcy, which requires total liquidation and a cease in business activities, the company can continue normal operations. In addition, the company in all likelihood will be able to continue paying employee salaries, pensions, and health benefits. Chapter 7 bankruptcy is sometimes also called liquidation bankruptcy. Firms experiencing this

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  • Fraud

    Fraud atas Kajian Hukum Kecurangan atau fraud adalah suatu konsep hukum dengan terminology dimana harus ditentukan oleh seorang ahli hukum. Namun, fraud dikategorikan sebagai tindak kejahatan/kriminologi di Negara Indonesia. Hal tersebut banyak kita lihat dalam undang-undang tindak pidana korupsi yang dimana unsur-unsur tersebut tergolong dalam pasal 2,3 dan 13 UU 31 tahun 2009 yo UU No. 3/71 yo UU no 24/Prp/60. Unsur-unsur yang ada dalam pasal 2 adalah 1. perbuatan melawan hukum 2. memperkaya

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  • Blockbuster Bankruptcy

    Neely Blockbuster Reorganization INTRODUCTION In today’s economy so many businesses are failing and having to file for different types of bankruptcy. Some of the very common ones are Chapter 13, Chapter 7 and Chapter 11. Chapter 11 is more common for corporation and businesses. Chapter 11 reorganization is when the business is on the “verge of bankruptcy but believes it can be successful again” ("Chapter 11 Definition", n.d.,). The goal in filing Chapter 11 is to reorganize the assets and liabilities

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  • Anatomy of a Fraud

    Anatomy of a Fraud Project Abraham Kennard: The False Profit Alisan James Forensic Accounting November 25, 2013 Dr. N. Sharma Abstract The goals and objectives of a fraud investigation are to think critically and creatively to be able to prepare and organize ideas to uncover a suspected fraud. Crook, hustler, swindler, fraudster and con artist are all used interchangeably to describe someone who will spare no expense to deliberately and intentionally achieve an advantage over another

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  • Bankruptcy: Time Is Money

    the following is a purpose of bankruptcy legislation: To allow rehabilitation of debtors. To bring about a quick distribution of the debtor’s property among creditors. To punish recalcitrant debtors. 2. Ken loaned Barb $8,000 and took back a note secured by Barb's car. If Barb files for bankruptcy when the value of the car is $4,500, what is Ken's status? He has a(n): secured claim for $4,500. 3.All but which one of the following would be exempt from bankruptcy under the federal law? A $10

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  • Fraud

    Olympus Accounting Fraud ACTG 6100 Professor Mark Jobe Feb. 18, 2014 Inhwa Kim M01243678 The Olympus has a pretty strong position in the camera market. This company is popular because they made the world’s first DSLR (Digital Single-Lens Reflex). Many camera users who are located in all around the world prefer the Olympus. Also, the Olympus is popular because the company made the medical devices, endoscope which is able to watch inside the organ of human body. The Olympus, which

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  • When Is It Bankruptcy Fraud?

    When is it bankruptcy fraud? Bankruptcy serves a vital role in the economy. Without bankruptcy, some debtors would never be able to dig their way out of debt. With no ability to discharge debts, they would have to pay their debt by going to prison. At the very least, debtors with no way out could never recover and become contributing members of society. Bankruptcy should be viewed as a tool for those that intend to repay their debts but ultimately can’t. Unfortunately, there are a few that

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  • Fraud

    discoveries reveal their hunch was right, and they are able to stop the fraud. This case can be used in a classroom or seminar setting to: ● Discuss the Fraud Triangle and the importance of symptoms ● Discuss accounting symptoms of fraud ● Perform financial statement analyses to determine if fraud is suspected ● Identify and test a fraud hypothesis ● Analyze an interview ● Analyze an interrogation ● Draw conclusions and prepare fraud reports The case requirements include: 1. Perform horizontal and vertical

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  • Fraud Case

    CASE 4: ACCOUNTING FRAUD AT WORLDCOM Betty Vinson: victim or villain? Should criminal fraud charges have been brought to her? How should employees react when ordered by their employer to do something they do not believe in or feel uncomfortable doing? In discussing whether Vinson should been charged with criminal fraud, it can be analyzed from ethical perspective which can truly judge whether she was morally responsible for the wrong or not. In order to determine whether Vinson was morally responsible

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  • Bankruptcy

    Bankruptcy Assignment Warren and Westbrook, The Law of Debtors and Creditors Sara Israelyan Spring Semester 2011 University of Minnesota Law School March, 2011 Warren and Westbrook, The Law of Debtors and Creditors Problems 8.1 Absent bankruptcy, what can Harv and Lois protect as the creditors begin to move in? What if they filed a Chapter 7? What could they protect if they lived in Cheyenne, Wyoming? When considering bankruptcy, pre-bankruptcy planning is one of the most important

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  • Bankruptcy Fraud

    Bankruptcy Fraud By Robyn Carter Forensic Accounting Data Analysis Bill Makkkawi October 13, 2009 Bankruptcy Fraud What is Bankruptcy? Bankruptcy is a way for individuals or businesses to satisfy debts. There are four types of bankruptcy. There is Chapter 7 which is a complete liquidation for individuals. Chapter 7 bankruptcy liquidates assets that are not exempt and uses the proceeds to pay creditors. In this bankruptcy creditors may be paid in

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  • Fraud

    FRAUD: FRAUDULENT ACTIVITIES A REVIEW OF THE CRIMES Introduction Investigations into fraudulent activities have brought much attention to Federal Government spending. The impact of fraud and the corruption caused by internal parties or external entities targeting government funds can be substantiated. For example, the Association of Certified Fraud Examiners (ACFE) in a 2012 Report to the Nations on Occupational Fraud and Abuse projected a global fraud loss of more than $3.5 trillion per

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  • Ethics- Fraud

    managers resigned unexpectedly. The fraudulent activity was difficult to figure out because it had many layers of fraudulent loan agreements. These loans created a false perception of a successful company. Characterized as a Ponzi scheme, the fraud was using newly invested money to pay off earlier debt obligations. Le-nature falsified invoices, checks, account statements, and other financial documents to verify business transactions and activity that never actually occurred. This falsely inflated

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  • Fraud Paper

    between litigating an embezzlement case in civil court and criminal court, and 2) discuss the role of an expert witness/fraud examiner in each proceeding. There are two major factions of the United States court system: civil cases and criminal cases. Both take place in courtrooms all across the country, but there are several differences that separate the two as well as the role of fraud examiner in each proceeding. The major difference of the two in an embezzlement case is: 1) In a criminal court case

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  • Corporate Fraud

    Corporate fraud is the activities that are not accepted ethically and legally, which are done in a dishonest manner to give the person/firm an advantage by manipulating the firm’s information for their own benefits. It is also related to adverse selection problem which is a situation in which insiders, with inside information, earn more profits at the expense of outside investors. Similarly, corporate fraud involves deception to make personal/firm profits at the cost of others. Corporate fraud can happen

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  • Bankruptcy

    Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors through reorganization or liquidation. Most cases are filed under the three main chapters of the bankruptcy code. They are Chapter 7, Chapter 11, and Chapter 13. Federal courts have exclusive jurisdiction over bankruptcy cases. This

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  • Worldcom Fraud

    371427 WorldCom, the United States second largest telecommunication company stunned the world by filing bankruptcy in July of 2002. The downfall of WorldCom did not just affect the employees, retailers, the government, but also the bankers. WorldCom was a multi-billion dollar telecommunications business that was founded in 1983. They started their business under the name ‘Long Distance Discount Services’ (LDDS) providing long distance telecommunication amenities. In 1985, Bernie Embers became

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  • The Enron Fraud

    The Enron Fraud Enron Corporation was a conventional energy company founded in 1985, but soon expanded its operations as an energy trader of derivatives contracts, taking advantage of the deregulation of the energy markets. It also built and operated a variety of assets across the globe, including pipelines, electricity plants, pulp and paper plants, water plants, and broadband services; and provided financial and risk management services to customers worldwide. Enron soon became a world-renowned

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  • Fraud Additional

    price above the competitive level. * Consumers expect that promises will be fulfilled through the exchange process. * Buyer/seller disagreement (i.e. products not meeting expectations) can result in fraudulent activities. * Consumer fraud results from intentional deception to derive unfair economic advantage from an organization. * Shoplifting (shrinkage) * Collusion (secret cooperation) * Duplicity (double-dealing) * Guile (deceipt) * Collusion in Sales

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  • Fraud Fraud

    The Anonymous Caller Recognizing It's a Fraud and Evaluating What to Do[1] Learning Objectives • After completing and discussing this case you should be able to • Appreciate real-world pressures for meeting financial expectations • Distinguish financial statement fraud from aggressive accounting • Identify alternative actions when confronted with suspected financial statement fraud • Develop arguments to resist or prevent inappropriate accounting techniques

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  • Bankruptcy

    Business Law November 25, 2014 Bankruptcy The legal status of a person or entity that cannot repay the debts it owns to creditors is known as bankruptcy. In most of the cases it is imposed by a court order, often initiated by the debtor. If the person or entity is not able to pay debts, the best way to solve this problem is to set up an arrangement with the creditors. There are two options for the bankrupt person, declares a voluntary petition to become bankrupt or let the creditor take action

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  • Accounting Fraud

    556 Week 5 Assignment 1: Accounting Fraud Strayer University 08 February 2015 Abstract This assignment will investigate the unethical and unlawful activities perpetrated by three members of DHB Industries leadership team. David Brooks was convicted of insider trading, fraud, and obstruction of justice on September 14, 2010. This paper will describe the company and the fraud that was involved, outline an audit plan that could have prevented the fraud from occurring, determine and evaluate

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  • Fraud

    third, it is to recommend the possible actions and preventive measures to curb these scandals. 1. Introduction In the recent years, the public and business community have been surprised with the exposure of many corporate scandals and accounting fraud by the managers of the company. It disappoints many stakeholders as after the financial crisis in 1997, many efforts have been initiated and implemented to strengthen the business control and foundation of the company. One of the important lessons

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  • Australian Bankruptcy Law History

    Australian Bankruptcy Law Contents Executive Summary 2 History of Australian Bankruptcy Law 3 The Beginning 3 The English Root 3 The Adaption and the Bankruptcy Act of 1966 5 The Debate 6 The Reform 6 For the Change 6 Against the Change 6 Conclusions & Recommendations 7 Citations & References 8 Executive Summary The purpose of this report is to examine the history, and the development of the Australian Bankruptcy Law. Through reviewing historical information,

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  • Fraud

    A special CBI court on Thursday sentenced B Ramalinga Raju, his two brothers and seven others to seven years in prison in the Satyam fraud case. The court also imposed a fine of Rs 5 crore on Ramalinga Raju, the Satyam Computer Services Ltd's founder and former chairman, and his brother B Rama Raju and Rs 20-25 lakh each on the remaining accused. HT presents a lowdown of the country's biggest-ever corporate accounting scandal . What is the Satyam scam about? It is about corporate governance

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  • Bankruptcy

    INTRODUCTION Bankruptcy is a legal status of an individual or someone who cannot pay back debts owed to creditors. Bankruptcy is mostly imposed by a court order, often initiated by the debtor. Bankruptcy is not the only legal status that an insolvent person or other entity may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation

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  • Fraud

    Fraud is a serious problem for most businesses today and often technology compounds the problem. In addition, the role of the independent auditor in the detection of fraud is often questioned. (http://www.swlearning.com/accounting/hall/ais_4e/study_notes/ch03.pdf) Fraud is dishonest activity causing actual or potential financial loss to any person or entity including theft of money or other property by employees or persons and where deception is used at the time, immediately before or immediately

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  • Internal Fraud

    Running head: Internal Fraud Internal Fraud Jennifer England Strayer University Accounting Capstone – ACC 499 Professor Grant A. Wills August 3, 2011 Internal Fraud Infosys Limited is an IT and consulting company, it defines, designs and delivers technology-enabled solutions for Global 2000 companies. Infosys provides business and technology consulting, application services, systems integration, product engineering, custom software development, maintenance, re-engineering, independent

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  • Accounting Fraud

    THE NATION’S NEWSPAPER BS2003-01a Collegiate Case Study Enron law firm called accounting practices 'creative' By Greg Farrell www.usatodaycollege.com Accounting fraud Part I: The problems “Creative accounting” is not a new technique, but it can certainly be a costly one. Businesses feel the pressure to appear profitable in order to attract investors and resources, but deceptive or fraudulent accounting practices often lead to drastic consequences. Are these so-called creative practices

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  • Bankruptcy

    BANKRUPTCY This article is intended to provide some general bankruptcy information and is certainly not intended to replace the tailored information a debtor will receive from an attorney. Bankruptcy is governed by Federal Law (Title 11 of the US Code separated into individual Chapters, each dealing with a different type of bankruptcy) but the bankruptcy laws of each state also play an important part; consequently, though there are bankruptcy kits, you will probably need a lawyer to successfully

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  • Mortgage Fraud

    Burning Down the House: Mortgage Fraud and the Destruction of Residential Neighborhoods Ann Fulmer March 2010 Burning Down the House: Mortgage Fraud and the Destruction of Residential Neighborhoods Mortgage fraud is bank robbery without a gun. 1 It is a high-yield, 2 low risk enterprise that has been reported in all 50 states, Puerto Rico, Guam, American Samoa, 3 Canada, 4 New Zealand, 5 Australia, 6 and England. 7 In the United States, it is committed by organized international and domestic

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  • Aig Bankruptcy

    American International Group (AIG) bankruptcy The bankruptcy of the American International Group caused a large crash in the US economy after depression, since AIG are filing bankruptcy and are asking the help from the congress for the bailouts. AIG is considered one of the largest companies in the insurance market and it is almost bankrupt. It had already filed bankruptcy once before and still could not recover and need more money. One thing that can be obtained from the article

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  • Bankruptcy Prediction

    Bankruptcy prediction From Wikipedia, the free encyclopedia This article is an orphan, as few or no other articles link to it. Please introduce links to this page from related articles; suggestions may be available. (December 2009) Bankruptcy prediction is the art of predicting bankruptcy and various measures of financial distress of public firms. It is a vast area of finance and accounting research. The importance of the area is due in part to the relevance for creditors and investors in evaluating

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  • Fraud

    Fraud is defined as the, “intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right” (Fraud, n.d.). However, not all fraud is intentional. According to Kranacher, Riley & Wells (2011), there are four elements to fraud: a material false statement, knowledge that the statement was false when it was spoken, reliance on the false statement by the victim, and damages resulting from the victim’s reliance on the false statements (pp. 2-3)

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  • Fraud

    Donald R Cressey hypothesis became known as the “fraud triangle.” He studied the reasons behind the fraud. What led them to commit the fraud. His fraud triangle can explain of occupational offenders but not all. According to Cressey: “The first point represents a perceived non-sharable financial need which fell into six basic categories: violation of ascribed obligations, problems resulting from personal failure, business reversals, physical isolation, status gaining, and employer – employee

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  • And the Fraud Continues

    Continues 1 And The Fraud Continues Andrea Williams-Weston Strayer University ACC571 Dr. Dushyant Gosai July 22, 2012 Continues 2 Walt Pavlov’s Background Pavlo received his engineering degree from West Virginia University and an MBA from Mercer University in Atlanta. He began working as a financial analyst at Goodyear Aerospace

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  • Bankruptcy

    Bankruptcy Examiner’s Report in Auditor Malpractice Suits A bankruptcy examiner’s report may provide a roadmap to auditors’ negligence, breach of contract, gross negligence, and / or cooperation to cover up fraud committed by the debtor management. A bankruptcy examiner is appointed by the court to investigate the debtor and the debtor’s estate for the purpose to determine if fraud, dishonesty, misconduct, incompetence, and irregularity by the

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  • Fraud

    Veronica Cantu Accounting Information Systems Written Assignment –Week 2 Gary Foster, a former vice-president for Citigroup, pleaded guilty to one count of bank fraud in Brooklyn, New York. Foster embezzled 22.9 million from the bank in a period of eight years, between September, 2003 and June, 2011. The fraud was detected after an internal treasury department audit. Foster joined Citigroup in 1999 after graduating from Rutgers University with an accounting degree. He climbed the corporate

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  • Accounting Frauds

    ACCOUNTING FRAUDS CONTENTS WHAT ARE FRAUDS? | WHAT ARE ACCOUNTING FRAUDS? | NOTABLE FRAUDS | NOTABLE OUTCOMES | MANIPULATION & FALSIFICATION OF RECORDS | MISAPPROPRIATION OF CASH BALANCES | MISAPPROPRIATION OF GOODS | TEEMING & LADING | WINDOW DRESSING | SECRET RESERVES | ENRON FRAUD | WORLDCOM FRAUD | WHAT ARE FRAUDS ??? FRAUDS AND THEIR CHARACTERISTICS Misstatements in the financial statements can arise from fraud. In criminal law, a fraud is an intentional

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