It’s scary that although Northrop Grumman has been implicated in numerous scandals continues to have a military contract. It seems as if Northrop Grumman’s subsidiaries followed suit after its parent company. For example, Ingalls Shipbuilding , a subsidiary of Northrop Grumman, had to pay $2.25 million dollars in a settlement with the Navy in a False Claims Act suit. Ingalls reportedly fraudulently exploited an accounting practice in order to shift certain costs to Navy contracts, instead of the Israeli contracts. http://en.wikipedia.org/wiki/Northrop_Grumman#Controversies http://contractormisconduct.org/index.cfm/1,73,221,html?ContractorID=42&ranking=4 http://contractormisconduct.org/ass/contractors/42/cases/196/460/harkindefazio.pdf
Professor Darlene Green-Connor ACC 403 November 27, 2012 Sarbanes-Oxley Act The Sarbanes-Oxley Act was put in place by Congress in 2002 in response to the financial fraud committed by multiple corporations. The main objective of the Act was to restore faith in investors whom experienced financial losses due to the financial fraud committed by the corporations. The Sarbanes-Oxley Act, also known as SOX, contains many laws and regulations that must be followed by small and large companies. Some of the results of the SOX are: external auditors gained more independence in reviewing corporate financial statements for accuracy, the board of directors’ oversight role was increased, upper management is required to certify the accuracy of financial
Author of “Aids, Opium, Diamonds and Empire” to speak on the evolution of the FDA depicted in this documentary, “ Titans of industry really wanted to control the world finance system as a whole”. Null goes on to say that there were many types of medical education across the United States. When the Rockefellers took over the medical industry they closed down those schools and only promoted sales of their drugs, surgery and radiation. The Rockefellers had an alliance with I.G. Farben whom is known as the largest chemical and pharmaceutical company in the world.
(AP) Former Rite Aid Corp. chief executive Martin L. Grass was sentenced to eight years in prison Thursday for conspiring to falsely inflate the value of the company his father founded and cover up the scheme. Grass, 50, who headed up the nation's third-largest pharmacy chain in the late 1990s before being forced out in October 1999, also was fined $500,000 and given three years' probation for his role in a billion-dollar accounting fraud that sent the company's stock tumbling. Before U.S. District Judge Sylvia H. Rambo handed down the sentence, Grass apologized to Rite Aid, its stockholders and employees. "For the harm caused to them, I am truly sorry," he said. Grass was indicted by a federal grand jury two years ago.
Business Ethics Carly Smith DeVry University Abstract The United States has several different laws that are intended to maintain fair, balanced, and competitive business practices to ensure that all business big or small be treated fairly or face persecution for breaking antitrust laws. In this paper I will discuss just a few of the antitrust laws that are currently set in place and businesses must abide by. Companies today are prone to conspiring with its competition to gain a competitive edge in the marketplace. The best example of this is with the giant retailer Apple. Apple recently lost in federal court with the judge ruling that Apple conspired with 5 of the nation’s largest publishing companies for the release of their new
Today untreated psychological problems in time (leading to a deterioration of the patients) are worth 435 billion dollars, absorbing about 40% of the U.S. budget for medical care. Many companies are trying to save by maliciously discharging patients from the hospital as soon as possible, as well as encouraging doctors to take as many patients at a time. According to Brian Welsh, a Washington lawyer who specializes in legal actions to firms, up to 40% of customers applying for these companies to court, are the parents of prematurely discharged from hospitals of children, committed suicide when they return home. In one of the psychiatric hospitals in St. Paul (Minnesota) a psychiatrist sees 6 patients per hour (8 min. per person).
Four months later Enron filed for bankruptcy. C. Skilling had overstated Enron’s profit in calls to invertors and in press releases. D. Skilling hide more losses, he had arranged deals between Enron’s executives and third parties, which he falsely portrayed to Enron’s accountants and to the Securities and Exchange Commission as producing income. E. Skilling was convicted in a federal district court of various crimes, including conspiring to commit fraud to deprive Enron and its various holders of the “honest services” of its employees. F. He was sentenced to 292 months’ imprisonment and three years’ supervised release, and order to pay $45 million in restitution.
Accounting Fraud Examination October 12, 2011 Introduction As we look back on the first decade of the 21st Century, we see that Corporate America and the Financial Markets were riddled with corruption and fraud. At the beginning of the decade we saw the likes of Enron and WorldCom become insolvent due to accounting frauds of epic proportions. The one case that stands out amongst all of them is the Bernard Madoff case, which is considered to be the largest fraud case of all time. “Madoff managed to lure billions of dollars away from huge charities, as well as wealthy individuals in both the United States and Europe by getting them to invest in his hedge fund. He did so by claiming extraordinary returns (generally in the low double digits).
The central compliance issue that they are working to curtail is their many violations of the Servicemembers Civil Relief Act (SCRA). Since 2003, the company has undergone scrutiny about overcharging servicemembers and recently returned servicemembers from active duty, which caused many of the servicemembers to face the possibility of a bank foreclosure. When this issue was brought to the company’s attention, J.P Morgan Chase identified two problems. The first was the fact that four thousand-five hundred servicemembers were charged interest and fees that were way above the regulatory cap. Secondly, J.P Morgan Chase
Investigators have determined others were involved in the scheme.The U.S. Securities and Exchange Commission (SEC) has also come under fire for not investigating Madoff more thoroughly; questions about his firm had been raised as early as 1999. Madoff's business, in the process of liquidation, was one of the top market makers on Wall Street and in 2008, the sixth-largest. Madoff's personal and business asset freeze created a chain reaction throughout the world's