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
This legislation was created as a result of numerous fraudulent corporate instances prior to 2002 which resulted in weakened US markets and little to no trust from investors. The general purpose of this legislation was to implement new rules in the accounting industry that hold higher level accounting personnel accountable in accounting schemes and regain the confidence of investors as it pertains to the US market in hopes that the market will strengthen as a result of the new rules (Bing, 2007). The Sarbanes-Oxley Act of 2002, which I may refer to as SOX moving forward, is made up of eleven titles and various sections within these titles (United States Code, Sarbanes-Oxley Act of 2002, 2002). Some of the titles and sections that are of importance to the fraud of Phar-Mar Inc., Waste
There were also unethical issues involving the entity that was supposed to secure and watch over those that are investing our money. That entity, known as the Securities and Exchange Commission, failed to properly investigate certain claims that were made against Madoff long before this scheme broke wide open. The SEC was warned numerous times about the inconsistent information from Bernie Madoff. Ethical misconduct within this case has made more investors aware of what is needed besides forking over large sums of money and charitable contributions to someone who claims they are doing the work of the people. Investors now know that it is also their job to challenge and be more “in tune” to what their money is doing and how their money is working.
He was sentenced to 20 weeks imprisonment. He was released that day as he had spent longer on remand than the length of the sentence. In november 2008 the bbc reported that the trial heard evidence that shannon matthew was drugged to subdue her during the kidnap. News papers reported that the jury was told that shannon was drugged and tied up to a roof beam whilst her mother hatched the plan to make 50,000 from her faked kidnap. On the 16th of june 2010 the kirklees safe gaurding children report found thatsocial services could not have anticipated the abductionof shannon
Immigration and Customs Enforcement along with Department of Homeland Security, “admits that nearly half a million people have been arrested and released, and have failed to show up for court” (Dobbs np). Ideally, every illegal alien who is arrested for gang related activities or other crimes should be held until he or she can be removed. The economic costs at federal, state and local levels, of arresting, prosecuting, sentencing, and supervising criminal illegal aliens has become a major concern for the United
The United States hands out longer sentences than most other countries do for similar crimes. A first time drug offense in a federal court in the United States would receive five to ten years mandatory sentence. Around the world in other countries of democracy, the same first time offense would receive at most, six months in jail. Judges in the United States are prevented from using their discretion, since these crimes carry a mandatory sentence. Another example would be that the United States gives an average burglary sentence around sixteen months, but Canada gives a sentence of five months, and in England people get about seven months.
Tie to the audience: According to the website researchnews.osu.edu/archive/ronhuff.htm it is estimated 10,000 people each year are falsely convicted of crimes. What if this was a family member of yours? C. Thesis and Preview: Today I’d like to talk to you about first the reasons for some of these false persecutions, second, The ways these false persecutions can be avoided, and finally, The benefits of changing the way our justice system works. [Transition into body of speech]: I’ll begin by telling you about the reasons for some of these Wrongful Convictions. II.
The targets included Speakeasy Network (Seattle, Washington), the Nara Bank (Los Angeles, California), the Central National Bank of Waco (Waco, Texas), and the online credit card payment company PayPal (Palo Alto, California), among others. For these crimes, Gorshkov faced a maximum prison term of five years on each count, resulting in a possible sentence of 100 years in prison and a fine of $250,000 on each count. The jury sentenced him to a three-year prison
Would you want them <br>working for you? Plus, the financial impact on business is severely staggering <br>because of drug using employees (Psychemedics, 1). <br> According to federal experts, ten to twenty-three percent of Americans <br>have used or currently using dangerous drugs while on the job, and forty-four <br>percent of drug users even admit to selling drugs on the job. Drug abusers cost an <br>employer on average $7,000 to $10,000 per employee annually (Jussim, 14) <br>(Psychemedics,1). Today, millions of workplaces have begun giving test, hoping <br>to eliminate drugs from the employees and the workplace.
On Thursday April 21, 2011 he was arrested with 18 U.S.C. § 1028: US Code - Section 1028; defined as passport fraud. Passport fraud is define an individual steals another personal information and use it for personal use without the knowledge of the person being affected. The penalty for such crime is ten to thirteen years in a federal prison (findlaw.com). Mr. Mora-Lopez pleads not guilty to a Federal District Court in Anchorage to the charge of passport fraud.