According to WITN.com news channel Josey embezzled the money from legitimate payee accounts of the corporation’s general accounts and then converted the money to her own use. She would conceal the movement of money by stamping corporate checks with a made up office stamp with one of the five corporation names so that it appeared the money was going to where it needed to. Deputies say that she then used the money to pay off loans, debts, obtain property, pay insurance, and pay for exotic trips and vacations. Josey had been embezzling the money over the seventeen years that she worked there. It was discovered when Gilliken tried to use a debit card Josey had gotten for him.
At the time of his plea, prosecutors said Grass admitted to a series of illegal activities, from backdating contracts and severance letters to misleading the company and federal investigators about a $2.6 million real estate deal. They said he also met with employees called to testify before the grand jury and encouraged them to lie. During Grass' time at the head of the Camp Hill-based company founded by his father, Alex Grass, its stock price soared as Rite Aid engaged in an aggressive expansion effort. But the grand jury said the boom years were accomplished by "massive accounting fraud, the deliberate falsification of financial statements, and intentionally false SEC filings." Less than a year after
Maxwell Case Fraud Investigation Summary This report deals with the internal investigation of fraudulent activities committed by Anna Thomas of Maxwell and Company. The investigation determined that Anna had been making personal charges and cash withdrawals on Rusher Automotive’s credit card for two and a half years. Introduction The accounting profession believes there are three conditions necessary for fraudulent behavior, as well as a responsibility to to perform quality services with integrity, objectivity, and professionalism. Accounting firms have the responsibility to hire and monitor competent personnel, so they can fulfill their assigned responsibilities. This report will explain how all three conditions were present in Anna’s actions, how Max and Company failed to uphold quality, and describe Anna’s background.
The targets of Special Agents who work for TIGTA are dishonest Treasury Department employees, as well as government officials and employees. In this book, the main target is Richard Onner, who is a computer expert working in the IRS National Computer Center. An anonymous tip had been received a couple years ago that
What evidence (be specific) does she use to support her claim? It is legal in most states to go after defaulters on mortgages for up to 20 years with 4.5% interest. Fannie Mae is illegally pursuing clients because the signing was deceptive through robo technology. Fannie claims it needs the technology, because the needs to file a copious amount before the July 1st deadline. The company feels their method of deciding if a person can pay is sufficient, but many people believe
Environmental Equipment Service Company VS. Wachovia Bank 1) Ralf Bucci formed Environmental Equipment Service Company “EES” in 1973 as a sole proprietor. In 1980 he hired Elizabeth Greenawalt to serve as the bookkeeper and preform secretarial duties for the company. Greenawalt worked loyaly for EES for 13 years until late 1997. Bucci alledges that from 1998 to 2006 Greenawalt began to steal money from the company by altering checks and altering EES’ financial records to conceal the altered checks. From 1998-2006 Greenawalt negotiated over $925,000.00 in altered checks from EES, all of which were cashed or deposited at the Linwood Wachovia.
Red flags or signs, signals and significant circumstances of financial pyramids are described in the article “Recognizing and Responding to red Flags: The Stanford Ponzi scheme” by Antonie Warwick-Young Walsh and Albert D. Spalding, Jr from Wayne State University. The aim of this case study is to bring the attention of investors, managers, auditors and students of business departments how to recognize such red flags and how to respond to them. Specific skills and tactics that include financial auditing and forensic investigations are recommended by authors. Allen Stanford, the founder, owner and manager of the Stanford Financial Group, was arrested in June of 2009 and was sentenced 110 years in 2011 for investment fraud that involved $7-8 billion, the second largest one after Madoff with approximately $65 billion of fraud. The authors of this case study raise a question how it is possible to fool so many people and for such a long period of time, about 15 years, and nobody noticed that something was wrong, but even if noticed, why remained silent, “didn’t blow the whistle”.
He was charged federally and sentenced in Pittsburg, Pennsylvania to 13 years in federal prison for hacking into financial institutions and stealing credit card information (Computerworld.com, 2010, para 1). His sentence included five years of supervised released and restitution to victims, a total amount of 27.5 millions, US dollars. Offenses such as Max Ray’s can sometimes easily generate a criminal
She broke numerous ethical codes and legal laws when she was even associating with M.L. Allegedly Rosalind repaid the loans back to M.L. by August 15, 2008. M.L. allegedly felt threatened by the respondent when she asked the respondent for the repayment of loans.
Dell’s Delusive Marketing Activities a) Deceptive Promotion On May 15, 2007 Dell was being sued by New York Attorney General Andrew Cuomo for deceptive business and advertising practices. According to State A.G. (attorney general), Dell was practicing the "classic bait-and-switch scheme", offering “no-interest” for payment plans (Ogg, 2007). When customers tried to take on such offers they were denied and offered financing rates of over 20 percent. According to Business First (2008), Dell was brought to court in 2007 due to engagement “in repeated misleading, deceptive and unlawful business conduct, including false and deceptive advertising of financing promotions and the terms of warranties, fraudulent, misleading and deceptive practices in credit financing and failure to provide warranty service and rebates." Dell is has been charged for deceptive marketing practices, especially with deceptive promotion or ‘bait and switch’ scheme (Armstrong & Kotler, 2009).