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.
Fashioning a Fraud Case Study Accounts payable By goldiebrown4380 Aug 20, 2011 616 Words 84 Views PAGE 2 OF 2 In this article, Bobbie Jean Donnelly was a fraudster who used Travel and Expense reimbursements to defraud her company. Donnelly figured out how to manipulate her travel and expense reimbursements to eventually defraud her company of about $275,000. Had her company had proper controls in place for travel and expense reimbursements, wouldn’t have occurred to this magnitude. Donnelly was targeted in an internal investigation because she was one of three employees with the highest amounts of travel and expense reimbursements hers totaling, $115,000. One of the red flags in the case was the fact that Donnelly’s supervisor had only submitted $40,000 in travel and expense reimbursements that year.
Write a four to five (4-5) page paper in which you: 1. Based on your research, identify and assess the fraud that occurred in the organization, as well as the impact that the fraud had on the corporation’s investors and creditors. 2. Suggest how a financial forensic investigation could have detected fraud in the organization that you researched. Consider the risk factors, the elements of fraud, and the analysis of competing hypotheses.
Due to high competition in the industry, low enter barriers, and bad internal control, this young entrepreneur started to have cash flow problems, and a shortage of working capital. Pressure Leads to Fraud, under financial pressure, Minkow started to commit fraud. He forged credit card applications, staged theft, used bogus financial statements, and used his networking skills to entice wealthy investors. One year after that, Barry was in prison, serving a 25-year sentence for perpetrating a $100 million fraud on the firm’s investors. So bold and audacious was this fraud that it spawned a book, Faking It in America.
The U.S. banking group has said it is cooperating with authorities in India, where a series of sizable scams have come to light in the past several months, tarnishing the image of the country as a business destination. Most recently, eight senior officials of state-run banks and financial companies were arrested on charges of taking bribes to facilitate loans to companies in late November of 2010 (See International Business Times, January 4, 2011). The Three Elements of the Opportunity Triangle: Commit, Conceal, and Convert The alleged Citibank fraud emerged when Gurgaon police arrested Shivraj Puri, a Citibank relationship manager, for allegedly luring wealthy clients to invest in schemes that promised higher returns but weren't backed by the bank. The arrest followed a complaint by the U.S. bank after it noticed "suspicious transactions" at the branch. Sanjay Gupta, the chief financial officer of Hero Corporate Services Ltd., which is part of Hero Group, was arrested.
PARMALAT REGULATORY DIFFICULTIES For the past several years, the United States has seen a proliferation of accounting scandals culminating in the passage of many laws and regulations with the goal of preventing and punishing such fraudulent activities. The purpose of this paper is to show that such fraudulent accounting practices are not limited to the U.S. and the consequences of such fraudulent accounting practices in shaping international law and policy. In particular, this paper will focus on the accounting fraud that took place inside an international company. Parmalat is an Italian-based international dairy and food product company. During 2002 and 2003, the company found itself involved in fraudulent activities.
Black was in charge of signing the 10-K reports and the quarterly and annual reports for Hollinger reports that Radler signed off on also. Radler helped Black to siphon off millions of dollars through newspaper sales. Radler would later a deal in exchange for testifying against Black. There were also several other individuals that were participating to a lesser degree in the illegal acts at Hollinger. The SEC filed a lawsuit against Black and Radler in 2004 saying that they had engaged in fraudulent and deceptive schemes to divert cash and assets from Hollinger and its shareholders.
That means pitching checking-account holder’s new mortgages, mortgage holder’s new credit cards and card holder’s new bank accounts. Wells recently said it sold customers an average of 5.7 different products, up from 5.47 a year ago. But that success has come at a cost. The relentless pressure to sell has battered employee morale and led to unethical breaches, customer complaints and labor lawsuits. To meet quotas, employees have opened unneeded accounts for customers, ordered credit cards without customers' permission and forged client signatures on paperwork.
The former chief financial officer, Eric Sieracki, is named as a defendant in the lawsuit. Mozilo agreed to repay $45 million that illegitimately earned and also he agreed to repay $22.5 million in civil penalties. In 2010, the firm had to repay $108 million in federal charges that the firm overcharged customers that were struggling to pay their mortgages as a result of the housing decline and the economic crisis. In the early 1970’s, there were activist groups that stated that the organization was biased in lending minorities money to purchase homes in decent neighborhoods. In the mid 2000s, banks including Countrywide financial were lending consumers money to buy homes that they knew they could not afford to pay their monthly mortgage payments.
Johnson & Johnson Corruption Case Johnson & Johnson, a global manufacturer of pharmaceuticals, medical devices, biotechnology and personal hygiene products, was under close investigation beginning in 2007 by the United States Department of Justice as well as other government authorities. This paper will explain the fraud that took place, tie the behavior of the culprits to fraud theories, examine the impact of the corruption, and conclude with the repercussions that took place for this fraudulent activity. First of all, Johnson & Johnson was accused with bribing doctors in Greece, Poland, and Romania with monetary payments and travel gifts in exchange for prescribing J&J products to their patients. The bribes to Greek Doctors typically amounted to 20% of the purchase price of J&J equipment. In order to hide these illegal transactions, J&J used “sham contracts, off-shore companies and slush funds.“(Fox 1).