However, the traders were fired once it was revealed that Enron's reserves were gambled away which nearly destroyed the company. After these facts were brought to light, Ken Lay denies having any knowledge of wrongdoing. Needless to say, when required to testify before the U.S. Congress on the reasons for Enron’s collapse, Ken Lay, Jeff Skilling and Andrew Fastow, sought refuge under the Fifth Amendment. Andrew Fastow, Jeffrey Skilling, and Kenneth Lay are among the most notable top-level executives implicated in the collapse of Enron’s. Kenneth Lay, the former chairman of Enron was prosecuted on 11 criminal counts of making misleading statements and fraud.
However, sometimes the right decision in one person’s mind is far from the best decision to make. This is the same situation that Flex Packaging Limited found themselves in 2001. November 8, 2001 Indian woke up to the news of an arrest of a well-known entrepreneur, Ashok Chaturvedi, he was the owner of Flex Packaging Limited along with the arrest of Someshwat Mishra, the central chief excise commissioner (Mishra, 2007). The Central Bureau of Investigation (CBI) recovered $25,000 from the commissioners’ car and office that was being held for Chaturvedi and he was accused of evading to pay excise duties and bribing the central chief commissioner (Mishra, 2007). “CBI alleged that Chaturvedi acted as a middleman to the Pan Masala (chewable tobacco) industry and the central chief excise commissioner” (Mishra, 2007).
P.351 & P.13 Homework Questions DeVry University P.351 Case Analysis 1) First thing that led the defendant to believe he was a victim of double jeopardy was the fact that the United States sought entry of default against him multiple times for the same offense. Second thing was the concurrent 72 month sentences he received, that led him to claim double jeopardy, because of the fact that he forfeited some of the properties listed in the plea. I do not know the details of the plea bargain but it seems the defendant got played by the system. Legally I do not believe he was a victim of double jeopardy at all. He just got outwitted 2) The legal question before the court was “What then are the elements of a criminal offense and, by extension, of a civil claim?” 3) From reading this case I see Civil forfeiture as being where police and prosecutors can seize your car or other property, sell it and use the proceeds to fund agency budgets with or without a person being charged.
Three web sites Watergate Scandal “The Watergate scandal was an American political scandal that occurred following a break-in at the Democratic National Committee headquarters at the Watergate office complex in Washington D.C. probably to steal certain information concerning the president’s illicit dealings with billionaire and aviator Howard Hughes and most probably to get information in order to black mail the Democratic Party during the election period.1” The term Watergate comes from the Watergate Hotel in Washington D.C. where people believed Nixon’s scandals first occurred, which was on May 28, 1972. Nixon once said that “if some of my judgments were wrong, some were wrong, they were made in what I believed at the time to be the best interest of the nation.2” Whereas several hypotheses exist about the reason for the break-in, no one really knows why it was done, save perhaps Richard Nixon himself. On June 16, 1972, a security guard at the Watergate Hotel in Washington, D.C., discovered a piece of tape on the lock of the door that led to the National Democratic Headquarters. This foiled break-in
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
21819 Securities and Action No. CV 11-0092-PHX-DGC, where charges were formally brought forth against the senior management of the corporation. Prior to the indictment, the SEC formally charged NutraCea, two accounting personnel, and three executives for the unlawful engaging of fraudulent accounting in order to inflate the entities sales revenue. The corporations overstatement of sales revenue for both the 2nd and 3rd quarters of the 2007 fiscal year was done as a result of the corporation engaging in unethical activities of revenue recognition and by recording falsified sales. Those that were employed by NutraCea and were found guilty of engaging in improper activities and were charged by the SEC were former CEO Bradley David Edson, Secretary Todd C. Crow, Senior VP Margie Adelman, Director of Financial Services Scott Wilkinson and Controller Joanne D. Kline.
The general liberty of the people must not be in danger especially of the government power. Therefore, the judicial review plays one of the most important roles among the government even though their power might seem weak as Alexander Hamilton says. Judicial review as way of surveillance over legislature and executive branch and as protection of the people from political threats is the main factors for the necessity in the checks and balances system. Moreover, the importance of the judicial review can be proved by the fact that the judicial review establishing the
Matt LaFlamme Bus law 9am The Sarbanes–Oxley Act, also known as SOX was enacted July 30, 2002. SOX is administered by Securities and Exchange Commission, which sets time limits for compliance and publishes rules on requirements. SOX is not a business practice and does not regulate on how a business should store their records, it defines which records need to be stored and for how long they need to be stored. SOX was enacted due to the reaction of multiple major corporate and accounting scandals, which include Enron , Tyco international and WorldCom. These scandals cost investors billions of dollars when the share prices of affected companies collapsed, and shook the publics’ faith in the security markets.
Lehman Brothers and its collapse was at the center of a political debate during the Financial Crisis which was based on theories of conspiracy, lessons being taught, and public pressure that was tied to political motives on the part of the Fed. There is no doubt that the downfall of investment bank Lehman Brothers was a major contributing factor to the Financial Crisis. There is however doubt regarding exactly why this financial institution was allowed to collapse and what specifically the ramifications were for the financial system as a whole. In the middle of March, 2008, the Federal government working with J. P. Morgan Chase bailed out Bear Sterns, however only several months later in September of the same year, Lehman Brothers was left to file for bankruptcy after the Federal government declined to rescue them. This inconsistency on the part of the government and the Federal Reserve contributed to the uncertainty which the Financial Crisis fostered.
However, 535 Million dollars went into building this state-of-the-art facility says Anthony Watts in his article. Solyndra locked its doors for one last time six months after opening them. The government should have foreseen what happened and spent the tax payers dollars of something else. This infuriated tax payers, that their hard earned money is going toward wasteful government spending. The government is obviously careless about how they spend our tax dollars.