John Pregent, “aka” Jack Pregent, 61, pleaded guilty before United States District Judge George A. O’Toole to one count of bankruptcy fraud involving a scheme to defraud. Sentencing is scheduled for May 15, 2012 at 2:30 p.m. He faces up to five years in prison to be followed by three years of supervised release and a $250,000 fine. Pregent owned the precision machine part manufacturing business Technical Fabrications, Inc. (“TechFab”) which operated in Newburyport until it filed for bankruptcy in July 2010. Pregent engaged in a scheme to defraud TechFab’s creditors, bankruptcy trustee and the bankruptcy court by transferring certain TechFab assets, including equipment and ongoing business, to a newly formed company.
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
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.
Kenneth Lay, the former chairman of Enron was prosecuted on 11 criminal counts of making misleading statements and fraud. Jeff Skilling, former Chief Executive Officer (CEO) of Enron was charged on 35 counts that included conspiracy wire fraud, insider trading, securities fraud, and making false statements on financial reports. Andrew Fastow, former Enron’s Chief Financial Officer (CFO), faced 98 counts of money laundering, fraud, and conspiracy in connection with the improper partnerships he ran. This included a Nigerian power plant project that was aided by Merrill Lynch, an investment banking firm. However, Fastow was pled guilty of conspiracy to commit wire fraud and the other charge was of conspiracy to commit wire and
Jordan retired in 1993 but came back to the league in 1995, no contract was made between Knafel and Jordan after his first retirement. It was not until his second announcement that came in 1998 that Knafel contacted him. She reminded him about their agreement to pay her the 5 million dollars. After Jordan retired he failed to pay Knafel alleging that she was trying to extort 5 million dollars from him. Procedure Jordan filed for a declaratory judgement alleging that Knafel was attemting to extort 5 million dollars from him and even if there was an agreement made it was undenforcable because of fraud and mutual mistake.
How may Laura have been nabbed if her husband had not discovered the money and called the bank? It would have been very difficult to prove that Laura Grove committed the night depository robbery without the “smoking gun”--her husband calling the bank that he had found the money. The circumstantial evidence pointed to Laura as the prime suspect. As head teller, she had the opportunity to commit the crime since she had one-half of the combination to the night depository. According to Wells (2011), she was the first one in the bank entering before the surveillance cameras turned on (p. 74).
Ethics is a system of principles that are deemed moral for an individual or the society. A concept that derives from culture and systematic practices. In the following discussion, we are going to discuss about ethical leadership and its importance in creating an ethical workplace. Ethical leadership is a display of good conduct through interpersonal relationship and actions and in leadership context. With the promotion of ethical conduct through two way communication, decision making and reinforcement.
Walmart administrative assistant Chalace Eply Lowry was hired by the company in January 2007 soon after she filed a complaint against a vice-president of corporate communications, Mona Williams for the possibility of an ethics issue. Lowry was asked by Williams to copy papers that she thought were related to stocks, and a few days later it was announced that Walmart was planning a $15 billion stock buyback, and she was concerned that Williams may have used insider information to exercise her stock options and make money off of the buyback. Walmart responded that Lowry was simply confused and that she mistook a deferred compensation form for an options exercise request and that there was no wrong-doing by Williams. Soon after she filed for the complaint, her identity was disclosed to Williams, something Walmart claimed Lowry agreed to. Lowry, however, stated that she was never given a choice, and subsequently requested a transfer to another department.
Society as a whole is responsible to conduct business ethically. Parallel to the formula that we use for inventing the laws that a society created to promote specific behaviors and actions that are appropriate to build trust and relationship, it is similar in corporations' behavior. According to Svensson & Woods "Society does have expectations of business and of its business leaders" (Svensson & Woods, 2008, p. 306). Ethical business behavior is a combination of values and normative ethics, which drive an organization. When analyzing Anglo-American and Primark for this case study.
* Also the theory of moral unity is applicable: where business actions should be judged by the general ethical standard of society, not by a special set of permissive standards. The government of India should not create rules against the management of the corporation. The general rules of business should have been applied. 3- The legal system does not work well in India. There are a lot of rooms for corruption.