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
Introduction An investigation into a more than $67 million alleged fraud at a Citibank branch in New Delhi, India led to the arrest of an executive of Hero Group, a conglomerate that includes Hero Honda motorcycles (Wall Street Journal, January 4, 2011). A Citigroup CEO, Vikram Pandit, and several other senior level executives were also named by regulators in India in relation to the alleged fraud. According to a local police report, an employee of a unit of Hero Group, which is based in the Gurgaon suburb of India's capital city where the Citibank branch also was located, received commissions for investing the company's funds in the allegedly fraudulent scheme. The case, which first came to light in December of 2010, is an embarrassment for Citibank's parent, Citigroup Inc. 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.
In the article, Devin Leonard (2005) describes the fraud of AIG and AIG’s former CEO Greenberg. Joye discloses that AIG has been improperly booking premiums it receives for workers’ compensation insurance and the CEO Greenberg knows it but does not do anything to stop it. Joye reports the fraud in meetings with Greenberg, Tizzo and the president of AIG but receives no attention. Later, Joye resigns and works for other companies. He keeps silent about what he discovers for many years but he keeps his AIG files and shows them in an investigation on AIG’s accounting fraud from Spitzer.
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
Final Paper Candice Blair University of Maryland University College PRPA 601 Turnitin score: There are few betrayals worse than mishandling money that someone has entrusted to you. Imagine the damage control needed when institutions whose purpose is to manage others’ money, mishandles the finances of millions of people. In 2012, the financial world was shattered with the implosion of one of the world’s banking giants, JP Morgan Chase & Co. (JPM). Due to a complex trading portfolio that was dubbed the “London whale”, which amounted to over $6 billion in losses, JPM was accused of misleading its investors in order to boost profits, but asserted that they (JPM) were acting on the best information that they had at the time. A lengthy investigation and several hearings pressed JPM leaders on their trading practices.
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.
Introduction Ralph Mariano, former senior systems engineer with the United States Navy’s Naval Sea Systems Command (NAVSEA), pleaded guilty to conspiracy and to defrauding the U.S government of up to $20 million. He spent millions of taxpayer dollars in every imaginable way, money intended to protect the people of our nation. Using all the people involved in this case, Mariano directed them and other manipulators to bill the Navy for work that was never performed. One may think that in a case like this, dealing with the government, it would be impossible to pull off a scheme such as this one. However, with the persuasion of a few willing individuals along with his high ranking position in the Navy, he was able to orchestrate this scheme to perfection before ultimately getting caught in February of 2011.
In the case of Janet leaving BUGusa, Inc. to work for WIRETIME, INC. the company has committed tortious interference. Tortious interference is when a party persuades and induces another to breach their contract. WIRETIME, Inc. used an 10% increase in wages and a $5,000 signing bonus as leverage to lure Janet away from BUGusa, Inc. to work for them. Scenario: WIRETIME, Inc. (Steve and Walter) Discuss any liability BUGusa, Inc., may have for Walter’s actions. Since Walter took Steven into a soundproof room for six hours and threatened to hurt him if he did not divulge information, Walter committed false imprisonment.
The investigation unveiled that Tyco’s top executives had taken over $170 million in loans from Tyco without receiving appropriate approval from Tyco's compensation committee and notifying shareholders (Tyco Fraud, 2008). Tyco’s former CEO; Mark Swartz, Tyco's former CFO; and Mark Belnick, the company's chief legal officer were found guilty of these crimes. These crimes committed by Tyco’s top executives set the company back hundreds of millions of dollars and the company lost respect from
In addition, departmental resources were used for personal projects of the three identified executives. The task force also uncovered an additional $4,000,000 of expenditures that were poorly documented so that even the amounts for proper business purposes could not be identified. The task force noted that these payment practices, as well as LEA, were never disclosed in the Internal Audit Department's audit reports even though company disbursements were tested annually. References to these practices and LEA were included on two occasions in