46 Million Fraud Scheme Analysis

Facts: In November 2008, the parties signed an employment agreement providing that Relator was to serve as the director of the school for the 2008-09 school year. The title of the agreement states the dates July 01/2008-June 30/2009. "The first sentence of the agreement lists the administrative positions to which the agreement applies and states, "This is a general at will agreement."(Ellis vs. BlueSky, 2010). Yet the agreement provides that "[p]ositions will automatically

The amount listed is the enrollment agreement was 10,020.00 which gives a difference of :

Sometimes, these schools are poorly managed, and not only do the children get a poor education, but we as taxpayers lose a lot of money. For example, as reported in the LA Times by Jeremiah Dobruck, a board member of an online charter school in California was recently accused of laundering a seven hundred and fifty thousand dollar investment from the state.

You did an excellent job answering this week’s discussion board question. You discuse4d several excellent way to identify possible indicator an employee may be involved in fraudulent activity. Being vigilant of changes in employees’ performance, behaviors, and habits is a key way to identify employees that may be involved in fraudulent activity. However, this also applies when considering hiring new employee, especially if they will be in direct contact with sensitive information. Pre-employment checks, such as credit checks and background checks, are ways to prevent form hiring employees that might commit fraudulent active. I also noticed that you mentioned that employees that don’t go on vacation very much or at all may indicate

Most people, when they hear the word “crime,” think about street crime or violent crime such as murder, rape, theft, or drugs. However, there is another type of crime that has cost people their life savings, investors’ billions of dollars, and has had significant impacts of multiple lives; it is called white collar crime. The Federal Bureau of Investigation defines white collar crime as

Judge Denny Chin presided over the Bernie Madoff Ponzi scheme case where Madoff was sentenced to 150 years in prison. “The penalty sparked a burst of applause in a courtroom packed with victims of the fraud.” (Frank). Mr. Madoff ruined hundreds of lives that put their life savings and trust in his hands. Bernie expressed remorse after fraud victims address their concerns in the courtroom in regards to massive Ponzi scheme. Friends and family were not there to support Madoff in his day of sentencing and remain inadequate of further information of details about the fraud. Bernie Madoff is believed to have betrayed everyone including his two sons who work for the investment firm. Rich and poor people alike shared in this despair after all of their

This is just the tip of the iceberg in terms of how corrupt charter schools can become. In Miami, Balere Language Academy was shut down. CBS 4, a local news station reported that the school raised a lot of eyebrows when

Something that is also of alarm is the financial burden the schools must carry. It is no secret that schools barely have enough money to get by and yet schools are spending millions of dollars a year on

Reporter noted the children are not attending school; the mother indicated she was going to home teach them but she is not because all day and all night they are playing and running around. Reporter noted he is not why the children are receiving social security or SSI because nothing is wrong with them. Reporter noted the children need their education.

This subject company in this case study is WoolEx Mills. The top management team at the Mills had to act fast to prevent the accusations charged upon them, so that they may venture deep into the United States market. In the process, they had to act in a way that will present the company’s financial statements; cash flows in a way that they did not show any suspicious fraudulent activities. The type of fraud in this case study is known as manipulation of accounts which involves the act of offering the accounts in the way they are not in reality.

Global Crossing was a fiber optics company that allegedly engineered its finances to hide critical losses, thus deceiving shareholders. "The company accumulated $12.4 billion in debt building a worldwide fiber optic network. Global Crossing leased space on its 27-nation network to rivals from which it rented capacity at the same time, helping both parties boost reported revenue" (Global Crossing fraud lawsuit can proceed, 2004, LA Times). The company folded in 2002.

Donald Trump’s worst sin is fraud. Those who commit fraud are doomed to the eighth circle of hell. Mr. Trump would be put in either Bolgia 1, where the panderers and seducers go, or he could be put in Bolgia 9, where the sowers of discord go. The panderers and seducers are those who deliberately exploit the passions of others to serve their own interests. In Mr. Trumps case, for saying and doing anything he could to sway people to vote for him, regardless of actual intent or potential consequences. The sinners in Bolgia 1 are naked and march in opposing lines on opposite sides of the ditch while “horned demons with enormous lashes move through those soles, scourging them on the back.” (p. 145; Canto XVIII, lines 35 – 36). Meanwhile, in Bolgia 9, where those who betray the peace and unity of the land by causing political discord and unrest go, sinners face an eternity of gruesome mutilation by the “Warden of our mangled horde, the devil who butchers us and sends us marching (and) waits to renew our wounds with his long sword when we have made the circuit of the pit.” (p. 228; Canto XXVII, lines 37 – 40). There is a direct correlation between the two Bolgia through causation.

Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, and the general public. I searched the Internet to locate a story in the news that depicts an accounting ethical breach. I selected Krispy Kreme. I enjoy their hot donuts and was curious to learn more about how they played with the numbers. For some reason I always want to dig into the trickery behind the manipulation of financial statements.

The perfect fraud storm occurred between the years 2000 and 2002 involving two of the largest energy and telecom corporations in the United States: Enron and WorldCom. It was determined that both organizations fraudulently overstated assets, created assets from expenses or overstated revenues, costing investors billions of dollars and resulting in both organizations declaring bankruptcy (Albrecht, Albrecht, Albrecht & Zimbelman, 2012). Nine factors contributed to fraud triangle creating this perfect fraud storm, and assisting management in concealing the fraud until exposed and rectified.

A business can not work out without an account system, which includes internal. Internal controls are used by companies to make sure financial information is accurate and valid. Strong internal controls are signs of a financially healthy company and protect the company’s integrity. Strong internal controls can also increase a company’s profitability. There are several types of internal controls that companies used to protect themselves such as: Segregation of duties, asset purchases, supervisor review, internal audits and adequate documents and records. This paper will discuss several topics from a case study about And the Fraud