SVKM’s NMIMS University
School of Business Management
A Case Study on Financial Infidelity & Frauds
Submitted to: Submitted by: Chintan Kakadiya H022
Sudhish Shenoy H057
Prof. Rajesh Manjrekar
Associate Professor
SBM NMIMS,Mumbai
TABLE OF CONTENTS
ABSTRACT 1
INTRODUCTION 2
CLINICAL TRIALS IN INDIA 3
ETHICAL RESPONSIBILITY OF PHARMACEUTICAL COMPANIES 5
NEED FOR ETHICAL GUIDELINES FOR CLINICAL TRIALS 7
INTERNATIONAL CODES 9
CONCLUSION 12
REFERENCES 13
NSDL Scam
Why it happened?
After establishment of electronic depository, transfer of shares and process involved in it became simpler. In any IPO, there is a retail portion of IPO in order to encourage small scale investors. Hence there was greed among people to get the maximum of the retail portion in order to earn a higher profit because the big companies’ IPO always had a lower issue price than the list price. Hence a huge margin of profit can be earned from such shares. IPOs of these companies were oversubscribed so as to have a maximum chance of allocation of shares.
Share Price Comparison
COMPANY ISSUE PRICE LISTED PRICE
IDFC Rs.34 Rs.60
YES BANK Rs.45 Rs.62
Suzlon Rs.510 Rs.640
TCS Rs.849 Rs.1076
Patni Computers Rs.230 Rs.305
Modus Operandi-NSDL Scam
Corner maximum amount of shares from retail portion of IPO. To do this, you should have multiple demat
On 09/07/2016, I spoke with Janna Rolfe in the Pasco Sheriff`s Office District II Lobby in reference to a Fraud, Other Jurisdiction.
ABSTRACT: You are auditing the books of the Tallahassee BeanCounters (TBC), a minor league baseball team in Tallahassee, Florida. During your audit the teamís owner, Franklin Kennedy, approaches you and offers an additional fee if you will quietly investigate the possibility of fraud within the firm. Mr. Kennedy reports that he received an anonymous tip and, based on that information, believes that someone within the firm could be perpetrating fraud. Your task is to use the information given here (the financial books and back-up documents) as a starting point for your
The early warning signs of fraud are, usually, always ignored. There are warning signs for every type of fraud out there. To understand the warning signs of fraud, we must first know what fraud is. Fraud is the intent to trick someone or lie to someone in order to receive financial gain. This definition varies depending of the type of fraud used, but the person committing the fraud is always looking for financial gain. There are many types of fraud out there. You have Medicare fraud, internet fraud, mortgage fraud, loan fraud, tax fraud, embezzlement, forgery, insurance fraud, and marriage fraud. These are only a few types of fraud. There are many more types of fraud out there and new types of fraud are being committed every day. This
Embezzlement seems to be a white collar crime that is victimless. However, when monies are embezzled from a non profit it affects all those involved especially those benefitting from the work of the nonprofit organization. I thought of our local community nonprofit arts foundation. They not only produce a full slate of shows each season, but also provide classes in painting, sculpting, drawing, acting, music, and dance. If they were defrauded in the amount of $93,000 it would affect educational programs and community outreach.
The amount listed is the enrollment agreement was 10,020.00 which gives a difference of :
On August 25th 2015 Co-Founder of OXYwater Preston J. Harrison and his Wife Lovena Harrison were sentenced for Wire Fraud, Money Laundering and Tax Crimes. (Investor Claims, August 2015). I chose this case because it has many different types of fraud, including wire fraud, money laundering, and tax fraud, conspiracy to commit fraud, concealment of fraud, theft and misappropriation of funds. What makes this case so interesting is that the husband and wife co-owners of OXYwater are not the only criminals. Their co-conspirator was Thomas E. Jackson;
It is important to first gain an understanding of the various types of fraud, in order to aid understanding in regards to the prevention of fraudulent activity. This paper begins with a review of the definition of financial fraud, and identification of the different fraud types. Further, included is an examination of what motivates individuals to commit fraud, including an identification of some of the method in which people commit fraud. A discussion of the importance of the fraud triangle, and how rationalization contributes to fraud is a key area of focus. Finally, there is an examination of some controls that prevent and detect fraudulent behavior, including the value and importance of understanding the nature of fraud for
Healthcare fraud and abuse has become a major issue for the United States healthcare system and affect many the citizens. The National Health Care Anti-Fraud Association (NHCAA) estimates that the financial losses due to health care fraud are in the tens of billions of dollars each year. “In 2011, $2.27 trillion was spent on health care and more than four billion health insurance claims were processed in the United States. The harsh reality is that some of these health insurance claims are fraudulent. Although they constitute only a small fraction, those fraudulent claims carry a very high price tag.” (Challenge of Health Care Fraud, n.d.) The impact of health insurance fraud has a direct and indirect impact on all of our lives. Fraudulent cases have an effect on how much we pay for health insurance premiums and increase our out-of-pocket costs when we seek healthcare services. For employers-private and government alike-health care fraud increases the cost of providing insurance benefits to employees and, in turn, increases the overall cost of doing business (Challenge of Health Care Fraud. n.d.) . In 2014, the federal government recovered nearly $5.7 billion in health care cases, up $1.9 billion from the prior fiscal year. Of that amount, $2.3 billion was tied to healthcare fraud against the federal government, according to a recent review by the Nashville, TN firm of Bass, Berry & Sims
After the SEC approves of the corporation's full disclosure, the corporation and the underwriter decide on the price and date of the IPO; the IPO is then conducted on the determined date. IPOs are sometimes postponed or even withdrawn in poor market conditions. (Investors Guide, 2006)
The topic I chose is Martha Stewart Indicted on Criminal Charges by Kenneth N Gilpin. Ms Stewart built her reputation in 1982 as an authority on cooking and entertainment with a publication of "Entertaining". Martha Stewart created Martha Stewart living magazine in 1990 and she bought out her stake in 1998. At the time, the magazine had annual sales of 180 million and Ms. Stewart's wealth was more then $1 billion for a time but the author states "in the last three years, her fortune has greatly shrunk, especially the last year, after reports of her legal troubles surfaced."
There has been numerous white collar crimes in the El Paso, Texas area, some of the most publicized cases involve a former El Paso Independent School Superintendent, a former Ysleta Independent School Superintendent, a former El Paso County Commissioner, a former El Paso County Park Manager, the New Mexico Security of State, the Dona Ana County Clerk and a recording and licensing lead, and two document technician also from Dona Ana county, a former Socorro City Councilman, several former United States Border Patrol Agents, and a former Fort Bliss Commander. Charges has been filed in all these cases some are still making their way through the justice system. We will examines Lorenzo Garcia the former El Paso Independent School District
the closing price on the security’s initial trading day. If the average investor does not sell at the
In today’s society more and more individuals are being the affected by fraud and abuse by healthcare in both direct and indirect manners. Fraud is known and defined as a deceptions that is knowingly caused, erroneous statements, and misinterpretation made by an individual with the intent to deceive another person in order to benefit oneself of another individual. Abuse is known as practices that are inconsistent with the standards of care given by professionals, the truth behind the term medical necessity or sound medical practices. Intent is the major distinction between the terms fraud and abuse. Both fraud and abuse can be committed by a variety of individuals including insurance companies, physicians, and even patients.
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