Accounting scandals

I: EXECUTIVE SUMMARY Green Rope Incorporated, my new employer, faces lawsuits due to some failures of the wire rope which caused a number of casualties in various construction sites as a result of poor quality wire product. Because of this, GRI is at a brink of closure. Meanwhile, as a former financial analyst of Red Wire Corporation, I had a chance to join a stock-taking team and walked through the plant, and saw the critical process and specially designed machine that was internally developed.…

Eddie Antar started a small electronic business in New York City in the year 1969. Antar dominated the NYC electronic markets around 1987 with 43 retail outlets, sales exceeding $350 million, and stock with a collective market value of $600 million. Antar personally realized more than $70 million from the sale of Crazy Eddie stock during his labor as the company’s CEO. Crazy Eddie collapsed in the 1980s after several allegations of financial wrongdoing from behalf of Antar and his associates.…

Enron, founded in 1985, due to the merge of two major gas pipeline companies, Houston Natural Gas and IterNorth, which was an Omaha based company (Ferrell, Fraedrich, & Ferrell, 2013). Ken Lay was the CEO of Houston Natural Gas, became Enron’s CEO and chairman within the next year that Enron was founded. Enron provided products and services that were related to electricity, natural gas, as well as communications for retailers as well as wholesalers. During the 90’s, Mr. Lay, along with Mr.…

In 2012, JPMorgan Chase Company (that specializes in banking and financial services) has accidently reported the trading loss of $6 billion due the badly conceived trades of the company. Since the company had been quite well-controlled and profitable over years, the trading loss of $6 billion caused a lot of confusion in JPMorgan’s Central Investment Office. Later on, the investigators have found that the company has not lost $6 billion but this amount of money has been displayed due to the…

White-collar crime, according to Merriam-Webster, refers to, “a crime that typically involves stealing money from a company and that is done by the people who have important positions in the company”. In modern society, white-collar crime may not be as obvious as violent crime, but its consequences leave major impacts on the world, particularly financially. Beginning in 2002, Wells Fargo began transforming into one of the largest criminal enterprises in history. Over the past 15 years, this…

Situation Analysis The case begins with Dave Hersh, CEO of Jive Software, addressing a meeting of all employees and he was looking at shell-shocked faces of Jive Software employees after a massive layoff of 20 percent of workforce. After a year of record sales in year 2007, Jive has increased its sales force strength too quickly to match the sales growth and sale force started to miss the sale quota from the 2nd quarter of 2007 and his plane of sale in the in 2008 was even higher than 2007. The…

Even though Some people believe he tried to rob his customers for his new technology being so overly expensive, Bill Gates should be remembered for making the huge technology advancements. because He is a Co-owner of the giant international company Microsoft. and He is very successful in life and has done everything right down the road in which got him to be so overly successful. Some people believe he tried to rob his customers for his new technology being so overly expensive. As with…

The fraud that Bernard Madoff committed was discovered in December 2009, which was based upon a Ponzi scheme. He did so by taking money from new investors to pay earnings to old customers. The higher the number of his clients who wanted to withdraw of retire their investment, the more revenue he would need. Ponzi scheme is named after Charles Ponzi whose crime was discovered in July of 1920 by the Boston Post. Madoff started in the investment business legally by buying and selling stocks that…

INTRODUCTION Bernard Madoff was a former chairman of NASDAQ stock exchange. He started his investment advisory firm on his own. He has be guilty for the defrauding of the investors of amount $50 billion which he was running the biggest Ponzi scheme for around two decades. In 2008 December when there were economic disturbances and meltdown in the United States Madoff couldn't carry his functions and satisfy his Investors requests of cash. He decided to come clean and accept the fraud he has…

From the case, we know that the Imclone company was almost destroyed due to the conspiracy of Martha Stewart and Peter Bacanovic. The fact is that, in 2001, 28th 0f December, SEC rejected the approval of a kind of medicine. However, before this big day, CEO and her stockbroker sold their stock, making the share price plunged. Thus, Martha Stewart and Peter Bacanovic were convicted of conspiracy, making false statement and interfere with a public function. At the same time, Lawrence Stewart, an…