November 10, of 2016, in the city of Hollisworth, started out as another ordinary day. No Evil Villains Roamed the streets so the cities super hero, The Cantil, had nothing to worry about. Agent 30 and Agent 91 completed their morning routine. They made sure ever vault in the Prison for Super Villains was secure. They started to walk back to the main desk as Agent 30 asked, “You checked Vault 1 through 50, right?” “Yeah, and you checked Gordon’s vault, there was nothing wrong there?” “Mhm. But…
Unfortunately in the corporate world there had been internal fraud committed by employees no matter what type organizations they are-nonprofit or profit-and this situation occurs more than anyone thinks it does. Embezzlement happens most frequently to not for profit organizations that have not taken active steps to prevent it. In addition, once any type of fraud or financial mismanagement is detected, many nonprofits do not handle the information properly or understand their responsibility;…
IT’S hard enough to believe that beneath the sincere image of a contemporary investor, Bernard Madoff, is an exploiting individual. After taking a glance at the decisions he made under his economic façade, there seems to be more than what meets the eye. During a past family breakfast, I remember hearing his name constantly brought up on 9 News. When we heard the broadcast, it appalled me to learn that Madoff was involved in a scandal where he deceived legitimate contacts into pooling large sums…
ImClone's scandal in 2001 through 2002 is a blatant example of insider trading in a company and culture that did not feel the rules applied to them. The company's CEO and cofounder, along with leading members, family and friends. Friends including, the founder of Martha Stewart Living Omni-media, Martha Stewart, who served five months for insider trading. After receiving a tip in December 2001 indicated that for Erbitux, a colon cancer drug made by ImClone, would be rejected by the U.S. Food…
healthcare providers, was the first company charged under the Sarbanes-Oxley Act. Richard Scrushy and several other executives were indicted for overstating earnings by over 2.7 billion dollars, and the company was investigated by the Securities Exchange Commission for insider trading. This case has been used to discuss and teach business ethics (Wang, Lin, Ju,…
The Sarbanes-Oxley Act of 2002 also called SOX or Sarbox is a law that aims to deter and prevent future accounting fraud, increase confidence in public company financial reporting and to protect stockholders. Although the regulations of this Act are not perfect and are the cause of many controversies whether this Act had a positive impact in American business or not, it led to changes in the corporate culture in the United States and abroad. Also known as the 'Public Company Accounting Reform…
Heather Troain ACC960 The Martha Stewart Scandal History Martha Stewart is a household name. The famous homemaker is known for many things including her cooking shows to magazines to her line house wares, we all know who she is. She founded Martha Stewart Living Omnimedia Inc., a company involved in publishing, merchandising, and television. At an early age, Martha learned the basics of cooking, baking, and sewing from her mother and her father taught her gardening. After college, she…
In 2009 in America, Bernard Madoff, one of the most famous business men in the United States and a part-builder of the largest financial pyramid in American history, was convicted. It was one of the most known and big investment scandals in the history of Wall Street. Bernard Madoff, the founder of the Financial Pyramid, which attracted a huge sum around $50 billion, threw the USA in shock. Since the mid-60s of the last century, the name Madoff was synonymous with scrupulous honesty and…
of the Securities Exchange Act of 1934 (Title 15, United States Code, Section 781) and is required to file periodic financial reports under Section 13(a) of the Securities Exchange Act of 1934 (Title 15, United States Code, Sections 78m(a) and 78o(d)). In preparing its income statement, HealthSouth deducted the contractual adjustment from its gross revenues to get net revenues, which were reported in the periodic financial reports and filed with the U.S. Securities and Exchange Commission. Since…
Company Overview It in the retail industry and it is one of the largest among retailers in its industry. The company operates in three segments and they are US, International and Sam Club. Fiscal year ended January 31, 2014, Walmart increased net sales by 1.6% to $473.1 billion and returned $12.8 billion to shareholders through dividends and share repurchases. The company is customer driven and has the ability to set a low price of each of its products product. Form of Organization The…