Needle-exchange programme

The self-made teenage millionaire Berry Minkow used to be called Whiz kid by founding his own carpet cleaning company, Z-Best, which was net worth over million dollars. After few years, his net worth was accused by bank fraud, embezzlement, and securities fraud which are typically fraud risk and because of insufficient proof as well as fake evidence caused him in jail more than a decade (Video A). 1. Fraud Risk: First of all, fraud risk defined as two different frauds which are individually…

In November 1985, Cardillo had credited some transaction of $203, 210 as an adjusting entry and had been considered as commission received from United Airlines. Yet in the agreement between United Airlines and Cardillo, that amount of money was refundable through 1990 if some stipulations in the agreement were violated. Vice president Lawrence and Chief Executive Officer (CEO) Walter Rognlien insisted that the entry was correct and the disputable amount that had been recorded as commission…

The business scandal that occurred at Fannie Mae Chocolate Industry was when they manipulated accounting to collect millions of dollars in underserved bonuses and deceive investors. They were fined for 400 million dollars. Fannie Mae struggled to emerge from an $11 billion accounting scandal.The penalty that was given for them was the largest penalty ever in a accounting fraud case.The company also agreed to limit the growth of its multibillion-dollar mortgage holdings. Fannie Mae never admitted…

is led to expect profits solely from the efforts of the promoter or a third party. The actual 1933 act language was known as Howey Test, courts have been reluctant to impose restrictions on the definition of security” (p.628). The Securities and Exchange Commission (SEC), with this act they had have the power to register, regulate, and oversee the sales of securities under both the 1933 and 1934 acts. This act gives the SEC the right to require random…

For tax year 2000, US taxpayer J. Bryan Williams, who had an interest in and control over his two Swiss bank accounts, failed to mark “yes” to a tax return question regarding his existing foreign bank accounts, and did not file the Report of Foreign Bank and Financial Accounts (also known as “FBAR”) by June 30, 2001, deadline. The question that arose was whether Defendant J. Bryan Williams willfully failed to report his interest in his two Swiss bank accounts for the tax year 2000. Based upon…

In December 2008, Bernard "Bernie" L. Madoff owner of Bernard L. Madoff Investment Securities LLC wasarrested for committing a $50 billion investment fraud, which later was found to be $65 billion (Bernard L. Madoff. February 9, 2009).Bernard Madoff 's business was an investing firm that pulled off a massive fraud. His firm took money from several people, rich or poor, it did not matter. His victims were Jewish philanthropists from the Upper East Side of New York, almost half the members of the…

Per the Securities and Exchange Commission, (SEC v. Shkreli M., Greebel E., MSMB Capital and MSMB Healthcare, 2015) Shkreli violated the following sections and rules of the Securities Act of 1933, Securities Exchange Act of 1934 and Investment Advisers Act of 1940. 1) “Sections 17 (a) (1) and 17(a) (2) of the Securities Act 2) Section 10 (b) of the Exchange Act and Rule 10b-5 3) Section 10(b) of the Exchange Act and Rule 10b-21 4) Sections 206(1) and 206(2) of the Advisers Act 5) Sections…

Crazy Eddie Eddie Antar, better known as “Crazy Eddie,” is a very prevalent fraudster in the world of accounting. Antar is well known for his schemes regarding Crazy Eddie Electronics, the company he cofounded with his father. Eddie was a family man, a ladies man, and a rich man. Eddie was a millionaire, with roughly 53 million dollars in swiss bank accounts until he was caught by the downfall of his family Antar was born in Brooklyn, NY on December 18, 1947. He grew up in Brooklyn, with his…

The Dodd-Frank Act was a piece of legislature passed by the Obama administration in 2010. This act is formally known as the Dodd-Frank Act Wall Street Reform and Consumer Protection Act. This piece of legislature was a response to the financial crisis of 2008. The Dodd-Frank Act at the time of passing consisted of 2,307 pages, 16 titles and 540 sections of law. This piece of legislation was named after Senator Christopher J. Dodd and Representative Barney Frank who had endorsed this act. This…

Carter V. Tokai Financial Services, Inc. In the case, it follows Randy P. Carter and Tokai Financial services, Inc. where Tokai sued Carter for money that was not given under a lease agreement that the two had entered. It as stated that ARC made 4 of the rental payments before they defaulted on the obligation they had with Tokai. Following the ceasing of payment, Tokai the repossessed the equipment and sold it for $5,900. After the sale, Tokai brought a suit against in which they were awarded…