Depression, the Securities Act of 1933 was enacted with the purpose regulating the offer and sale of securities (SEC, n.d.). The Securities and Exchange Commission (known hereafter as the SEC) was then created from The Securities Exchange Act of 1934 and given the responsibility of overseeing the securities industry and regulating conduct in various exchanges (SEC, n.d.). Under these Acts, firms were held accountable for informing investors of information necessary for the purchase of…
as another reminder of this odd dynamic with the stigmatization of gambling and the protection of Wall Street conmen. Mary Jo White took a hard stance against illegal offshore gambling with the prosecution of Jay Cohen, former CEO of World Sports Exchange (WSEX) in Antigua. As you may remember, a DOJ spokesman publicly stated shortly before her case that they didn’t have the authority to prosecute offshore sportsbooks. Nonetheless, White was firm in her beliefs stating that offshore sportsbooks…
Dellway Investments Ltd & others v NAMA & others Introduction The appellants: DELLWAY INVESTMENTS LIMITED and Others The respondent: NATIONAL ASSET MANAGEMENT AGENCY and Others NAMA was set up to take over all the ‘bad loans’ from the banks when the financial crisis happened. The Government then put money into the banks to help them and to fix the balance sheets. McKillen took NAMA to court because NAMA took over all of the McKillen loans from the banks. McKillen said however that his loans…
Fraud Triangle The Fraud Triangle Theory created by Donald Cressey explains the three elements needed for fraud to be committed. These elements include opportunity, pressure or perceived pressure and rationalization. In the very publicized FIFA court case that included charges such as fraud, racketeering and bribery these elements were clearly present. According to The U.S Department of Justice (2015) , there was a total of nine FIFA Officials and five Corporate Marketing Executives who…
INTRODUCTION Mr. Daniel Ittall is an attorney with a strong reputation for being a dedicated and reliable worker. Recently, he was served a petition detailing his charges of professional misconduct. After receiving $1,000 from a potential client, not giving it back when she asked for it resulting in her losing her chance to pursue the case, Mr. Ittall is charged with violating Rules of Professional Conduct 1.3, 1.4, 1.15, and 8.4. After failing to distribute $5,000 to his client’s trust…
The trade turnover for the Newport creamery in 1918 was reported at a substantial sum of £34,765. At the Nenagh Quarter Session of the County Court in October, in efforts to recoup the endured losses a claim was lodged by the society for £20,000. The magistrate awarded £12,339 in damages, which also included interest at six percent for the duration of one and a half years on the value of the stock destroyed. Furthermore, an additional fifteen percent was awarded for the increase in the price of…
Information on Business and History Arthur J. Rosenberg founded Tyco International in 1960 as an investment and holding company concentrated on solid-state science and energy conversion. As a way to improve the company in 1982, it was separated into three different business segments, which are fire protection, electronics and packaging. Again in the early 1990s it was reorganized into electrical and electronic components, health-care and specialty products, fire and security services, and flow…
Tyco also is said to have artificially inflated stock and benefitted abundantly (U.S. Securities and Exchange Commission 2002). Another ethical issue includes Tyco’s auditing firm, PricewaterhouseCoopers, who failed to recognise the corrupt accounting, which led to continuous unethical behaviour, as they grew confident nobody could stop them. Top executives’…
Principles, with principles-based accounting standards under International Financial Reporting Standards, adoption of IFRS is inevitable. Leading the push for a single set of high-quality International accounting standards is the U.S. Securities and Exchange Commission (SEC), a government appointed body. The SEC’s call to action has prompted the shift away from U.S. GAAP toward the globalization of accounting standards through a slow and steady convergence…
Assessment 2-Case synthesis: Morgan Stanley 1. Basic empirical facts of the problem Financial industry, the most scrutinized sector, has generated a heated debate regarding ethical and legal issues on illicit gain obtained by utilizing loopholes. Due to the characteristic that a large amount of material and nonpublic information is contained in daily trade, it common that interest-motivated insiders may make use of it to conduct insider trading. Insider trading is defined as trading of…