U.S. Securities and Exchange Commission

For employee fraud case study, I chose the Nathan John Mueller’s embezzlement scandal. As an accounting manager of ING Reinsurance Corporation (a major financial service company) in Minnesota, Mueller stole almost 8.5 million dollars from the company from 2003 to 2007 (“Mueller Gets 8 years for $8.5 million ING Fraud”). The way he orchestrated the fraud was surprisingly rather simple. Mueller accidentally found out that ING gave him and another co-worker the authorization to request and approve…

A lawsuit has been filed on behalf of all people who purchased or acquired Pacific Coast Oil Trust (PCOT) securities that became effective on May 2, 2012 and September 19, 2013. It is alleged that PCOT violated federal securities laws in its disclosures. The disclosures issued are believed to misrepresent its business, operations, and prospects. More specifically, it is claimed that the statements are misleading regarding PCOT’s capital expenditures and hedge contracts (Faruqi & Faruqi, LLP).…

Theft, lying, stealing, being a criminal, and destroying lives of people are a few ethical issues that come to the surface in this white collar crime. Bernie Madoff is the epitome of unethical business practices and how the fallout is not worth the crime. Madoff has admitted that he knew he would eventually get caught and in a recent interview from jail has suggested that he could have had a successful career. The ethical issues and what made a human being do this is insurmountable. Madoff…

early 1960’s, Madoff founded and served as the sole member of Madoff Securities, along with its’ affiliate, Bernard L. Madoff Investment Securities (BLMIS). Located in New York City, BLMIS was engaged in the business market conducting exclusive trading and investment advisory services. This particular business is involved in buying and selling inexpensive stocks, by which are later traded for blue-chip stocks. MSIL (Madoff Security Investments of London) was incorporated in the United Kingdom…

In the early 1900s, the precursor to the Better Business Bureau (BBB) originated after a deceptive advertising lawsuit was brought up against Coca-Cola. Samuel Dobbs, a Coca-Cola was given the credit for igniting the foundation that targeted various unethical advertising issues. Since then the organization has evolved into what numerous shoppers believe as a consumer watchdog to help certify fair-trading between the consumer and business. However as the years have based, the organizational…

engaging in finance. Records of financial matters that show them less Madoff managed to trade. His mother registered as a broker-dealer in the 1960 's, the listing of the Madoffs ' home address in Queens as the Office of a company called Gibraltar securities. SEC forcing the closure of businesses for failing to report financial condition. The couple also has a tax lien of more than $13,000, which was paid from the years 1956 until 1965. Many suggested that the companies and borrowing is a row…

Despite five significant investigations against Bernie Madoff between 1992 and 2006, regulator lawyers for Securities and Exchange Commission (SEC) produced lackluster efforts and results to prevent Madoff from conducting financial fraud that robbed many individuals, charities, non-profit organization, and educational institutions of their entrusted and invested funds (Shafritz, Russell, & Borick, 2013). In essence it was the SEC that enabled Madoff to further build his Ponzi scheme, which…

In 1960, Bernard Madoff founded Bernard L. Madoff Investment Securities LLC. This firm grew to become one of the top market maker business on Wall Street ("Bernard Madoff"). He sat on the board of Nation Association of Securities Dealers Automated Quotations (NASDAQ); and he helped advise the Securities and Exchange (SEC) on trading securities. On Wall Street, he was widely loved, and he even formed close bonds with a few of his clients. None of them could have possibly known that Bernard Madoff…

1293-1327. Retrieved from www.library.franklin.edu Albrecht, W. S., & Hoopes, J. L. (2014). Why audits cannot detect all fraud. CPA Journal, 84(10), 12-21. Retrieved from www.library.franklin.edu Committee of Sponsoring Organizations of the Treadway Commission (COSO, 2010). Fraudulent Financial Reporting (1998-2007). Retrieved from http://www.coso.org/documents/COSOFRAUDSTUDY2010_001.pdf Frisbey, E. B. (2015). Fraud on revenue recognition. Franklin University ACCT732 Forensic Accounting…

it from a white collar crime perspective can prevent such a widespread scheme to occur yet again and stand as a deterrence for future offenders. Case Study Madoff started with humble beginnings, creating his firm, Bernard L. Madoff Investment Securities, in 1960 from $5,000 that he had earned while working as a lifeguard. The firm’s initial employees were Madoff’s close…