White Collar Crime Report Red Collar Crimes - 1585 Words

Sabine Louis-Jacques - 1554763 White Collar Crimes – 0613-380-001 Summer 2013 (Incomplete Course) Essay #2: White Collar Crime Report Periodically, business magazines like Fortune, Forbes, the economist, International—among others, publishes the results of surveys, ranking big corporations by sales, assets, profits and market share. The purpose of these surveys is to identify and celebrate the most profitable corporations. Our era is best known for its booming markets and profits, but it is also a decade of widespread corporate criminality. The number of activities that involved acts committed through deceits and motivated by financial gain has increased considerably. Terms such as â€Å"Corporate Crime† or â€Å"White Collar Crime† are used to describe a variety of these activities. In 2008, the U.S. economy faced its most dangerous crisis since the great depression in the 1930’s. The contagion, which began in 2007 when inflated home prices deceivably turned downward, spread quickly. The losses included: The investment banking industry, insurance companies, the two major enterprises chartered by the government to facilitate mortgage lending, mortgage lenders and commercial banks. Since most industries rely on credit, the most spectacular troubles broke out in the auto industry as banks stopped making the loans that they need to regulate their cash flow. The Dow Jones Industry Average in the U.S. lost 33.8% of its value and the U.S. financial crisis started to spill into theShow MoreRelatedTypes Of Financial Crimes That Can Be Committed By Many Individuals Around The World1373 Words   |  6 PagesThere are many types of financial crimes that can be committed by many individuals around the world. Some of these crimes include electronic crime, fraud, mone y laundering, terrorist financing, information security, bribery and corruption, finally insider trading. Of all these financial crimes that can be committed, I think that fraud is the most serious of them all. Fraud can ruin anyone s life financially, no matter what they have in their bank account. Bernard Lawrence Bernie Madoff , a formerRead MoreWhat Are Five Elements Necessary For Commit Fraud?1739 Words   |  7 Pages(WorldCom-10K 1999) (WorldCom-10K 2000) (WorldCom-10K 2002) (Why it is important to learn about Fraud 2015). Fraud knowledge benefits stakeholders in multiple ways. By understanding how financial statement fraud occurs, stakeholders can recognize red flags in financial statements. Outside accounting, fraud knowledge enables stakeholders to be productive members of a corporate governance. 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Due to the advance technologyRead More Identity Theft Essay examples2126 Words   |  9 PagesIdentity Theft   Ã‚  Ã‚  Ã‚  Ã‚  In todays society, there is a white-collar crime that has greatly risen in popularity among criminals. This crime is identity theft. Hundreds of thousands of people have their identities stolen each year. Identity theft is when these criminals obtain and use consumers personal information such as credit card numbers, bank account numbers, insurance information, and social security numbers to purchase goods or services fraudulently. According to the Federal Trade CommissionRead MoreEssay about Identity Theft: A White Collar Crime2189 Words   |  9 PagesIdentity Theft In todays society, there is a white-collar crime that has greatly risen in popularity among criminals. This crime is identity theft. Hundreds of thousands of people have their identities stolen each year. Identity theft is when these criminals obtain and use consumers personal information such as credit card numbers, bank account numbers, insurance information, and social security numbers to purchase goods or services fraudulently. According to the Federal Trade CommissionRead MoreStarbucks Red Flags of Fraud2320 Words   |  10 PagesStarbucks Coffee Company Stephanie Deacon Colorado Technical University Online: ACCT 320-1203A-01 Professor White 6 August 2012 Abstract This paper will provide an overview of Starbucks Coffee Company and identify seven red flags of possible fraudulent behavior within the organization. Steps to design a fraud prevention program will also be discussed based on the identified red flags. Starbucks Coffee Company opened its first store in Seattle, Washington in 1971 offering fresh-roastedRead MoreBernie Madoff Case Study4737 Words   |  19 Pagesappeared to create an image of power, trust, and responsibility. In July of 1920, the Boston Post ran an article exposing the scheme and soon after, regulators raided his offices and charging him with mail fraud knowing that his fabricated investment reports were mailed to his clients. The foundational operating principle of a Ponzi scheme is that you must constantly attract new investors to pay the old investors the ‘gains’ they were promised. Most Ponzi schemes self-destruct fairly quickly as theRead MorePreventing Fraud at Mogels Inc.1040 Words   |  4 Pagestrustworthy individuals are rewarded (McNeal, 2011) 2) Mogel’s Inc. can also benefit from an organizational structure that clearly denotes company hierarchy. Employees should pass reports to their supervisors or give formal updates of the company’s processes. For instance, it would be ideal for an internal auditor to regularly report to an audit committee. Relevant information would freely flow from employees to the company’s management and this raised level of awareness is a deterrent for fraudulent activities