Fraud And Fraud

In this particular case within the field of administration of justice, the lack of information and knowledge of white collar crime and consumer protection policy is carefully analyzed by dissecting the elements prevalent to criminological theory. Gottschalk (2016) paralleled social conflict theory with white collar crime suggesting that the powerful and wealthy in the upper class of society define what is right and what is wrong. Moreover, the rich and mighty people can behave like robber barons” because they make the laws and therefore, the ruling class does not consider a white collar offense as a regular crime, and certainly not similar to street crime (Gottshalk, 2016). Accordingly, this study focuses on financial and moral crimes, whereas social critical theory views financial crime as a function of the conflict that exists in society. Since frequently over one’s lifetime, individuals are called to make decisions that are economic in nature, therefore it is essential that they are equipped with the knowledge of concepts related to economics, law, financial and consumer education (Mupier, 1994).

Throughout history positions of power and wealth have been plagued by corruption, does this power cause people to be corrupt? Or is the power and wealth earned through immoral and corrupt practices? In order to find these answers, one must define what they feel is corrupt, for most corruption is the act of being dishonest or immoral with the motive of personal gains of money or power. There are numerous accounts of politicians, military leaders, business owners, entrepreneurs, and millionaires, all earning or using their power and wealth in an immoral and corrupt manner. Whether money is used for personal gain, used to corrupt others, or the wealth was earned by corrupt ways, it seems that the accumulation of wealth is constantly accompanied by corruption.

card fraud. In reference to money Laundering we will the complex process of how criminals

The amount listed is the enrollment agreement was 10,020.00 which gives a difference of :

(TCO 5) Fraud is an intentional misrepresentation of facts, made for the purpose of persuading another party to act in a way that causes injury or damage to that party. In our readings and discussions we have seen several examples of fraud in business. Using that experience (1) provide an example of a common fraudulent practice in business with an explanation of how the practice works and (2) name and describe each of the elements of the Fraud Triangle.

On August 25th 2015 Co-Founder of OXYwater Preston J. Harrison and his Wife Lovena Harrison were sentenced for Wire Fraud, Money Laundering and Tax Crimes. (Investor Claims, August 2015). I chose this case because it has many different types of fraud, including wire fraud, money laundering, and tax fraud, conspiracy to commit fraud, concealment of fraud, theft and misappropriation of funds. What makes this case so interesting is that the husband and wife co-owners of OXYwater are not the only criminals. Their co-conspirator was Thomas E. Jackson;

It is important to first gain an understanding of the various types of fraud, in order to aid understanding in regards to the prevention of fraudulent activity. This paper begins with a review of the definition of financial fraud, and identification of the different fraud types. Further, included is an examination of what motivates individuals to commit fraud, including an identification of some of the method in which people commit fraud. A discussion of the importance of the fraud triangle, and how rationalization contributes to fraud is a key area of focus. Finally, there is an examination of some controls that prevent and detect fraudulent behavior, including the value and importance of understanding the nature of fraud for

The rich engage in white-collar crimes, whereas the poor engage in more armed robbery type of crimes. Both are equally harmful to society. White-collar crimes are not as easily identified as street crimes. Also, white-collar crime perpetrators can use their power and influence to avoid prosecution. Street crimes, which are often committed by lower class, do not have power to influence and avoid prosecution. In addition, the privileged can often afford expensive lawyers and are sometimes on a first-name basis with the individuals in charge of making and enforcing laws, which gives them an advantage. Members of the lower class generally do not have these advantages. Conflict theory also states that the individuals we generally label as irregular are also quite powerless. For example, if we think about the powerless that have no means of financial stability often engage in criminal activity to survive. This activity according to law, which is made by the upper privileged, is considered wrong and requires punishment. Such activity can include prostitution. Prostitution is illegal and the criminal is sentenced to jail, which minimizes their opportunity to progress in society. They now have several sentenced accounts, which makes it harder fro them to fin a good job in the future,

In 2008, Expanded taking information offense to any private computer system within the United States (i.e. the outer reach of the Commerce Clause). Expanded extortion offense to cover threats of taking information and demands following damage. Increased penalties. Added criminal

11-2: The three main groups of people who commit financial statement fraud are organized criminals, mid- and lower-level employees, and senior management (Wells, 2013, p. 274). Senior management such as the CEO and CFO typically commit fraud to meet the expectations of Wall Street, preserve status, and/or receive performance bonuses (Wells, 2013, p. 274). Middle management will falsify financial statements in order to receive performance bonuses (Wells, 2013, p. 274). While organized criminals will try to obtain loans or engage in a pump-and-dump scheme (Wells, 2013, p. 274).

Fraud cases are extremely serious events that affect a number of factors for those involved. Fraudsters take advantage of circumstances for his/her benefits, but cause surmountable damages to individuals and entities. The extent of the damages can destroy individuals’ dreams and lead entities to cease from existence. Fraudsters, however, are held liable for the crimes committed, which involve criminal and civil cases. Criminal and civil cases are prosecuted differently, involve different legal aspects and different consequences.

According to Daniel F. Dooley (2008), a member of the Commercial Fraud Taskforce, financial fraud with private middle-market companies is on the rise. In fact, Mr. Dooley believes that he has seen more instances of fraud in the past two years than in the previous ten. He notes seven areas in which financial fraud has increased over the past few years:

Many organizations have been in the news over the past few years due to accounting ethical breaches that have affected their customers, employees, and the general public. I searched the Internet to locate a story in the news that depicts an accounting ethical breach. I selected Krispy Kreme. I enjoy their hot donuts and was curious to learn more about how they played with the numbers. For some reason I always want to dig into the trickery behind the manipulation of financial statements.

The perfect fraud storm occurred between the years 2000 and 2002 involving two of the largest energy and telecom corporations in the United States: Enron and WorldCom. It was determined that both organizations fraudulently overstated assets, created assets from expenses or overstated revenues, costing investors billions of dollars and resulting in both organizations declaring bankruptcy (Albrecht, Albrecht, Albrecht & Zimbelman, 2012). Nine factors contributed to fraud triangle creating this perfect fraud storm, and assisting management in concealing the fraud until exposed and rectified.

A business can not work out without an account system, which includes internal. Internal controls are used by companies to make sure financial information is accurate and valid. Strong internal controls are signs of a financially healthy company and protect the company’s integrity. Strong internal controls can also increase a company’s profitability. There are several types of internal controls that companies used to protect themselves such as: Segregation of duties, asset purchases, supervisor review, internal audits and adequate documents and records. This paper will discuss several topics from a case study about And the Fraud