Olympus Corporation Fraud Case:
Olympus Corporation is one of Japan's most vulnerable companies that faced potential bankruptcy and possible jail time for its executives in 2011. The firm was founded in 1919 and it's a manufacturer of electronic equipments and digital cameras. In addition to being headquartered in Tokyo, Olympus Corporation is a multibillion-dollar company with its operations across the globe. In October 2011, the corporation was hit by a scandal when its Chief Executive Officer was suddenly fired, a decision that was attributed to a culture clash. While the chief executive had worked in the firm for three decades, he was sacked for attempting to force investigations into various acquisitions made before he was appointed as chief.

The investigations were on three acquisitions made by Olympus including the fees paid to an obscure financial advisor in 2008 worth $687 million over the acquisition of Gyrus, the British medical equipment. Secondly, the….

It can also be reasonably concluded that the implied representation induced Client to purchase the watch as he would not have paid $12,500.00 for a watch that was a fake. As the watch was not a real Beckham watch, but instead a cheap copy, Seller's representation that she had an Akers Silver Lady watch was a false representation about a material fact which induced Client to act in reliance thereon. Thus, the first and third elements of fraud are satisfied.
The second element of Seller's knowledge of the false representation will be more difficult to establish. Client will argue that this element is satisfied for a number of reasons. First, Client will contend that Seller had prior actual knowledge that the watch was not a real Beckham and will have to prove this through the evidence, such as testimony from her friends or relatives that she knew its actual value.….

Amerigroup Illinois Inc. Fraud CaseAmerigroup Illinois Inc. was found guilty in 2006 under the Federal Claims Act and the Illinois Protection Act. Amerigroup and its subsidiaries denied enrolling pregnant women and unhealthy patients in its managed care program in Illinois. Amerigroup received payment from the state and federal governments to operate a Medicaid health care program for low-income earners (Department Justice, 2008). Amerigroup was mandated by law to enroll all applicants eligible for the care under the Medicaid program. The State of Illinois and the Federal government of the US filled claims against Amerigroup, alleging that the corporation overlooked their responsibility of enrolling unhealthy parents and pregnant women since it would have been more expensive and lowered the profit margins earned by the patients.The court entered into a $334 million judgment against Amerigroup under the Federal Claims Act and the Illinois Whistleblower eward and Protection Act. The Jury found the….

cross examine the accounting fraud scandal that took place at Xerox, the main intention of this analysis is to know the causes and the effects of the scandal as well as the need of a good practice in business ethics, corporate management and the general oversight. Xerox was able to utilize a creative technique of accounting to give false presentation of its assets and liabilities, they also deceive the investors and lastly they were able to inflate their socks. The main players of the scandal were the chairman, CEO and other high ranking officials who took the advantage and enriched themselves (Gara, D. 2004). The high ranked officials made away millions of shillings at the expense of the stakeholders. This scandal highlighted the need for accountability and ethics in the governance of finance as well as corporate.
The analysis also aims to examine the strategic mistakes that led the Xerox….

Fraud and Abuse
United States v. Greber -- 3rd Circuit, 1985

Facts:

Dr. Greber's company, Cardio-Med, supplied Holter monitors, a device worn by patients that records heartbeats for later interpretation. Investigations showed that Cardio-Med billed Medicare and gave a portion of each payment to the prescribing physician, under the heading, "interpretation fees," even when Dr. Greber actually did the interpretation of the data. It was found that the fixed percentage paid to the referring physicians was more than Medicare allowed for such services. Further, Medicare requires that the device be used eight hours or more to qualify for payment. Cardio-Med and Dr. Greber reported longer operation times than the patients actually used their monitors.

In 1977, Congress changed the fraud statute of Medicare to clarify such problems as "kickbacks." In the revised statute, kickbacks were defined as any remuneration that might in any way be perceived as encouraging one company to do business with….

Madoff Investment Securities LLC (BLMIS) committed one of the greatest financial frauds in U.S. history. Investigations revealed that Mr. Madoff operated an elaborate "Ponzi Scheme" that started operating in 1980s.Even though Madoff was initially supposed to invest all of his clients' money in the securities markets, he never did so. Instead, he deposited the whole amount in a certain bank account that he held with the Chase Manhattan Bank. He therefore fulfilled his client's redemption requests using his own money. The fraud value was estimated at $50 billion and became a matter of public knowledge only after Madoff confessed to the crime. It can be regarded as the biggest financial fraud in U.S.'s history and it affected a large number of investors.The financial industry blamed the investors as well as regulators for neglecting the various warning signals that enabled Maddoff to continue with the fraud for several decades.
The Board….

Business Fraud
In the wake of scandals such as Enron and others, corporate fraud still appears to be prevalent across the business world. The reasons for this can be many and varied, although greed and a sense of hubris appear to be two of the common role players. In other cases, desperation could also be a factor, where a business is in danger of failing and its owners or managers see little choice but to cheat or sing with the boat. In many of the fraud cases, questions regarding regulation also abound, where regulatory authorities appear to be unable to either identify fraudulent activity or to sufficiently monitor the actions of those involved. This appears to be at least partly the case as far as ussell Wasendorf Sr. is concerned, who recently confessed to have committed fraud as the owner of his brokerage for 20 years Huffstutter and Polansek, 2012).….

ite Aid Fraud
Over the years, there have been numerous cases of financial fraud perpetuated within the organizational mainstream of major companies. Financial fraud is often a well-coordinated sort of white-collar crime that often -- but not always - requires complicity and collusion amongst financial accountants, top management and auditors. ite Aid came to the limelight after the U.S. Securities and Exchange Commission announced that it would be filing accounting fraud charges against the company in 2002

Meanwhile, the United States Attorney for the Middle District of Pennsylvania leveled similar criminal charges accusing former CFO Frank Bergonzi, former CEO Martin Grass and former Vice Chairman Franklin Brown of perpetuating an immense accounting fraud scheme

. Compounding the crisis, according to former ite Aid COO, Timothy Noonan, were years of legal coaching amongst staff and mid-level employees. As investigations ensued, evidence of fraudulent manipulation of accounts, corporate malfeasance, and financial overstatement emerged. What was….

1500-Word Artefact
Organization: ank of England

Fraud is intentionally deceiving a person such that he or she incurs a loss and the fraudulent person makes a gain. Instances of fraud can include misappropriation of funds or assets, inappropriate expenditures, fraudulent financial reporting etc. (Stephanie, 2008). A recent FI statistic explores the extent of fraud in non-profit organizations. In its report, the FI alleged that approximately 2,300 websites that solicited help for victims of Hurricane Katrina were in fact fraudulent (Aviv, n.d). Therefore, banks in general, and bank of England in particular, need to be cautious of such organizations. The best way to achieve that is to have clear cut policy and understand operating procedures with regards to dealing with the non-profit sector.

The occurrence of fraud often costs non-profits a lot. They not only lose money but make a huge dent in their reputation due to the bad publicity that such activities attract.….

EU's Current Anti-Fraud Strategy
For some time now, the issue of fraud and corruption in public service has been an issue of concern. This has forced many organizations to establish strategies aimed at detecting and minimizing the occurrence of such fraudulent activities in areas under their jurisdiction. This paper discusses the strategic management concepts in the risk-based policing strategy coupled with the principles and importance involved in the enhancement of organisational performance. Complementary factors and organisational culture are components that facilitate and militate against strategic fraud and corruption. The paper established alternative and successful strategies dependent on the factors of willingness of groups and individuals and ways of accepting them. In turn, this is dependent on the people seeking change and an understanding of the organisation's culture. The following study identifies the strengths and weaknesses of the European Anti-fraud Office (OLAF) as a strategy used by the European Union in countering….

S. Constitution under the Fourteenth Amendment. States can no longer ignore the Fourteenth Amendment following the ruling in Duncan v. Louisiana, and that makes this case a landmark case.
Justice hite delivered the opinion of the Court, saying that basically if a state is going to convict a person to a crime that is - by state law - punishable by up to two years, it is then considered a serious crime, and the Fourteenth Amendment comes into play. That amendment, hite wrote, "denies the States the power to 'deprive any person of life, liberty, or property, without due process of law." The laws of "every state," hite continued, "guarantee a right to jury trial in serious criminal cases; no state has dispensed with it; nor are there significant movements underway to do so." In fact, hite went on, the right of the accused to a jury trial is given by….

The other two cases looked at errors that were made deliberately by subsidiary management and, in both cases, were both quantitatively and qualitatively material.
Due to the fact that most fraud starts at the bottom, is it very important for executives to always be looking for things that do not appear to be right. Fiscal honesty is crucial in financial markets. It is essential that management quickly resolve any monetary issues that come up. Delay only compounds accounting indiscretions. The consequences to all concerned, the business, its investors and creditors, and administration, are that if things are left unattended they will only get worse.

There is no alternative to good systems of recordkeeping, controls, and oversight. Management cannot be distant and disinterested. Financial reports must be looked at and examined, not just amassed. Discrepancies must be rapidly resolved. Communication of accounting rules and measures must be apparent and timely. Doubts also….

Fraud is a growing problem in today's business world, and this article chronicles the capture of a purchasing manager defrauding his organization. The author follows step-by-step the accountant called in to decipher just how the manager was defrauding the organization. Immediately, CPA Chris osetti discovered two flaws in the state agency's internal controls. The manager was not forced to take a vacation every year, and the manager also had approval powers overstepping his position. Author Wells notes, "Once employees start committing fraud, they can't take time off because they need to constantly cover up what they're doing. The second deficiency was that Bruce [the manager] was allowed to approve new vendors" (Wells). osetti methodically goes about deciphering Bruce's activities while discovering more and more discrepancies between purchases, costs, and vendor files. As osetti dug deeper during Bruce's unplanned absence to take care of his ill wife, he discovered a….

school known as St. Martin de Porras. There were two portions to the case study…a part "A" and a part "B." The two parts were very much a "before" and "after" of a school that was in very rough shape and in every measurable way. This report will have a brief literature view, a methodology section, a study section and an analysis section. The literature review and methodology section are fairly self-explanatory. The study section asks the author of this report to identify the problems, goals and concerns of the stakeholders as well as the problems or critical issues that existed prior to the revolution that later occurred at the school. The analysis section asks the author of this report to compare the findings of the study to the findings in the literature review as well as some identification and analysis of alternative solutions. While some may shy away….

U.S. v. O'Hagan case
Facts

In the U.S. v. O'Hagan case, the defendant, James Herman O'Hagan, was a partner in a major Minneapolis firm, and was involved in a corporate acquisition as a representative of the acquiring corporation (Corley, et al., 2002). D allegedly used insider information to purchase stock before the details of the acquisition were made public.

History discovered in 1988 that Grand Met PLC, one of his clients, planned to acquire Pillsbury Company (Corley, et al.). D purchased Pillsbury stock and options to acquire Pillsbury stock. D made four million dollars when the acquisition was announced.

D's actions caught the attention of the plaintiff, the Securities Exchange Commission (SEC) and the local U.S. attorney. D was convicted of 57 counts of securities fraud, mail fraud and money laundering, and received a 41-month prison term.

This decision was based mainly on the "misappropriation theory," which prohibits using any information to defraud in the….

Criminal investigation is a broad field of study that covers any and all of the elements that go into solving a crime and building a legal case against the suspects.  Considered one of the applied sciences, there are actually several career paths for the criminal investigator.  Likewise, people from different disciplines may find themselves doing criminal investigative work.  For example, as science has evolved, the role of geneticists and genetic genealogists in criminal investigation and forensic science has really explored. 

When writing your paper, you have two distinct approaches you can take.  You can write a....

The Anatomy of Fraud in Local Government: A Deeper Dive into the Anatomy of Corruption

Introduction:
Fraud in local government, a persistent and insidious problem, erodes trust and undermines the integrity of public institutions. This essay delves into the anatomy of fraud in this critical setting, exploring its multifaceted nature and proposing novel approaches to combat it.

1. The Anatomy of Fraud:

Types of Fraud:
Procurement fraud: Inflated bids, kickbacks, collusion
Financial statement fraud: Misreporting or concealing financial information
Payroll fraud: Unauthorized payments to fictitious or ineligible individuals
Motivations for Fraud:
Greed and personal enrichment
Pressure to meet financial targets
Lack of accountability....

The Wirecard Scandal: A Case Study in Corporate Fraud

In June 2020, the German fintech company Wirecard filed for insolvency, revealing a massive accounting fraud scandal that shook the global financial community. As the dust settled, it became clear that the company's financial statements had been grossly inflated, and that executives had engaged in a sophisticated scheme to deceive investors and regulators.

The Scheme

Wirecard's fraudulent scheme involved several interconnected elements. Firstly, the company created fake subsidiaries in Southeast Asia to inflate its revenue and profits. These subsidiaries had no real operations but were used to process fictitious transactions. Secondly, Wirecard used third-party....

1. The types and examples of financial fraud in various industries
2. The impact of financial fraud on businesses and the economy
3. Preventing and detecting financial fraud in organizations
4. The role of technology in combating financial fraud
5. The legal and ethical considerations of financial fraud
6. Case studies of notable financial fraud scandals and their aftermath
7. The psychology behind financial fraud and the individuals involved
8. The regulatory environment and enforcement mechanisms for addressing financial fraud
9. The cost of financial fraud to consumers and investors
10. The future trends and challenges in the fight against financial fraud.
11. The relationship between white-collar crime and financial....