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Fraud accounting (Example)

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Accounting fraud Student name Institution Date Introduction The fraud occurred between the month of December in 2009 and August 2010. Ms. Christina O'Shea was hired by the Branham Group CEO in November 2008as the chief financial officer. She is accused that over the period that the accounting fraud took place she wrote 54 fraudulent cheques for she had the signing authority on behalf of the company. Sixteen of the cheques were directed to her account and thirty-eight to her spouse's account. Ms. O'shea actions were deliberate and deceptive with the aim expenses including having to use his mother's estate to pay the bills. He continues to say how it affected him for he felt like committing suicide and he no longer remains the person he used to be since he suffers from vertigo due to excess stress. ReferencesBoyle D. M. DeZoort F. T. &Hermanson D. R. (2015). The effect of alternative fraud model use on auditors’ fraud risk judgments. Journal of Accounting and Public Policy  34(6) 578-596. Ruankaew T. (2016). Beyond the fraud diamond. Intenational Journal of Business Management & Economic Research  7(1) 474-476. [...]

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Sample done before- Accounting 350 – Case Discussion - Facts of the Case Prepared by: ACCT 350 Student INSTRUCTOR NOTE: Permission has been given by the previous ACCT 350 student who prepared this FACTS OF THE CASE discussion for the "first posting" to be made available as a sample for future students' information. The report was 571 words without the Bibliography/List of References. The Fraud The William “520%” Miller fraud occurred in the early 1900s. After failing to obtain the wealth needed to support his ailing family, he created an investment scheme; The Franklin Syndicate [Oltmann, 2014, p.40]. The fraud associated with the Franklin Syndicate can be defined as a Ponzi scheme, wherein huge returns are promised and paid using “investments” from new recruits [“ACFI Fraud Manual,” 7.3.25]. The investors think they are earning a return on their initial investments, when in reality their investments have been stolen and the returns are coming from new investors’ capital. As a Ponzi scheme, the syndicate engaged in two primary criminal activities: 1) Embezzlement: misappropriation of assets in one’s custody [“ACFI Fraud Manual,” 7.3.11]. In its “operation,” the FS acquired money from new “investors” to pay returns previously promised to old “investors.” This was contrary to the advertised purpose of the Syndicate; a hedge fund for stock market investing. 2) Larceny: unlawful taking and carrying away of personal property, which the trespasser knows to be another [“ACFI Fraud Manual,” 7.3.20]. Miller, and his associates, took the money invested in the syndicate for themselves, thus committing larceny. The Fraudsters This scheme was perpetrated through affinity. Miller received his first investments through his bible school associates, and later their friends [Oltmann, 2014, p.40]. He promised those who invested a weekly 10% dividend claiming he had an inside track on wall-street. As the Syndicate grew, Miller sought help from a partner (Schlessinger), hired an agent (Rudolph Guenther), and recruited a lawyer (Robert Ammon) [Oltmann, 2014, pp.41-42]. Schlessinger provided organization to the Syndicate, and helped open another office, and Guenther referred Miller to Ammon, who essentially took over. Miller set the wheels and motion, and the other men contributed to the overall scope of the Syndicates impact on its victims. The Victims INSTRUCTOR NOTE FOR STUDENTS USING THIS AS A SAMPLE – in this section I would have liked to see more depth of information. The victims of this Ponzi scheme were those who chose to invest in the Franklin Syndicate. It is believed that investors were scammed of over one million dollars [Oltmann, 2014, p.24]. It can be argued that Miller later became a victim of his own syndicate after Ammon took over. Ammon used his persuasion and position as Millers lawyer to obtain over $250,000 of the syndicate’s money [Oltmann, 2014, p.47]. Outcomes When Miller was apprehended, he was charged with two counts of grand larceny in first degree, and one in the second degree. He was tried on single charge of grand larceny in first degree, and the trial took place over two weeks in April 1900. On April 16, after five hours of deliberation the jury returned a guilty verdict. Judge Hurd sentenced Miller to maximum sentence allowed under the law; 10 years at Sing Sing prison. [Oltmann, 2014, p.33] Miller’s partner, Schlessinger, was not apprehended and was reportedly living in Europe [Oltmann, 2014, p. 46]. After a few years into his sentence at Sing Sing Prison, Miller bargained a testimony in exchange for the possibility of a pardon (which was later granted). As a result of Miller’s testimony, Ammon was sentenced to 5 years in prison on charges of receiving stolen goods [Oltmann, 2014, p.53]. When Miller was released, in 1905, he lived a quiet life as Williams Schmidt on Long Island; the people of the area “accepted him as a reformed man” [Oltmann, 2014, p.55]. BIBLIOGRAPHY ACFI Fraud Manual, 8th Edition. Association of Certified Forensic Investigators of Canada. Oltmann, V.G. (2014). William “520%” Miller. The Ponzi Files 1. Retrieved from: thefraudchronicles.com

Subject Area: Accounting

Document Type: Dissertation

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01.24.2018

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