StudentShare solutions
Triangle menu

Fraud (3) - Essay Example

Free
A corporate fraud exceeds the scope of workers stated positions. In most cases, these types of corporate frauds involve a series of individuals in all levels of management of an organization. Fraud can be detrimental to a community, company, or individuals who are normally on the receiving end of fraudulent activities. In addition, the latent negative consequences of fraud in any organization can be strategic, monetary, legal, or operational. The Peregrine Financial Group (PFG) was a brokerage firm that experienced high level of fraud for about 20 years while in business. Based in U.S, the firm also accepted foreign traders in their business that entailed offering access to exchanges in the country. The company utilized the Best Direct Pro as the only interface to conduct business. In July 2012, the firm was closed down amid bankruptcy claims due to fraud. This led to the arrest of the former C.E.O, Russell Wasendorf Sr. who confessed of embezzling large amounts of money from the firm (Associated Press, 2012). The fraud entailed the embezzlement of millions of dollars using forgery. According to the former C.E.O, forged bank statements were used to obtain money from the customer’s accounts. The activities run for twenty years without being detected. Furthermore, the C.E.O organized his exclusive access to the U.S bank accounts held by the company (Associated Press, 2012). ...
The money embezzlement carried out by Russell caused detrimental effects to both the company and him as an individual.

Check these samples - they also fit your topic

Medicaid Fraud
Medicaid fraud is a major problem in the healthcare industry that has resulted in losses amounting to billions of dollars and in decline of the public healthcare sector (Krause, 2010). To address the issue, the government and other concerned authorities require information about the extent of the problem and factors that contribute to medical fraud.
3 pages (750 words) Essay
Medicare Fraud
The health sector is in a major turmoil due to loss of funds and credibility because of Medicare fraud. In order to analyze the problem and its causes, different stakeholders in the healthcare sector are interested in establishing the extent and the social implication of the problem.
3 pages (750 words) Essay
Employee Fraud
The law requires companies to retain accurate financial statements so that they can ensure proper accounting for their records. Organizations use various accounting systems and methods to ensure that they maintain good books of accounts. Before accountants engage in preparing the financial statements, they should check the client’s systems of recording and processing the various transactions.
3 pages (750 words) Essay
Fraud Law
This is reflected on how, from time to time, national laws and ordinances are amended-to suit the people's lifestyles. As changes in the society happen, the need to modify certain rules also arise. For instance, in 1997, Section 16 (2) (a) of the Theft Act 1968 was repealed due to its interpretation and application which had given problems in the courts.
4 pages (1000 words) Essay
Credential Fraud
This work will discuss the problems in todays businesses and offer examples of how to best protect a firm from this difficult business issue. Research indicates the instances of
10 pages (2500 words) Essay
Fraud (#3)
As a result, the perpetrators of fraud benefit at the expense of other people. There are various types of frauds namely, individual, corporate, and online frauds. A corporate fraud exceeds the scope of workers stated
3 pages (750 words) Essay
Insurance fraud
Insurance fraud can be categorised into ‘soft’ fraud or ‘hard’ fraud. The hard variety of insurance fraud typically includes the attempt to fake the incidence of an accident, personal injury,
7 pages (1750 words) Essay
Insurance fraud
The main motive of insurance fraud is financial profit (Bourhis 4). Pervasiveness of insurance crime costs insurance companies billions of dollars in a year and drives up the
1 pages (250 words) Essay
Assignment 3: Fraud in the AIS
The AIS has faced a lot of difficulties especially with the development of technology that resulted in new security issues. In many cases, the threats and risks to the AIS are as a
10 pages (2500 words) Essay
Health Care Fraud
According to the report there are several Statutes, agencies, organizations and partnerships that fight to uphold Medicare integrity by preventing and detecting healthcare fraud. Examples of federal laws governing health care fraud include; Anti-Kickback Statute, Social Security Act, False Claims Act, United States Criminal Code.
3 pages (750 words) Essay
From the fraudulent activities, he executed in his company the former C.E.O was arrested and sentenced. He also suffered from guilt consciousness that led to attempted suicide. To the organization, all the funds were frozen leading to its collapse. Its entire monetary and operational activities came to a stop by the month July 2012 (Associated Press, 2012). There was a shortfall of the firm’s funds belonging to customers. Consequently, a bankruptcy petition made against the company succeeded. This minimized any chances for the Peregrine Financial Group recovery. The management of Peregrine Financial Group held the responsibility to secure the firm from any fraudulent activity. Therefore, all the involved departments should be part of any decisions made regarding the company’s activities and other monetary operations. In addition, the management should have ensured that any transactions and bank statements received reach the accounts department first then forwarded to the C.E.O. This would have guaranteed transparency in the transactions and financial status of the company (Goldmann, 2010). Consequently, the management would have succeeded in preventing the fraud and protecting the stakeholders’ interests to the company. The management should also have placed a principled voice at the top and regularly engage external auditors in order to scrutinize the documents (Arleen & Kim, 2003). The corporate environment and culture that may have contributed to the fraud in the Peregrine Financial Group Company is the lack of honesty and ethics. Lack of these values hindered effective
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Fraud (3) Essay Example | Topics and Well Written Essays - 750 words”, n.d.)
Retrieved from https://studentshare.net/finance-accounting/75680-fraud
(Fraud (3) Essay Example | Topics and Well Written Essays - 750 Words)
https://studentshare.net/finance-accounting/75680-fraud.
“Fraud (3) Essay Example | Topics and Well Written Essays - 750 Words”, n.d. https://studentshare.net/finance-accounting/75680-fraud.
  • Cited: 0 times

Summary

Fraud: Peregrine Financial Group Name Institution Fraud: Peregrine Financial Group The definition of fraud varies from country to country. However, fraudulent actions are described using deception, concealment, omission, or distortion of truth to attain unlawful and inequitable advantage…
Fraud (3)
Read Text Preview
Comments (0)
Click to create a comment
Let us find you another Essay on topic Fraud (3) for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us