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Accounting Fraud - Essay Example

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This fraud scheme where Coleman was taking people’s money and promising them huge returns on their investments but then fail to deliver due to the unpredictability of the market place. The Illinois department prohibited the company from selling securities for a period of 90 days in which investigations would follow. The Illinois securities department would charge him with fraud in offering and selling securities, offering and selling of unregistered securities and offering investment advice while he was unregistered to do so.
The Illinois Securities Department hope to prosecute through seeking as much evidence against him as possible something which the court in Missouri failed to do leading to the current situation being experienced in Chicago at the moment. Despite the charges brought against him in the court of law and the pending investigations, Coleman still maintains that his company is able to get the clients the promised 100% reward on their investment as promised despite the conditions in the market (Yerak, 2014).
The first thing that humans when accused of fraud or inappropriate misconduct do is to deny any allegations. This happens even in cases where there is evidence of whatever magnitude or the individuals charged have prior record of the same offence in the past. This is the case with Coleman where he has records in court as well as with the securities department in Missouri about committing fraud to his investors but he still maintains that it is not the case (Ferrell & Fraedrich, 2012). He strongly stands for his company’s activities and promise even though it is evident that he cannot fulfill them without any fraud occurring in the process and there is evidence to that effect.
Coleman would have been better off keeping quiet about the whole situation until cleared or charged by the court for committing the fraud. Talking would only worsen the situation in case his claims were proven to be untrue. A ...Show more
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Summary

The article talks about an individual who is a worker of Daedalus Capital LLC who is charged with committing fraud by selling improper investments to customers as well as providing unlicensed advice to potential investors. This individual namely Stephen Coleman is the founder as…
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