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Amount 7 million fraud 2003 2005 by the aicpa 2

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Unformatted text preview: Financial statement fraud causes a Financial decrease in market value of stock of approximately 500 to 1,000 times the amount of the fraud. amount $7 million fraud © 2003, 2005 by the AICPA $2 billion drop in stock value Types of Fraud Types Fraudulent Financial Fraudulent Statements Statements Employee Fraud Vendor Fraud Customer Fraud Investment Scams Bankruptcy Frauds Miscellaneous Frauds © 2003, 2005 by the AICPA The common element The is deceit or trickery! is Recent Financial Statement Frauds Frauds Enron WorldCom Adelphia Global Crossing Xerox Qwest Many others (Cendant, Lincoln Savings, ESM, Many Anicom, Waste Management, Sunbeam, etc.) Anicom, © 2003, 2005 by the AICPA Current Executive Fraud-Related Problems Problems Misstating Financial Statements: Quest, Enron, Misstating Global Crossing, WorldCom, etc. Global Executive Loans and Corporate Looting: John Executive Rigas (Adelphia), Dennis Kozlowski (Tyco--$170 million) million) Insider Trading: Martha Stewart, etc. IPO Favoritism: John Ebbers ($11 million) CEO Retireme...
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