Simply tune into any news program these days, and financial frauds appear more commonplace than felonious assaults.
Finally, the crimes themselves were minor compared to the massive financial frauds that have come to light in more recent times.
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Depending on their role in the offense and their ability to connect the dots leading to more senior executives or more central participants in financial frauds, such witnesses frequently are the key to making or breaking a case.
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The second method is through a string of losses, financial catastrophes and frauds that create the perception of pitfalls looming in every direction.
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This is the first FDIC suit against an auditor for financial crisis era bank frauds or failures.
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Moreover, knowing and intentional frauds involving the financial results of public companies were no less illegal prior to 2002, and yet the well-publicized accounting scandals of the late 1990s (including Cendant and Waste Management) clearly did not stop the later investigations and prosecutions from happening.
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How many investors would be saved from financial ruin if the facts behind these frauds were made public?
President Obama appointed Ms. Schapiro after the SEC missed most of the frauds leading up to the 2008 financial crisis.
The judge also pushed the envelope by instructing jurors that they could find Lay and Skilling guilty for "willful blindness, " or closing their eyes to wrongdoing like the frauds perpetrated by former Enron Chief Financial Officer Andrew Fastow .
Companies with weak or non-existent internal controls over financial reporting are more susceptible to fraud and those frauds take longer to uncover.
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This is true, in spite of the number of examples from the financial crisis, Madoff feeder fund failures, and other frauds that might be considered by investors to possibly imply auditor failure.
Currently, the statute does not reach frauds involving options or futures, which include some of the derivatives and other financial products that were part of the financial collapse.
Adopt policies and structures to recoup executive bonuses and share dividends enjoyed by top officials of companies that undertake frauds against the government, similar to what Dodd-Frank mandates for reporting erroneous financial information.
Kochan is an investigative journalist who has written several books about financial scandals such as the collapse of Bank of Credit and Commerce International, one of the biggest bank frauds in history, and The Guinness Affair, an illegal share-fixing operation.
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