Many employees who attempted to report the crimes were fired and unable to find work due to a “black mark” Wells Fargo placed on their U5. This is an industry form to document incidents of corruption within bank employees (Arnold and Smith). Wells Fargo responded to the scandal by firing 5,300 low-level employees. However, the problem was much bigger than that.
The police then beat Rodney King for about 15 minutes, which lead to him having skull fractures, broken bones, broken teeth, and permanent brain damage. The police didn’t know that they were being filmed for most of the beating. The person that filmed it brought it to a local news station, and within days the film was seen through all of America, Police brutality had been a problem for a while in LA, but this was the first time it was filmed. Four white Los Angeles police officers were charged with assault with a deadly weapon and using excessive force. On November 26, 1991 the trial was moved from L.A. to a mostly white town in Ventura County.
[“1992 Riot in Los Angeles”] The arrest was only the tip of the iceberg. After the video was released to the press, it triggered the infamous riot of 1992. The riot began in the middle of town a d lasted three days. Throughout these days, the president “ordered military troops and riot trained federal officers” [“1992 Riot in Los Angeles”] to help control the situation.
Discovery Bilbo continued with his obscure trading up until 1 April 2000, when he left Hobbiton to fly to Erebor. The bank’s auditors finally discovered the fraud around the same time that the Bank's chairman, Gandalf, received a confession note from him. After the collapse, several observers, including Bilbo himself, placed much of the blame on the bank's own deficient internal control and risk management practices. A number of people raised concerns over Bilbo's activities but were ignored. 2.2 Damages
Arthur Andersen once exemplified the integrity and rock-solid character that was synonymous with the accounting profession. However, the bankruptcies of high-profile clients such as WorldCom and Enron and the string of accounting scandals that eventually cost investors nearly $300 billions of dollars and also caused hundreds of thousands of people their jobs. As a result of these scandals, the Chicago-based accounting firm closed its doors in 2002, after 90 years of business. 2- background, ethical issues involved BAPTIST FOUNDATION OF ARIZONA BAPTIST FOUNDATION OF ARIZONA become the largest bankruptcy of a nonprofit charity in U.S history, the Baptist Foundation of Arizona (BFA), where Andersen firm served as the charity auditor, the charity lost $570 millions of donor funds. BFA, an agency of the Arizona Southern
Citron began gambling county funds on risky investments, which paid off until 1994 when those risky investments did not pan out handing the county a one-in-a-half-billion-dollar bill owed. When the citizens of Orange County refused to agree to raise taxes, the state legislator had to step in and bailout the Orange County. The debt Orange County has accumulated and defaulted make the county and the surrounding counties undesirable for business and economic growth. Citron plead “guilty to six felony counts,” served a year under house arrest, and was fined 100,000 dollars; and the county and surrounding countries suffered financially and status (Shafritz and Borick 2011, 99). The county also
It’s important to note that human trafficking is a very prevalent illegal omission against basic human rights, a crime that has spiraled out of control. Human trafficking has chained many people, forcing them into slavery. Approximately 20 to 30 million drudge who works very hard without proper remuneration or appreciation in the world today. Based on the research done by the U.S. State Department, 600,000 to 800,000 people are traded illegally across intercontinentally every year. It happens on a daily basis, sometimes many don’t even know that they are a victim of trafficking.
As mentioned before, the scandal had been going on at least for five years. Two million customers’ accounts had been affected. More than 5,300 employees had been fired over several years. Nevertheless, no senior executives had been terminated.
HIPAA Violation rocks hospital! An employee at St. Charles Health system accessed over 2400 patients’ medical records over a two-year period because they were curious. We all know that curiosity killed the cat and now it may have direr consequences for this curiosity seeker and the hospital system. HIPAA Violation without intent to commit fraud The employee who viewed the protected health information (PHI) without a legitimate reason to do so is in jeopardy of large civil fines, loss of their respective clinical license and criminal prosecution.
According to Fortune, “Executives sought to drive growth by putting undue pressure on its employees to hit sales quotas, and many employees responded by fraudulently opening customer accounts. In most cases these accounts were closed before customers noticed, but in other cases consumers were hit with associated fees or took hits to their credit ratings. The bank was forced to return $2.6 million in ill-gotten fees and pay $186 million in fines to the government. But the biggest hit Wells Fargo will take is to its reputation, as the media and government officials spent much of the year slamming the bank for its fraud,” (Mathews). The victims being the unknowing customers who saw their credit ratings plummet and faced steep financial fees, that were brought about through no fault of their own.
Before the Sarbane-Oxley Act of 2002 came into effect in the American economy, most investors and shareholders were left in the dark – most often at the mercy of big corporations whose accounting practices were largely unregulated. The act was a response to the infamous scandal of Enron, WorldCom, Tyco, and Adelphia – all of whom had unethical business practices that caused their shareholders to lose the astronomical amount of investment when their scandals made headlines. The Sarbane-Oxley Act (SOX) requires a business to implement a code of ethics for its employees, especially senior financial officers; it also requires a business rotate its financial auditors on a regular basis. (Orin, 2008) The implementation of a code of ethics aims to
I self-reflect quite often, and one thing about me I am aware of is that I am certainly not a stressful person. This very fact has gotten me out of trouble; and into it on several occasions. People, especially a few teachers, have told me that this would eventually lead to my downfall. That my lack of sense of urgency would come to haunt me. I looked inside myself and knew that they were right, and objectively I knew that that fact was true and their prediction inevitable.