Largest Penalty Fine Ever by the SEC for Ernst &Young (EY) Cheating

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According to the New York Times, the Securities and Exchange Commission (SEC) said the cheating involved hundreds of EY’s workers from 2017 to 2021, resulted in the largest penalty ever imposed by the agency against an auditing firm. Questions: What amount was the fine imposed by U.S. securities regulators? What were the three (3) charges… Read more »

Attention Zelle Users

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According to the New York Times, when customers say their money was stolen on Zelle, banks often refuse to pay. Questions: What is Zelle? What Federal Rule protects consumers in fraudulent electronic transfers of money? How much money was sent through Zelle and Venmo last year? What is Sim Swapping? What progress has been made… Read more »

Two Sets of Books

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According to the New York Times, a congressional committee looking into wrongdoing within the Washington Commanders N.F.L. franchise referred the case to the Federal Trade Commission. Questions: What did the 20-page letter to the FTC allege? What is the basis of the team’s categorical denial of financial impropriety? If true, what would the allegations mean… Read more »

Fraud and Money Laundering at the Lourve

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Former president and director of the Lourve from 2013 to 2021, Jean Luc Martinez, has been charged with fraud and money laundering in connection with Egyptian artifacts that were trafficked over the past decade. Questions: Under the French legal system, what is ahead for Mr. Martinez? What is Mr. Martinez’s current role? According to Le… Read more »

Who’s on the FORBES AI 50 List this year?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Intermediate Accounting, Managerial Accounting, Uncategorized, Video Updates.

On Sunday, May 9, Forbes released its fourth annual artificial intelligence (AI) list of the top companies that will shape the future. Questions: As you can see from the list, there is significant breadth and depth of artificial intelligence. Which area do you see as most promising and why? How was the list compiled? How… Read more »

Who Can You Trust in the World of Money Laundering?

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Augustine Osemwegie, the owner of a used car dealership in Fall River, Massachusetts, has pleaded guilty to money laundering. Questions: How was Osemwegie caught? What was the method he used to launder money? Was this his own money? Explain. Source: Media Team of RegXSA. (2022). US-based owner of used car dealership pleads guilty to international… Read more »

Audacious Fraud

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Dermatologist, Farhaad Riyaz, peer-voted as one of the top doctors in the Washington DC area in 2019 committed one of the most bizarre frauds in recent times, according to The Washingtonian.   Questions: How did Dr. Riyaz perpetrate the crime? What was the scheme? What is and/or was his potential punishment? Who did Dr. Riyaz… Read more »

The New World of Autonomous Trucking

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According to Axios, autonomous trucks could one day replace more than 90% of all highway trucking, which could have a profound impact on as many as 500,000 long-haul truckers, a new study found. Questions: According to the study by researchers at the University of Michigan and Carnegie Mellon University, if automation is restricted to Sun… Read more »

Exploiting Inflation to Pad Bottom Lines

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According to The Washington Post, some companies are exploiting inflation to pad their bottom lines. Questions: What evidence indicates that companies are raising prices to exploit rather than in relation to underlying cost increases? If companies are passing on their own higher costs to consumers, their _______________ should stay roughly the same. How do analysts… Read more »

Are they the Bitcoin Bonnie and Clyde?

Posted by & filed under Accounting Information Systems, Accounting Principles, Advanced Accounting, All Articles, Auditing, Behavioral and Social Issues Related to Accounting, Cost Accounting, Ethical Dilemma, Financial Accounting, Fraud Accounting, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

According to the New York Times, Ilya Lichtenstein and Heather Morgan were charged with conspiracy to launder billions of dollars worth of Bitcoin.Credit. Questions: What was the Bitfinex hacking? What was the role of the complex shuffling of Bitcoin by the couple in the fraud in January 2017?   When the government executed a search… Read more »