ACCT 212 Study Guide - Quiz Guide: First Epistle To Timothy, Financial Accounting Standards Board, Financial Statement
Document Summary
Running head: fraud and ethics in managerial accounting. A page on accounting-degree. org gives ten of the most noteworthy scandals of all time, listing fraud committed by companies like enron, freddie mac, and worldcom to name a few . Over the last two decades, there have been many cases of fraud like these that have been brought to the light in some way or another. A few were brought down by whistle-blowers, some caught by the securities and exchange commission (sec), and some even by family members. The most pertinent one (turned in by his own sons) is the fraud perpetrated by bernard madoff, which is the largest ponzi scheme in history recorded to date. By paying returns to his investors out of their own money or from money of other investors, he was able to cheat them out of around 64 billion dollars. Many people wonder how this went on for over 20 years.
