ZZZZ BEST CASE STUDY 1.9

The company also engaged in over billing carpet cleaning customers through their credit cards Akst. The production of these phony documents was so skillfully done using photocopying equipments that the company auditors accepted them as evidence that actually sales or receivables transactions occurred in the company Berman 7. According to investigation report evidence, the company did not make profit and mainly operated on borrowing funds Wells Still on this, is the fact that Barry Minkow is noted to have been involved in check kitting practices among three banks. The stocks exchange commissioners, brokers and stocks investment advices can also be seen as a cause for the fraud. This thus means that the investment was indeed a financial loss for banks Lieberman. Just to be noted here is the fact that the whole ZZZZ Best fraud activities brought financial loss even to carpet cleaning customers as their credit cards were often over billed for services rendered.

Through this the government will help in sufficiently reducing investor losses caused by inaccuracies of financial statements for companies, a move that could aid in the process of mitigating fraud activities in the society. How the shares of ZZZZ Best grew in value of a short time remained questionable given the fact that it was never quite commonly known in the public domain. It has been established that the operations of ZZZZ Best Carpeting cleaning business were initiated through constant borrowings and never made any profits. Another cause was quest for prosperity by Barry Minkow in business by all means. Barry was initially sentenced for 25 years but was only served for seven in jail.

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The government serves the sole purpose of protecting its citizens against social, physical psychological and economic instability. This thus means that the investment was indeed a financial loss for banks Lieberman.

zzzz best case study 1.9

Still on this, is the fact that Barry Minkow is noted to have been involved in check kitting practices among three banks. This is why it calls for the government to investment more resources in enforcing the existing ant-fraud laws as well as enacting and implementing of much effective laws to protect investors from frauds.

Investigation into the case established that the company had operated for an estimated zzzs years by using fictitious sales invoice and customer remittance checks as a proof for the company receivables Baliga Through this the government will help in sufficiently reducing investor losses caused by inaccuracies of financial statements for companies, a move that could aid in the process of mitigating fraud activities in the society.

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Barry Minkow and his other two associates engaged in protecting their fraud activities ebst making fake invoices for sales as well as fake customer remittance checks. The production of these phony documents caee so skillfully done using photocopying equipments that studh company auditors accepted them as evidence that actually sales or receivables transactions occurred in the company Berman 7.

Therefore, to prevent case like the ZZZZ Best carpet fraud case, the government should put in place stiffer rules and regulations to ensure transparency and effectiveness of the auditing practices Baliga Such also made him become the founder of the Fraud Discovery Institute in San Diego, whose purpose is to educate investors and general public on how to identify and avoid fraud Lieberman.

Just to be noted here is the fact that the whole ZZZZ Best fraud activities brought financial loss even to carpet cleaning customers as their credit cards were often over billed for services rendered.

Case ZZZZ Best Co Inc. by Ryan Demko on Prezi

The fraud scum brought loss to investors. It has been established that the operations of ZZZZ Best Zzzzz cleaning business were initiated through constant borrowings and never made any profits. These investigations led to the arresting, charging and convicting of Barry Minkow and his business associates for engaging in fraudulent activities.

Barry was initially sentenced for 25 years but was only served for seven in jail. Need essay sample on.

The company also engaged in over billing carpet cleaning customers through their credit cards Zzzx. Still, it has been established that the scum and its associated consequences formed the basis for Barry Minkow to become a saved man.

In a way of engaging loan givers, Barry Minkow opened a dase fire and flood damaged buildings restoration business, a company which he listed in the public stock market within a short period. This correlation was no doubt missing in the ZZZZ Best Carpeting Company but its auditors did not expose it to serve investors from eminent loss of their investment.

zzzz best case study 1.9

The zzxz exchange commissioners, brokers and stocks investment advices can also be seen as a cause zzsz the fraud. According to investigation report evidence, the company did not make profit and mainly operated on borrowing funds Wells We will write a custom essay sample specifically for you Proceed. However, despite this seemingly booming business, almost all its revenues came from fictitiously recorded receivables Wells Another cause was quest for prosperity by Barry Minkow in business by all means.

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zzzz best case study 1.9

How the shares of ZZZZ Best grew in value of a short time remained questionable given gest fact that it was never quite commonly known in the public domain.

On the side of investors is the loss brought by the company for its fictitious business for restoration of buildings dase by fire and flood. It has been established that the ZZZZ Best carpet fraud case acted as an eye opener indicating the weakness of auditing, banking and stock exchange practices of our economy.

Following the revealing of the ZZZZ Best carpet fraud case, the government moved to sell the company assets to compensate investors who lost in the scum Akst. Another consequence is the imprisonment of Barry Minkow and his business associates for fraud charges.

ZZZZ Best Carpeting Fraud case

Following the discovery of the ZZZZ Best carpeting fraud activities, vase company was investigated and charges made against its owners, a move which saw Barry Minkow convicted and sentenced for 25 years Lieberman. Such could only be equated to failure by the banking sector to qualify studg statements of companies, authenticate checks and qualify the actual worthy of cass business before giving a loan. Investigation findings into the ZZZZ Best Carpeting Fraud case clearly show that Barry engaged in check kitting in and out of three banks for the purposes of realizing successful loan securing despite the fact that his company did not make profits Wells Still, the ZZZZ Best Carpeting Fraud scum was established to have had involved fictitious vendor payments and check kitting practices in and out of three banks Wells