Question: Please see the attached document and answer the question on a graduate course level. Thanks. Week 1 Homework Questions Rename your file with your first

 Please see the attached document and answer the question on a

Please see the attached document and answer the question on a graduate course level. Thanks.

graduate course level. Thanks. Week 1 Homework Questions Rename your file with

Week 1 Homework Questions Rename your file with your first name, last name, and "HW1. Type your answers into this document, rename it, and upload it to the Homework assignment for Week 1. ." Reminder - I do not allow direct quotes in student's work in this class. You need to paraphrase and cite your outside sources. Questions 1) You are the manager of a local Domino's Pizza store. Jamie Strong has been working for you as a manager for two years and has been a close friend of yours. Jamie has the reputation of being a hard worker and has not taken vacation for the entire time she has worked for you. Last week, Jamie left town to attend a family funeral. While she was gone, you received several phone calls that seemed suspicious. During these suspicious calls, a potential customer would call and ask for the manager. When you answered the phone (representing the manager), the customer would ask for the \"manager's special.\" When informed that there was no \"manager's specials\" offered this weekend, the caller would quickly hang up. This occurred several times. When Jamie returned, you decided to spend an evening observing the order-taking process. Jamie would take the order for the \"manager's special\" without entering the sale into the computer. Jamie would then deliver the pizza and pocket the money. a) Identify the specific type of fraud Jamie is perpetrating using the ACFE Fraud Tree and explain how it fits the definition. b) Describe how Jamie used each of the three elements of fraud from the Fraud Elements Triangle to carry out this fraud. i) Theft Act ii) Conversion iii) Concealment c) Write a paragraph explaining why Jamie should be terminated from employment. d) Write a paragraph explaining why it is important that Jamie is prosecuted for her crime. 1 1) Lynne Reder wasn't very happy with the education she was getting in college and dropped out to start a new business called Omega Corp. Omega initially was a business failure because Lynne ignored day-to-day operations and cost controls. One year later, Lynne was heavily in debt. Despite her debt, Lynne decided to open another location of Omega. She was confident that Omega would bring her financial success. However, as her expenses increased, Lynne could not meet her debts. She turned to insurance fraud to save her business. She would stage a break-in at a Omega location and then claim a loss. In addition, she reported fictitious equipment to secure loans; falsified work order contracts to secure loans; stole money orders for cash; and added zeros to customers' bills who paid with credit cards. Lynne was living the \"good life,\" with an expensive house and a new sports car. Two years later, Lynne decided to make Omega a public corporation. She falsified financial statements to improve the reported financial position of Omega greatly. In order to avoid the SEC's scrutiny of her financial statements, she merged Omega with ABC, an inactive New Jersey firm, and acquired ABC's publicly owned shares in exchange for stock in the newly formed corporation. The firm became known as ABC, and the Omega name was dropped. Lynne personally received 79 percent of the shares. She was now worth $24 million on paper. Lynne was continually raising money from new investors to pay off debts. A few months later, ABC's stock was selling for $21 a share, and the company's book value was $310 million. Lynne was worth $190 million on paper. Lynne became a \"hot figure\" through various television appearances and developed a reputation as an entrepreneurial genius. However, her reputation changed after an investigative report was published in a major newspaper. The report chronicled some of her early credit card frauds. Within two weeks, ABC's stock plummeted from $21 to $5. From the case, identify: a) The pressures, opportunities, and rationalizations that led Lynne to commit her frauds. Note that she committed more than one fraud and I want you to be complete as possible; cover all instances of fraud that you can identify; and explain why you included each item. e) The signs that could signal a possible fraud for each instance of fraud. Be as complete as possible and be sure to explain why each sign might indicate fraud to covering the possible fraud involved. f) Controls or actions that could have either detected or prevented Lynne's fraudulent behavior for each instance of fraud. Since we haven't covered control in depth yet, don't worry about the precise definition of a control and just try to identify actions that could have been taken and by whom that might have prevented and detected Lynne's fraudulent activities. 2 3

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!