Case Coleen Colombo And Colleagues Resist Mortgage Fraud

  • Free Essay

    Mortgage

    Leah Dolce ECO 103 Mortgage Project While doing this project, I kept finding myself to be very indecisive as to what I wanted in a home and what things would be important to me if I were to purchase one. This project helped me understand the basics of buying a home such as: where I would want my kids to go to school, how many bedrooms, how many bathrooms, property, neighborhood reputation, and much more. I had very little knowledge about most of the surrounding area so now I know what kind

    Words: 282 - Pages: 2

  • Premium Essay

    The Function of Accounting Information Systems in the Enron and Bernard Madoff Fraud Cases

    CASE STUDY #1 | The Function of Accounting Information Systems in the Enron and Bernard Madoff Fraud Cases | | | | | | | What is the definition of accounting information system? The Core Concepts of Accounting Information Systems textbook defines accounting information system “as a collection of data and processing procedures that creates needed information for its users” (Bagranoff, 2010). A key factor in determining the success in an organization is its accounting information

    Words: 571 - Pages: 3

  • Premium Essay

    Subprime Mortgage

    SUBPRIME MORTGAGE CRISIS The U.S. subprime mortgage crisis was a set of events and conditions that led to the late-2000s financial crisis, characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. What is a subprime mortgage? A subprime mortgage is a type of loan granted to individuals with poor credit histories, who, as a result of their deficient credit ratings, would not be able to qualify

    Words: 3201 - Pages: 13

  • Premium Essay

    Bankruptcy Fraud

    According to the IRS, ten percent of bankruptcy filings are fraud and less than one percent of those are convicted. Bankruptcy can be filed when a company or a land owner is unable to pay overwhelming debts. Sometimes people hide their money and assets, and file bankruptcy just so they won’t have to pay back the debts that they owe even though that person is fully capable of doing so, which is illegal. This is called bankruptcy fraud, which is federal white collar crime which can lead to a maximum

    Words: 471 - Pages: 2

  • Free Essay

    Mortgage Case

    Institution | Rates(5 year Fixed Rate Mortgage) | Fees(chequing account) | Options | Promotions(closed mortgages) | TD Canada Trust | 5.34% | Infinity Account - $12.95/month (fee will be waived if more than $3000 remains in account each month) | 1.Payments can be increased by up to 100% over term without a penalty2. Up to 15% can be prepaid each year | 1. Offering a rate of 4.09% for 5 yr fixed rate mortgage2. Offering an immediate 5% cash back on mortgage principal | RBC Royal Bank | 5.34%

    Words: 2995 - Pages: 12

  • Premium Essay

    Subprime Mortgage Crisis and Ethics

    Introduction Within the subprime mortgage loan system which involved a relationship with brokers, lenders, and potential homeowners, many seemingly unethical practices were forged in the name of American families and individuals attaining part of the “American Dream” of owning a home. While this may neither have been the direct fault of neither party, each engaged in less than moral actions that played a part in the subprime mortgage crisis. Thus, the problem to be investigated is whether or not

    Words: 1738 - Pages: 7

  • Premium Essay

    Fraud

    in the “The CPA Journal”, “many studies suggest fraud is more likely to occur when someone has an incentive (pressure) to commit fraud, weak controls or oversight provide an opportunity for the person to commit fraud, and the person can rationalize the fraudulent behavior (attitude).” This is known as the fraud triangle. There are two types of fraud: fraudulent financial reporting and misappropriation of assets. For the first one, this kind of frauds came from the top management. Most of the pressures

    Words: 799 - Pages: 4

  • Premium Essay

    Colleen Columbo Mortgage Fraud

    by the type of service, location, or business rendered by your company. If your intention is to open up an automobile repair shop, Home Depot, Best Buy, CVS, etc…, and you have outstanding credit, then triple net lease would benefit you well. In the case of a small business, say an automobile repair shop, my preference is still the triple net lease (NNN). The NNN lease is based on your credit, and the work required in bringing the facility up to a workable standard or building code. The basic office

    Words: 574 - Pages: 3

  • Premium Essay

    Subprime Mortgage

    JARAF The Journal of applied research in accounTing and finance V O L U M E 3 , i s s U E 1 , 2 0 0 8 Old Wine in New Bottles: Subprime Mortgage Crisis – Causes and Consequences Michael Mah-Hui Lim Information Lost: A Descriptive Analysis of IFRS Firms’ 20-F Reconciliations Marlene Plumlee and R. David Plumlee Negative Goodwill: Issues of Financial Reporting and Analysis Under Current and Proposed Guidelines Eugene E. Comiskey and Charles W. Mulford Electronic copy available at: http://ssrn

    Words: 13336 - Pages: 54

  • Premium Essay

    Coleen Colombo and Colleagues Resist Mortgage Fraud

    Coleen Colombo And Colleagues Resist Mortgage Fraud Columbia College                           Coleen Colombo and Colleagues Resist Mortgage Fraud Synopsis In 2003, Coleen Colombo joined the California branch of BNC, where she worked as a senior underwriter. The BNC office in which Colombo worked was part of the regional group that offered a considerable amount of loan to its customers. The performance of Colombo in her work was outstanding. This is according to a wrongful termination and harassment

    Words: 1774 - Pages: 8

  • Premium Essay

    Coleen Colombo and Colleagues Resist Mortgage Fraud

    Coleen Colombo and Colleagues Resist Mortgage Fraud Synopsis In 2003, Coleen Colombo joined the California branch of BNC, where she worked as a senior underwriter. The BNC office in which Colombo worked was part of the regional group that offered a considerable amount of loan to its customers. The performance of Colombo in her work was outstanding. This is according to a wrongful termination and harassment suit filed in California Superior Court on her behalf and on behalf of five other BNC employees

    Words: 317 - Pages: 2

  • Free Essay

    Acct 571: Computer Fraud Case

    Advanced Accounting Information Systems | Computer Fraud | | By | [Type the author name] | 9/14/2013 | DeVry University’s Keller Graduate School of Management | A University of Oklahoma student was charged with computer fraud on May 16, 2013 by the Cleveland County District Court. The University of Oklahoma student, Roja Osman Hamad, is accused of improperly changing his grades. Roja Hamad now faces five counts of computer fraud. Mr. Hamad was a former student employee of the university’s

    Words: 1093 - Pages: 5

  • Premium Essay

    Fraud on Wsj

    Fraud on WSJ: A Case Study of Goldman Sachs Case The secret of great returns which are difficult to explain is a crime that has not yet been discovered because it has been carefully executed -  Pere Goriot Goldman Sachs and Paulson Co. Inc.: The Players. The Goldman Sachs Group, Inc. is a global investment banking and securities firm which engages in investment banking, securities, investment management, and other financial services primarily with institutional clients. Goldman Sachs was

    Words: 5400 - Pages: 22

  • Premium Essay

    Mortgage Fraud

    Beginning in 2008, mortgage companies had begun to start making loans to individuals as a way to promote home ownership. With the help of Fannie Mae and Freddie Mac, there was increased pressure on these mortgage companies to loan to individuals who did not meet certain requirements that would qualify them. For obvious reasons, these qualifications were in place so that a crisis like this would have never happened. Additionally, the mortgage backed securities and collateralized debt obligations

    Words: 659 - Pages: 3

  • Premium Essay

    Case with Coleen Colombo and Colleagues Resisting Mortgage Fraud

    Synopsis In 2003, Coleen Colombo joined the California branch of BNC, where she worked as a senior underwriter. The BNC office in which Colombo worked was part of the regional group that offered a considerable amount of loan to its customers. The performance of Colombo in her work was outstanding. This is according to a wrongful termination and harassment suit filed in California Superior Court on her behalf and on behalf of five other BNC employees. The suit states that the work environment began

    Words: 940 - Pages: 4

  • Premium Essay

    Anatomy of a Fraud

    Anatomy of a Fraud Project Abraham Kennard: The False Profit Alisan James Forensic Accounting November 25, 2013 Dr. N. Sharma Abstract The goals and objectives of a fraud investigation are to think critically and creatively to be able to prepare and organize ideas to uncover a suspected fraud. Crook, hustler, swindler, fraudster and con artist are all used interchangeably to describe someone who will spare no expense to deliberately and intentionally achieve an advantage over another

    Words: 3274 - Pages: 14

  • Free Essay

    Case 1: Capital Mortgage Insurance Company

    Case 1: Capital Mortgage Insurance Company Overview This case is set in the late 1970’s and describes an acquisition attempt by Capital Mortgage Insurance of Corporate Transfer Services. CMI is a company that sells mortgage insurance to mortgage lenders and banks but executives at CMI want to grow into the real estate relocation industry. Corporate Transfer Services assists employees who have been transferred to a new city as they try to find a new home. Capital Mortgage Insurance Corporations

    Words: 1168 - Pages: 5

  • Premium Essay

    Case 3.4 Sunbeam: Incentive and Pressures to Commit Fraud

    Case 3.4 Sunbeam: Incentives and Pressure to Commit Fraud 1. Consult paragraph 9 of PCAOB Auditing Standard No. 5. Based on your understanding of inherent risk assessment and the case information. Identify three specific factors about Sunbeam that might cause you to elevate inherent risk. The fact that the structure of the organization was in major flux and that the employees were probably in chaos mode with all the terminations in management, I am sure that the overall tone from the top

    Words: 1210 - Pages: 5

  • Free Essay

    Fraud

    Olympus Accounting Fraud ACTG 6100 Professor Mark Jobe Feb. 18, 2014 Inhwa Kim M01243678 The Olympus has a pretty strong position in the camera market. This company is popular because they made the world’s first DSLR (Digital Single-Lens Reflex). Many camera users who are located in all around the world prefer the Olympus. Also, the Olympus is popular because the company made the medical devices, endoscope which is able to watch inside the organ of human body. The Olympus, which

    Words: 1074 - Pages: 5

  • Premium Essay

    Case with Coleen Colombo and Colleagues Resisting Mortgage

    Week 5 Case Discussion Explain if the “fight-or-flight” response is evident in this case. * In the case with Coleen Colombo and colleagues resisting mortgage fraud there is evident of fight or flight present. When our fight or flight system is activated, we tend to perceive everything in our environment as a possible threat to our survival. By its very nature, the fight or flight system bypasses our rational mind—where our more well thought out beliefs exist—and moves us into "attack" mode.

    Words: 672 - Pages: 3

  • Premium Essay

    Mortgage Fraud

    Michael Morris Case Study number 1 Synopsis: Prior to the 2008 financial crisis the price of a typical United States home had increased by 124 percent (UNC). This appreciation of homes leads to borrowers obtaining subprime adjustable interest rates for a set period (UNC). This money lending boom led to a situation that Coleen Colombo and five other female employees of BNC found themselves in. Coleen, a senior mortgage underwriter that was routinely receiving “exceed expectations” on her performance

    Words: 1636 - Pages: 7

  • Free Essay

    Colleen Columbo Case Study

    lending boom circa 2003, Coleen Colombo had just begun her job as a senior underwriter at BNC. This small office she worked in was part of a larger umbrella group whose coffers funded over a billion dollars in loans every month. Initially, she had great success and received rave reviews. Managers would often rate her job performance as “exceeds expectations”. However, only two years into the job she would be exposed to the dark underbelly of the mortgage business. Facing mounting

    Words: 1312 - Pages: 6

  • Free Essay

    The Fraud of the Century: the Case of Bernard Madoff

    The Fraud of the Century: The Case of Bernard Madoff 1. What are the ethical issues involved in the Madoff case? Not only is what Bernard Madoff did highly unethical but for his company to be able to pass the tax audition imposed question on the SEC internal system a farce. I guess Madoff bribed the auditors. I guess the saying money talks holds true for some. How people could morally falsify documents for money is just beyond comprehensible. To even take advantage of an innocent person is unfathomable

    Words: 697 - Pages: 3

  • Premium Essay

    Fraud Case

    CASE 4: ACCOUNTING FRAUD AT WORLDCOM Betty Vinson: victim or villain? Should criminal fraud charges have been brought to her? How should employees react when ordered by their employer to do something they do not believe in or feel uncomfortable doing? In discussing whether Vinson should been charged with criminal fraud, it can be analyzed from ethical perspective which can truly judge whether she was morally responsible for the wrong or not. In order to determine whether Vinson was morally responsible

    Words: 1208 - Pages: 5

  • Premium Essay

    Fraud

    FRAUD: FRAUDULENT ACTIVITIES A REVIEW OF THE CRIMES Introduction Investigations into fraudulent activities have brought much attention to Federal Government spending. The impact of fraud and the corruption caused by internal parties or external entities targeting government funds can be substantiated. For example, the Association of Certified Fraud Examiners (ACFE) in a 2012 Report to the Nations on Occupational Fraud and Abuse projected a global fraud loss of more than $3.5 trillion per

    Words: 3344 - Pages: 14

  • Premium Essay

    Mortgage

    SUBPRIME MORTGAGE CRISIS The beginning of 2000s, commodity, especially “petrol” and agricultural products prices was soared unexpectedly. Economic growth of high population countries such as India and China raised demand of agricultural and merchandise products and thus, this demand caused increasing of these products prices. In 2008, not only food prices but also gold and petrol prices reached the highest level in history. On the other hand, while these prices was increasing, the value of

    Words: 976 - Pages: 4

  • Free Essay

    The Case Study (Coleen Colombo and Colleagues Resist Mortgage Fraud, Page 250)

    David Rutherford 3/27/2015 MGMT 362 The competency test actually opened my eyes concerning my behaviors. I will speak on my highest score 96 for ethics, and my lowest score 73 for communication. We often read about scams and dishonesty, it’s sad that individuals behave this way. No longer is a man’s word enough, and it’s hard to trust what some people say sometimes. I work in the sales business and I retain and get new customers by providing

    Words: 319 - Pages: 2

  • Premium Essay

    Scout Mortgage

    Scout Mortgage 1 Running Head: Changes at Scout Mortgage Assignment 5: Changes at Scout Mortgage Scout Mortgage 2 Changes at Scout Mortgage Discuss the nature of change in the work environment of the 21st century: There are pressures for change and it can be difficult and takes time. “Despite the challenges, many organizations successfully make needed changes, but failure also is common. As a result, managing change has become a central focus of managers in most organizations.

    Words: 1227 - Pages: 5

  • Premium Essay

    Fraud Additional

    price above the competitive level. * Consumers expect that promises will be fulfilled through the exchange process. * Buyer/seller disagreement (i.e. products not meeting expectations) can result in fraudulent activities. * Consumer fraud results from intentional deception to derive unfair economic advantage from an organization. * Shoplifting (shrinkage) * Collusion (secret cooperation) * Duplicity (double-dealing) * Guile (deceipt) * Collusion in Sales

    Words: 2053 - Pages: 9

  • Free Essay

    Mortgage

    Mortgage Type of Mortgage | Pros | Cons | Fixed-rate mortgage | No surprises The interest rate stays the same over the entire term, usually 5, 10, 15, 20 or 30, or 50 years. | If interest rates fall, you could be stuck paying a higher rate. | Adjustable-rate (ARM) or variable-rate mortgage | Usually offers a lower initial rate of interest than fixed-rate loans. | After an initial period, rates fluctuate over the life of the loan When interest rates rise, generally so do your loan payments

    Words: 788 - Pages: 4

  • Premium Essay

    Case 1 - Exercise 1 Abernethy and Chapman Fraud Risk Factors

    Case 1 - Exercise 1 Abernethy and Chapman Fraud Risk Factors Client: Lakeside Company Prepared by: Date: 09/12/2015 List the fraud risk factors that the CPA firm might encounter if they accept this audit engagement. Be sure to include a discussion of all items that will probably require special attention during the audit. For each of these fraud risk factors, indicate how the auditor should follow up on each potential problem if the engagement is accepted. Use the following format:

    Words: 647 - Pages: 3

  • Premium Essay

    Colleen Colombo and Colleagues Resist Mortgage Fraud

    Colleen Colombo and Colleagues Resist Mortgage Fraud Synopsis In 2005, Colleen Colombo and five other female employees filed a harassment and wrongful termination lawsuit in the California Superior Court on Concord branch of BNC, a small office in California that funded over a billion dollars in loans per month. Colleen was hired as a senior underwriter for BNC in 2003 and was an exceptional employee even receiving a “exceeds expectations” rating in a performance review according to court records

    Words: 1154 - Pages: 5

  • Premium Essay

    Fraud Fraud

    The Anonymous Caller Recognizing It's a Fraud and Evaluating What to Do[1] Learning Objectives • After completing and discussing this case you should be able to • Appreciate real-world pressures for meeting financial expectations • Distinguish financial statement fraud from aggressive accounting • Identify alternative actions when confronted with suspected financial statement fraud • Develop arguments to resist or prevent inappropriate accounting techniques

    Words: 1453 - Pages: 6

  • Premium Essay

    Fraud Case

    | | |Financial Statement Fraud | |Navistar International Corporation | |

    Words: 3355 - Pages: 14

  • Premium Essay

    Enron - a Fraud Case Summary

    in the Room Movie Summary Gerald Prayogo ------------------------------------------------- 342858 Enron: The Smartest Guys in the room is a documentary movie based on the book of the same name. Essentially, it tells us about one of the biggest fraud ever performed in the US. It tells us of the downfall of Enron: its scandals, the prosecution of its perpetrators, as well as its role in California electricity crisis. The film describes the biggest names on the fraudulent corporation. First is Kenneth

    Words: 487 - Pages: 2

  • Free Essay

    Example of Fraud Case

    Cases of Fraud in an Organization In a non-profit organization of a university, the members let's call her Mrs. X served as chairman of a depertment within the organization, which is take care of and responsible for a work program that focuses on social activities that are the main focus not for profit, the source of funds provided by the university through a proposal which has been accepted and legalized fund its budget and has received the first disbursement of funds as much as 70% of 100% of

    Words: 365 - Pages: 2

  • Premium Essay

    Fraud

    Fraud is a serious problem for most businesses today and often technology compounds the problem. In addition, the role of the independent auditor in the detection of fraud is often questioned. (http://www.swlearning.com/accounting/hall/ais_4e/study_notes/ch03.pdf) Fraud is dishonest activity causing actual or potential financial loss to any person or entity including theft of money or other property by employees or persons and where deception is used at the time, immediately before or immediately

    Words: 4690 - Pages: 19

  • Free Essay

    Mortgages

    Mortgages Brianna Hammar Rolfs Southern New Hampshire University The Right Mortgage for Me Choosing the right mortgage can become an overwhelming and daunting task for any person or family to undertake. The old cliché, “knowledge is power”, applies to the process as it enables the property owner to understand their options and feel more in control and, thus, less at the mercy of the intricate process of securing a mortgage. There are big decisions

    Words: 482 - Pages: 2

  • Premium Essay

    Accounting Fraud

    THE NATION’S NEWSPAPER BS2003-01a Collegiate Case Study Enron law firm called accounting practices 'creative' By Greg Farrell www.usatodaycollege.com Accounting fraud Part I: The problems “Creative accounting” is not a new technique, but it can certainly be a costly one. Businesses feel the pressure to appear profitable in order to attract investors and resources, but deceptive or fraudulent accounting practices often lead to drastic consequences. Are these so-called creative practices

    Words: 7153 - Pages: 29

  • Premium Essay

    Mortgage Fraud

    Burning Down the House: Mortgage Fraud and the Destruction of Residential Neighborhoods Ann Fulmer March 2010 Burning Down the House: Mortgage Fraud and the Destruction of Residential Neighborhoods Mortgage fraud is bank robbery without a gun. 1 It is a high-yield, 2 low risk enterprise that has been reported in all 50 states, Puerto Rico, Guam, American Samoa, 3 Canada, 4 New Zealand, 5 Australia, 6 and England. 7 In the United States, it is committed by organized international and domestic

    Words: 11793 - Pages: 48

  • Premium Essay

    Fraud and Internal Controls: Business Fraud Case

    Fraud and Internal Controls: Business Fraud Case Advanced Accounting Information Systems It’s amazing that in this day and age when technology is supposed to be the most efficient way to run this economy and all its businesses it can still have a major blunder, such as, data breaches that can cause many companies millions and millions of dollars. There are so many data breaches that have occurred lately, one right after the other, such as Sony’s PlayStation, Nintendo, Citigroup, T.J Maxx and

    Words: 1282 - Pages: 6

  • Premium Essay

    Mortgage

    MORTGAGE A Mortgage is defined as a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments. Mortgages are used by individuals and businesses wishing to make large value purchases of real estate without paying the entire value of the purchase up front. Mortgages are also known as liens against property, or claims on property. It can be further described as the debt instrument giving conditional

    Words: 543 - Pages: 3

  • Premium Essay

    Fraud

    Fraud is defined as the, “intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right” (Fraud, n.d.). However, not all fraud is intentional. According to Kranacher, Riley & Wells (2011), there are four elements to fraud: a material false statement, knowledge that the statement was false when it was spoken, reliance on the false statement by the victim, and damages resulting from the victim’s reliance on the false statements (pp. 2-3)

    Words: 1036 - Pages: 5

  • Premium Essay

    Case Study 1 and the Fraud Continues

    will discuss several topics from a case study about And the Fraud Continues; it’s basically about a Fraud case with MCI. The following questions will be answered below 1) Discuss the internal control weaknesses that existed at MCI that contributed to the commission of this fraud, 2) Identify and justify the approach you would take if you suspected fraudulent activity within an organization where you work, 3) Critique the ethical nature of Pavlo’s actions in the case and 4) Apply one (1) theory related

    Words: 1125 - Pages: 5

  • Premium Essay

    Scott Mortgage

    Changes at Scott Mortgage De’Sean Anderson Strayer University BUS 520 Leadership & Organizational Behavior Dr. Anderson June 12, 2010 Discuss the nature of change in the work environment of the 21st century. Between technological advances, the changing composition of the workforce, and the growing influence of the global economy, organizational structures and employees' careers are taking unprecedented and unpredictable turns. People still want to be successful in their jobs, want

    Words: 1140 - Pages: 5

  • Free Essay

    Fraud Investigation

    The clue to make this conclusion is that he’s “all over” the TBC’s work. My following analysis is based on the fraud triangle. As regards to opportunity, Ben is the office manager and he has multiple authorities over the company’s operations including transaction verification and cash handling. It’s easy for him to perpetrate a fraud. The most obvious opportunity for him to commit a fraud is in purchasing equipment. Because Ben recently changed a vendor to Charlie Thurgood, who has a close relationship

    Words: 1128 - Pages: 5

  • Premium Essay

    Internal Fraud Case Study

    COVER STORY: INTERNAL FRAUD CASE STUDY Prepare a two-to-three page case study report on the following case: COVER STORY: INTERNAL FRAUD on pages 104-106 in Chapter 4: Billing Schemes of the Fraud Examination text by Wells. Discuss the coincidences involved in this case study. Use the 2009 Global Fraud Survey (also located in Doc Sharing) for references concerning perpetrator, size of fraud, detection, and controls. This case is about the $4 million embezzlement fraud by an employee of a magazine

    Words: 653 - Pages: 3

  • Premium Essay

    Mci Fraud

    Case 1: The Fraud Continues July 17, 2011 Abstract Focusing on the internal control weaknesses that existed at MCI, which contributed to the commission of Walt Pavlo’s famous multi-million dollar fraud. Discussing the approach that should have been taken if fraud was suspected and applying one theory related to crime causation of this case. As well as critiquing the ethical behavior of Pavlo and MCI – discussing what actions could have been taken to prevent the crime. 1. Discuss the

    Words: 1953 - Pages: 8

  • Premium Essay

    Acc 571 Case 1: and the Fraud Continues

    Case Study 1: And the Fraud Continues Forensic Accounting July 22, 2012 Abstract This case represents features of organized crime, occupational fraud and abuse. Most of these crimes involve many individuals and organizations as well as management and/or co-workers that are in a lot of social and financial pressures. Some of the crimes related with organize crime will be money laundering, mail and wire fraud, conspiracy and racketeering. With an internal control weakness employees would always

    Words: 2024 - Pages: 9

  • Premium Essay

    Case 1 and Fraud Continues

    Bill MakkawiJuly 22, 2012 | Case 1 And Fraud Continues Forensic Accounting A company can’t work with a strong and secure accounting system. The accounting system should include strong internal controls to make sure financial statements and data are accurate and valid. Strong internal controls can prevent a company from providing false data to make their company look more profitable and steal funds from the investors and stockholders. There are several internal control weaknesses that existed

    Words: 1410 - Pages: 6

+
-