Term Paper: A Fraud Case in a Company

Sample Essay

When Minkow started his carpet cleaning business he quickly realized that the business would not earn him significant amount of profits and he would have to find some other means of earning profits. He started making friends social connections with several individuals o exploit them and earn money through his schemes.

The fraud started with insurance income which the company earned due to one of Minkow’s gullible friends who worked for an insurance company. Minkow later started using bogus financial statements of the company to receive loans from several banks and later on he used similar statements to elicit investment from rich people. The success rate gave Minkow the idea of going public which would enable him to make millions out of a phony company. The initial audit of the company was performed by George Greenspan who confirmed the substantial insurance income after contacting Minkow’s insurance company associate who was now a willing participant in fraud schemes. Greenspan though reviewed and analyzed the financial statements and financial ratios relevant to these statements but failed to visit and physically examine the sites related to insurance restoration.

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