The Adelphia Communications Scandal
Adelphia Communications Company experienced fraud from March 1998 to 2002 when officials excluded billions of cash in liabilities from the company’s consolidated financial statement as they hide them on the books of off-balance sheet affiliates. Earnings to meet Wall Street’s expectations were inflated, falsified operation statistics, as well as concealed blatant self-dealing by the family that founded the company. The founder of Adelphia Company and his sons, as well as the two executives presented a picture of greed, in addition to deception. Their actions created mistrust between the shareholders and the company, and violated the bylaws of the corporation. This research examines the case of financial fraud experienced by Adelphia Company.
The United States Securities and Exchange Commission observes that the Securities Exchange Commission filed charges on 24th July 2002 against the company’s founder and his sons, as well as senior executives of the company. John J. Rigas; the company founder, Michael Rigas, James Rigas, and Timothy Rigas; his three sons, and the two executives Michael Mulcahey and James Brown did violate their duty of loyalty and were charged in one of the most extensive financial fraud to ever take place. The commission at a direction of individual defendants charged Adelphia: a) exclusion of billions of dollars in liabilities from the company’s consolidated statements of finance through hiding them on off-balance sheet affiliates books b) falsification of operations statistics, as well as inflated earnings to meet the expectations of Wall Street c) the family of Rigas also concealed rampant self-dealing.
According to the United States Securities and Exchange Commission, the accused violated the antifraud, reporting in periods, keeping records, as well as internal controls provision of the federal securities laws. The commission filed charges seeking judgment to order the accused to account for dishonest gains. This included compensation that was received by the accused during the fraud. The commission also wanted the return of the property that was unlawfully take from the company by the accused. In addition, the commission wanted civil penalties from each of the defendants, as well as permanent injunction because of violating laws of the securities. NBCNEWS reported, in 2004, that the accused were convicted of the 15 charges of securities frauds held against them. They were sentenced to thirty years in prison due to the serious charge. During the scandal,
usefulness of Benner's work in your present or future role. Provide several examples. Patricia Benner formulated one of high middle range theory and was published in 1984.The model which applies the Dreyfus model outlines five stages of nursing, novice, advanced beginner, competent, proficient and expert(Benner1984). The central concepts of Benner’s model are those of competence, skill acquisition, experience, clinical knowledge and practical knowledge. (McEwen &Wills 2014).She also identifies seven…
lack of strength, an inadequate quality. We all have and carry our own strengths and weaknesses of qualities. As I’ve learned in class this week, every nurse can be a leader. It was difficult to see the leader in myself until I took the Nurse Manager Skills Inventory by the American Association of Critical-Care Nurses. There are four areas I am going to discuss here about the Inventory: First is my personal and…
Abstract This paper explores the process of how nurses are socialized into their profession and how my own personal socialization process has shaped my nursing career. Using Benner’s Model of socialization, I plan to explore my own personal journey from Novice to Expert reflecting the changes in my career that were supported by his five stages or levels of proficiency. Each level produced its own challenges within each new role or level that was obtained. My own feelings about the socialization process…
system. Allows you to save your scan results to your computer as log files. Log files allow you to compare and analyze the results across multiple scans. This program scans very quickly. The program is not designed for novice computer users. There is very little guidance built in for novice users in handling the identification and removal of potential threats. A good tool designed for experienced users who need to eliminate malware deep in their system. SpywareBlaster A simple program that provides protection…
The different nursing theories discovered by nursing pioneers have provided most of the foundation on which modern nursing stands. Back then, when the nursing profession had just started, nursing care was pretty much basic. Originally, the role of the nurse was to primarily care for a patient as prescribed by a physician. This then led to the discovery of the biomedical model of nursing care which still strongly influences nursing practice today. This model however focuses heavily on pathophysiology…
are planning, organising, leading and controlling. These functions work hand in hand as managers try to use limited resources in a changing environment in order for them to achieve organisational goals. Planning Planning is the major function of management where managers formulate the future course of action. This is where the organisations mission, objectives and strategies of the organisation are formed. Managers plan on how they are going to achieve their goals and they formulate budgets and policies…
isn’t for theory Search for ways to change (which can involve new knowledge) Why research? To complete MRP satisfactorily Practical skills for managers Design research to evaluate, answer questions Interpret research-based recommendations Essential skills for consultants Provides a foundation for action—reduces risk & saves costs Managers (and many other leaders) tend to be intuitive Methodology and Methods Methods strategies for gathering and analysing information, data e.g.,…
at the moment. The most cases of drinking and driving occur on Fridays or the weekends. I believe it is very important for Police officers to be active on issuing tickets to prevent violators from reoffending. Alison Hart (ICBC's loss prevention manager for Greater Vancouver) suggests, “If you plan to drink and drive, don't take any chances. Plan ahead to get home safe. Take the bus, call…
Structure and Control Systems Strategic managers in the Video Game industry have developed a set of strategies to build competitive advantage to achieve their goals. Then an organizational structure has been put in place to use resources to create a competitive advantage. To evaluate how well the strategy and structure are working, managers developed specific performance measures. The four building blocks of competitive advantage are efficiency…
ASSIGNMENT OF BUSINESS TO BUSINESS “MICROSOFT CORPORATION – THE DESIGN OF MICROSOFT SUPPORT NETWORK 1.0” BY KUNAL CHAKRABARTI, EPGP-03-042 SABYASACHI MAHAPATRA, EPGP-03-072 SOURAV MISHRA, EPGP-03-237 BACKGROUND: Microsoft Product Support Services (PSS) is the group who answers the phone when you call technical support for help. When you call PSS, the tech support representative will ask you how you're going to pay for the call. Rates vary depending on whether you…
