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Under New York State law, falsifying business records in the second degree is a class A misdemeanor, while falsifying business records in the first degree is a class E felony. [1] The elements for the misdemeanor second-degree crime are: A person is guilty of falsifying business records in the second degree when, with intent to defraud, he:
Conceptually, fraudulent trading is similar to a fraudulent conveyance, [2] but the key distinction is that an application to have a transaction set aside as a fraudulent conveyance usually requires to the third party beneficiary to disgorge the benefit of the conveyance to undo the loss to the company's assets, whereas a court order in ...
The Trump Organization, convicted of tax fraud, scheming to defraud, conspiracy, and falsifying business records. [9] Tyson Foods; Volkswagen, pleaded guilty to 3 criminal felonies related to its emissions scandal. [10] Waste Management, Inc; The Boeing Company, pleaded guilty to one count of conspiracy to defraud the United States. This charge ...
In law, fraud is an intentional deception to secure unfair or unlawful gain, or to deprive a victim of a legal right. Fraud can violate civil law or criminal law, or it may cause no loss of money, property, or legal right but still be an element of another civil or criminal wrong. [1]
After becoming a public company in August 2005, it was revealed that Phillip R. Bennett, the company's CEO and chairman, had concealed $430m of bad debts. Its underwriters were Credit Suisse First Boston, Goldman Sachs, and Bank of America Corp. The company entered Chapter 11 and Bennett was sentenced to 16 years in prison. Bear Stearns: United ...
Fraud can violate civil law (e.g., a fraud victim may sue the fraud perpetrator to avoid the fraud or recover monetary compensation) or criminal law (e.g., a fraud perpetrator may be prosecuted and imprisoned by governmental authorities), or it may cause no loss of money, property, or legal right but still be an element of another civil or ...
In criminology, corporate crime refers to crimes committed either by a corporation (i.e., a business entity having a separate legal personality from the natural persons that manage its activities), or by individuals acting on behalf of a corporation or other business entity (see vicarious liability and corporate liability).
Tunneling or tunnelling is financial fraud committed by "the transfer of assets and profits out of firms for the benefit of those who control them". [1] In legal terms, this is known as a fraudulent transfer, such as when a group of major shareholders or the management of a publicly-traded company orders that company to sell off its assets to a second company at unreasonably low prices.