ZZZZ BEST CASE STUDY 1.9

The production of these phony documents was so skillfully done using photocopying equipments that the company auditors accepted them as evidence that actually sales or receivables transactions occurred in the company Berman 7. Still, it has been established that the scum and its associated consequences formed the basis for Barry Minkow to become a saved man. The stocks exchange commissioners, brokers and stocks investment advices can also be seen as a cause for the fraud. Still on this, is the fact that Barry Minkow is noted to have been involved in check kitting practices among three banks. The company also engaged in over billing carpet cleaning customers through their credit cards Akst. It has been established that the operations of ZZZZ Best Carpeting cleaning business were initiated through constant borrowings and never made any profits. These investigations led to the arresting, charging and convicting of Barry Minkow and his business associates for engaging in fraudulent activities.

Such could only be equated to failure by the banking sector to qualify financial statements of companies, authenticate checks and qualify the actual worthy of a business before giving a loan. Such also made him become the founder of the Fraud Discovery Institute in San Diego, whose purpose is to educate investors and general public on how to identify and avoid fraud Lieberman. How the shares of ZZZZ Best grew in value of a short time remained questionable given the fact that it was never quite commonly known in the public domain. The company also engaged in over billing carpet cleaning customers through their credit cards Akst. Investigation findings into the ZZZZ Best Carpeting Fraud case clearly show that Barry engaged in check kitting in and out of three banks for the purposes of realizing successful loan securing despite the fact that his company did not make profits Wells This thus means that the investment was indeed a financial loss for banks Lieberman. In a way of engaging loan givers, Barry Minkow opened a fictitious fire and flood damaged buildings restoration business, a company which he listed in the public stock market within a short period.

ZZZZ Best Carpeting Fraud case

The government serves the sole purpose of protecting its citizens against social, physical psychological and economic instability. On the side of investors is the loss brought by the company for its fictitious business for restoration of buildings damaged by fire and flood. Following the discovery of the ZZZZ Best carpeting fraud stkdy, the company was investigated and charges made against its owners, a move which saw Barry Minkow csae and sentenced for 25 years Lieberman.

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According to investigation report evidence, the company did not make profit and mainly operated on borrowing funds Wells The production of zzz phony documents was so skillfully done using photocopying equipments that the company auditors accepted them as evidence that actually sales or receivables transactions occurred in the company Berman 7.

The company also engaged in over billing carpet cleaning customers through their credit cards Akst. Investigation into the case established that the company had operated for an estimated five years by using fictitious sales invoice and customer remittance checks as a proof for the company receivables Baliga In a way of engaging loan givers, Barry Minkow opened a fictitious fire and flood damaged buildings restoration business, zzzs company which he listed in the public stock market within a short period.

Investigation findings into the ZZZZ Best Carpeting Fraud case clearly show that Barry engaged in check kitting in and out of three banks for the purposes of realizing successful loan securing despite the fact that his company did not make profits Wells Still on this, is the fact that Barry Minkow is noted to have been involved in check kitting practices among three banks.

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However, despite this seemingly booming business, almost all its revenues came from fictitiously recorded receivables Wells Barry Minkow and his other two associates engaged in protecting their fraud activities by making fake invoices for sales as well as fake customer remittance checks. This correlation was no doubt missing in the ZZZZ Best Carpeting Company but its auditors did not expose it to serve investors from eminent loss of their investment.

The stocks exchange commissioners, brokers and stocks investment advices can also be seen as a cause for the fraud. The fraud scum brought loss to investors.

Case ZZZZ Best Co Inc. by Ryan Demko on Prezi

It has been established that the operations of ZZZZ Best Carpeting cleaning business were initiated through constant borrowings and never made any profits. It has been established that the ZZZZ Best carpet fraud case acted as an eye opener indicating the weakness of auditing, banking and stock exchange practices of our economy. These investigations led to the arresting, charging and convicting of Barry Minkow and his business associates for engaging in fraudulent activities.

Still, it has been established that the scum and its associated consequences formed the basis for Barry Minkow to become a saved man.

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Zzzz Best Company, Inc. Case | Case Study Solution | Case Study Analysis

Another consequence is the imprisonment of Barry Minkow and his business associates for fraud charges. Another cause was quest for prosperity by Barry Minkow in business by all means. Still, the ZZZZ Best Carpeting Fraud scum was established to have had involved fictitious vendor payments and check kitting practices in and out of three banks Wells This is why it calls for the government to investment more resources in enforcing the existing ant-fraud laws as well as enacting and implementing of much effective laws to protect investors from frauds.

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Through this the government will help in sufficiently reducing investor losses caused by inaccuracies of financial statements for companies, a move that could aid in the process of mitigating fraud activities in the society.

Cse was initially sentenced for 25 years but was only served for seven in jail.

zzzz best case study 1.9

Such also made him become the founder of the Fraud Discovery Institute in San Diego, whose purpose is to educate investors and general public on how to identify and avoid fraud Lieberman. Such could only be equated to failure by the banking sector to qualify financial statements of companies, authenticate checks and qualify the actual worthy of a business before giving a loan. Therefore, to prevent case like the ZZZZ Best carpet fraud case, the government should put in place stiffer rules and regulations to ensure transparency and effectiveness of the auditing practices Baliga Need essay sample on.

Following the revealing of the ZZZZ Best carpet fraud case, the government moved to sell the company assets to compensate investors who lost in the scum Akst.

zzzz best case study 1.9

This thus means that the investment was indeed a financial loss for banks Lieberman. How the shares of ZZZZ Best grew in value of a short time remained questionable given the fact that it was never quite commonly known in the public domain.

Just to be noted here is the fact that the whole ZZZZ Best fraud activities brought financial loss even to carpet cleaning customers as their credit cards were often over billed for services rendered.

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