E-Fraud Thesis

E-Fraud Thesis-59
Introduction From the late 1990’s to the early part of the 2000’s our financial markets underwent a fundamental shift that lead to a series of events surrounding Enron and World Com.Events such as fraudulent financial reporting by large firms, has progressed to one of the greatest financial crises in the United States pre-2008.

Introduction From the late 1990’s to the early part of the 2000’s our financial markets underwent a fundamental shift that lead to a series of events surrounding Enron and World Com.Events such as fraudulent financial reporting by large firms, has progressed to one of the greatest financial crises in the United States pre-2008.

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SOX legislation rewards accurate financial reporting and discouraged fraudulent financial activities.

The CEO’s of both Enron and World Com are just two of the many reasons why SOX was needed to increase investor sentiment after these two major scandals.

While such a move would impose a serious financial penalty on Rashid, other members opposed the idea because backdated removal would raise question marks over decisions he had taken during his tenure.

On June, 6 the Preston University Academic Council cancelled Rashid’s Ph D degree.

Enron Crisis Enron a global Gas and Energy company incorporated in Omaha Nebraska and once distinguished as the Nations 7th largest company.

Listed on Forbs Fortune 500 as being among the wealthiest companies listed on the stock exchange.

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