Download or read book Capital Markets and E fraud written by Tom Kellermann and published by . This book was released on 2005 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt: The technological dependency of securities exchanges on internet-based (IP) platforms has dramatically increased the industry's exposure to reputation, market, and operational risks. In addition, the convergence of several innovations in the market are adding stress to these systems. These innovations affect everything from software to system design and architecture. These include the use of XML (extensible markup language) as the industry IP language, STP or straight through processing of data, pervasive or diffuse computing and grid computing, as well as the increased use of Internet and wireless. The fraud is not new, rather, the magnitude and speed by which fraud can be committed has grown exponentially due to the convergence of once private networks on-line. It is imperative that senior management of securities markets and brokerage houses be properly informed of the negative externalities associated with e-brokerage and the possible critical points of failure that exist in today's digitized financial sector as they grow into tomorrow's exchanges. The overwhelming issue regarding e-finance is to determine the true level of understanding that senior management has about on-line platforms, including the inherent risks and the depth of the need to use it wisely. Kellermann and McNevin attempt to highlight the various risks that have been magnified by the increasing digitalization of processes within the brokerage arena and explain the need for concerted research and analysis of these as well as the profound consequences that may entail without proper planning. An effective legal, regulatory, and enforcement framework is essential for creating the right incentive structure for market participants. The legal and regulatory framework should focus on the improvement of internal monitoring of risks and vulnerabilities, greater information sharing about these risks and vulnerabilities, education and training on the care and use of these technologies, and better reporting of risks and responses. Public/private partnerships and collaborations also are needed to create an electronic commerce (e-commerce) environment that is safe and sound.

Download or read book A Random Walk to Nowhere written by Edward E. Williams and published by World Scientific. This book was released on 2020 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: Preface -- Fraud, lies, and statistics -- The early history of modern financial economics -- The birth of the efficient market hypothesis -- Earlier views of market efficiency -- The impact of information and regulation on market efficiency -- Tests of the EMH -- Anomalies -- The capital asset pricing model -- Beyond the CAPM -- Conclusions -- References.

Download or read book Handbook of Research on Theory and Practice of Financial Crimes written by Rafay, Abdul and published by IGI Global. This book was released on 2021-03-18 with total page 650 pages. Available in PDF, EPUB and Kindle. Book excerpt: Black money and financial crime are emerging global phenomena. During the last few decades, corrupt financial practices were increasingly being monitored in many countries around the globe. Among a large number of problems is a lack of general awareness about all these issues among various stakeholders including researchers and practitioners. The Handbook of Research on Theory and Practice of Financial Crimes is a critical scholarly research publication that provides comprehensive research on all aspects of black money and financial crime in individual, organizational, and societal experiences. The book further examines the implications of white-collar crime and practices to enhance forensic audits on financial fraud and the effects on tax enforcement. Featuring a wide range of topics such as ethical leadership, cybercrime, and blockchain, this book is ideal for policymakers, academicians, business professionals, managers, IT specialists, researchers, and students.

Download or read book Regulating Fraud Across Borders written by Edgardo Rotman and published by Bloomsbury Publishing. This book was released on 2021-02-25 with total page 349 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a uniquely comparative approach to the examination of financial crime regulation. At a time when financial crime routinely crosses international boundaries, this book provides a novel understanding of its spread and criminalisation. It traces the international convergence of financial crime regulation with a uniquely comparative approach that examines key institutional and state actors including the European Union, the International Organization of Securities Commissions, as well as the United States, the United Kingdom, Switzerland, France, Italy and Germany, all countries that harbour some of the most influential stock exchanges in the Western world. The book describes and documents the phenomenon of internationalisation of securities frauds – such as insider trading and market manipulation – and the laws criminalising those acts, most notably those responding to recent dramatic transformations in securities markets, high frequency trading, and benchmark manipulation. At the European level, it shows the progressive uniformisation of laws culminating in the 2014 European Union Market Abuse Regulation. The book argues that criminal prohibitions against internationalised market abuse must be understood as an economic and legal imperative to protect financial markets against activities that imperil its integrity, compromising the confidence of investors and thus affecting the economy as a whole. The book is supported by an extensive review of the most significant scholarship in each country.

Download or read book Corruption and Fraud in Financial Markets written by Carol Alexander and published by John Wiley & Sons. This book was released on 2020-06-22 with total page 624 pages. Available in PDF, EPUB and Kindle. Book excerpt: Identifying malpractice and misconduct should be top priority for financial risk managers today Corruption and Fraud in Financial Markets identifies potential issues surrounding all types of fraud, misconduct, price/volume manipulation and other forms of malpractice. Chapters cover detection, prevention and regulation of corruption and fraud within different financial markets. Written by experts at the forefront of finance and risk management, this book details the many practices that bring potentially devastating consequences, including insider trading, bribery, false disclosure, frontrunning, options backdating, and improper execution or broker-agency relationships. Informed but corrupt traders manipulate prices in dark pools run by investment banks, using anonymous deals to move prices in their own favour, extracting value from ordinary investors time and time again. Strategies such as wash, ladder and spoofing trades are rife, even on regulated exchanges – and in unregulated cryptocurrency exchanges one can even see these manipulative quotes happening real-time in the limit order book. More generally, financial market misconduct and fraud affects about 15 percent of publicly listed companies each year and the resulting fines can devastate an organisation's budget and initiate a tailspin from which it may never recover. This book gives you a deeper understanding of all these issues to help prevent you and your company from falling victim to unethical practices. Learn about the different types of corruption and fraud and where they may be hiding in your organisation Identify improper relationships and conflicts of interest before they become a problem Understand the regulations surrounding market misconduct, and how they affect your firm Prevent budget-breaking fines and other potentially catastrophic consequences Since the LIBOR scandal, many major banks have been fined billions of dollars for manipulation of prices, exchange rates and interest rates. Headline cases aside, misconduct and fraud is uncomfortably prevalent in a large number of financial firms; it can exist in a wide variety of forms, with practices in multiple departments, making self-governance complex. Corruption and Fraud in Financial Markets is a comprehensive guide to identifying and stopping potential problems before they reach the level of finable misconduct.

Download or read book Fraud in the Markets written by Peter Goldmann and published by John Wiley & Sons. This book was released on 2010-02-25 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: A dramatic look at fraud's role in our financial markets-and how you can protect yourself Fraud In the Markets reveals the critical role fraud played in the global financial crisis-even as many of the perpetrators continue to go unpunished. Shedding light on the reckless conduct of the former senior executives at major Wall Street firms such as Lehman Brothers, Bear Stearns, Merrill Lynch and others just before their collapse, this timely book shows how the culture of "anything goes" on Wall Street fueled the innovation of exotic but deadly asset-backed securities. A frank insider look at the most dramatic economic and business headlines in recent memory, you will find revealing discussion of The egregiously fraudulent lending practices that engulfed the entire US mortgage industry The brazenly deceptive marketing of asset-backed securities A road map to prevent similar disasters from recurring Fraud in the Markets offers forward-looking advice, with practical guidelines for protecting yourself and your company from various forms of fraud that were found to have played a role in the current economic and financial crisis.

Download or read book Fraud In The Micro Capital Markets Including Penny Stock Fraud Hrg S Hrg 105 266 Comm On Governmental U S Sen 105th Cong 1st Sess 09 22 97 written by United States. Congress. Senate. Committee on Governmental Affairs and published by . This book was released on 1998* with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Infectious Greed written by Frank Partnoy and published by Profile Books. This book was released on 2010-09-03 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2003, Infectious Greed examined how our greed-driven culture led to the generation of massive profits, but also to unprecedented levels of risk, widespread deception, and high profile disasters like Enron and Worldcom. In the wake of the 2008-9 financial crisis, Partnoy's analysis of how major companies obscured the reality from shareholders by disguising risk and side-stepping regulations, is more pertinent than ever. Beginning in the mid-1980s with the introduction of the first proto-derivatives, Partnoy gives an intelligent and thorough account of the dangerous manipulations that have and continue to come to light.

Download or read book Fraud in the Micro capital Markets Including Penny Stock Fraud written by United States. Congress. Senate. Committee on Governmental Affairs. Permanent Subcommittee on Investigations and published by . This book was released on 1997 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Governing the Modern Corporation written by Roy C. Smith and published by Oxford University Press. This book was released on 2006-01-12 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nearly seventy years after the last great stock market bubble and crash, another bubble emerged and burst, despite a thick layer of regulation designed since the 1930s to prevent such things. This time the bubble was enormous, reflecting nearly twenty years of double-digit stock market growth, and its bursting had painful consequence. The search for culprits soon began, and many were discovered, including not only a number of overreaching corporations, but also their auditors, investment bankers, lawyers and indeed, their investors. In Governing the Modern Corporation, Smith and Walter analyze the structure of market capitalism to see what went wrong.They begin by examining the developments that have made modern financial markets--now capitalized globally at about $70 trillion--so enormous, so volatile and such a source of wealth (and temptation) for all players. Then they report on the evolving role and function of the business corporation, the duties of its officers and directors and the power of its Chief Executive Officer who seeks to manage the company to achieve as favorable a stock price as possible.They next turn to the investing market itself, which comprises mainly financial institutions that own about two-thirds of all American stocks and trade about 90% of these stocks. These investors are well informed, highly trained professionals capable of making intelligent investment decisions on behalf of their clients, yet the best and brightest ultimately succumbed to the bubble and failed to carry out an appropriate governance role.In what follows, the roles and business practices of the principal financial intermediaries--notably auditors and bankers--are examined in detail. All, corporations, investors and intermediaries, are found to have been infected by deep-seated conflicts of interest, which add significant agency costs to the free-market system. The imperfect, politicized role of the regulators is also explored, with disappointing results. The entire system is seen to have been compromised by a variety of bacteria that crept in, little by little, over the years and were virtually invisible during the bubble years.These issues are now being addressed, in part by new regulation, in part by prosecutions and class action lawsuits, and in part by market forces responding to revelations of misconduct. But the authors note that all of the market's professional players--executives, investors, experts and intermediaries themselves--carry fiduciary obligations to the shareholders, clients, and investors whom they represent. More has to be done to find ways for these fiduciaries to be held accountable for the correct discharge of their duties.

Download or read book Selling America Short written by Richard Sauer and published by LibreDigital. This book was released on 2010-03-10 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: An industry insider reveals the inner workings of our financial system and the agencies who attempt to control it During his dozen years as an SEC attorney, author Richard Sauer opened and supervised some of its most notable financial cases-investigations that took him to a dozen countries and returned hundreds of millions of dollars to American investors. While a partner at a major law firm and, later, a hedge fund manager, he saw firsthand the follies and failures of our system. Now, in Selling America Short, he shares his extraordinary experiences with you. Selling America Short is a gripping chronicle of crooked companies, financial philanderers and hapless enforcers told through the eyes of personal experience. Page by page, it shows the damage wrought by the deep biases and lack of worldly experience common among those who hold the reins of our capital markets. Sheds light on the inner workings of our financial system Takes you on a fascinating journey of a rogue's gallery of crooked executives, professional fraud enablers, and squirrelly technocrats Offers a firsthand account of the many ways contrarian views of public companies are suppressed and punished, depriving the market of critical information With the capital markets in turmoil, people are fascinated with what is happening on Wall Street. This book provides a unique look at the forces and events that led directly to financial tragedy and continue to wreak havoc.

Download or read book Fraud and Abuse in the Hot Issues and Penny Stock Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and published by . This book was released on 1984 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Fraud in the Micro Capital Markets Including Penny Stock Fraud Scholar s Choice Edition written by United States Congress Senate Committee and published by . This book was released on 2015-02-14 with total page 562 pages. Available in PDF, EPUB and Kindle. Book excerpt: This work has been selected by scholars as being culturally important, and is part of the knowledge base of civilization as we know it. This work was reproduced from the original artifact, and remains as true to the original work as possible. Therefore, you will see the original copyright references, library stamps (as most of these works have been housed in our most important libraries around the world), and other notations in the work. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity (individual or corporate) has a copyright on the body of the work.As a reproduction of a historical artifact, this work may contain missing or blurred pages, poor pictures, errant marks, etc. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and made generally available to the public. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant.

Download or read book Fraud in Financial Statements written by Julie E. Margret and published by Routledge. This book was released on 2014-11-27 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the monetary cost of fraud escalates globally, and the ensuing confidence in financial markets deteriorates, the international demand for quality in financial statements intensifies. But what constitutes quality in financial statements? This book examines financial statement fraud, a topical and increasingly challenging area for financial accounting, business, and the law. Evidence shows that accounting anomalies in an organization’s financial statements diminish the quality and serviceability of financial information. However, an anomaly does not necessarily signal fraud. Financial statement fraud is intended to mislead shareholders and other stakeholders. In this book, elements that underpin diversity of accounting anomalies likely found in fraudulent financial accounting statements are revealed. Multiple research methods are used in the analysis of selected international fraud cases, each illustrating examples of financial statement fraud, including: revenue recognition, overstatement and/or misappropriation of assets, understatement of expenses and liabilities, disclosure fraud, bribery and corruption. Additionally, the phoenix phenomenon with regard to fraud in financial accounting is investigated. Drawing on documented observations of commercial and legal cases globally this study highlights the necessity for continued development of financial audit practices and other audit services.

Download or read book The Most Dangerous Trade written by Richard Teitelbaum and published by John Wiley & Sons. This book was released on 2015-08-14 with total page 323 pages. Available in PDF, EPUB and Kindle. Book excerpt: How short sellers profit from disasters that afflict individuals, markets, and nations The Most Dangerous Trade serves up tales from the dark side of the world marketplace to reveal how traders profit from the failure and, often, the financial ruin of others. In this book Richard Teitelbaum profiles more than a dozen short sellers to reveal how they employ the tactics, strategies, and various styles to zero in on their target, get the needed financing, and see their investment through to its ultimate conclusion. The short sellers profiled will include stories of both their successful investments as well as their disastrous ventures. The book will examine the different styles, strategies, and tactics utilized, looking at how each short seller researches his or her targets, obtains financing, puts on a trade, and sees the investment through to fruition—or failure. With the appeal of a well-written adventure novel, The Most Dangerous Trade reveals how these investors seek publicity to help drive down a stock and shows the often bitter and controversial battles that ensue. Includes profiles of well-know short sellers such as Jim Chanos, Steve Eisman, Manuel Ascencio, Doug Kass, and many more Discover how short sellers make the "puts" that make them billions Uncover the short selling controversies that make headlines Written by award-winning journalist Richard Teitelbaum Discover what motivates investors who wager against the stock market and how they often profit from the misery of others.

Download or read book Market Efficiency and Fraud on the Market written by Charles Korsmo and published by . This book was released on 2014 with total page 79 pages. Available in PDF, EPUB and Kindle. Book excerpt: This spring, the Supreme Court will hear Halliburton v. Erica P. John Fund, the most important securities law case in a quarter century. The Court will reconsider Basic v. Levinson and the fraud-on-the-market doctrine, the doctrine that has made the modern securities fraud class action possible. I argue that -- contrary to the claims of the parties and of several of the Justices -- the Court need not pass judgment on the efficient capital markets hypothesis in order to pass judgment on the fraud-on-the-market doctrine. It is possible to accept the efficient capital markets hypothesis and reject the fraud-on-the-market doctrine, or to reject the efficient capital markets hypothesis and accept the fraud-on-the-market doctrine. I further demonstrate that it is not only unnecessary, but would also be profoundly unwise for the Justices to wade into the debate over market efficiency. While market efficiency is of little relevance to the debate over the fraud-on-the-market doctrine, it is central to numerous other contemporary legal debates, many of which are of far more fundamental importance than the fraud-on-the-market doctrine. Any Supreme Court pronouncements on market efficiency would be certain to resurface in these debates in ways the authors would not intend.

Download or read book Financial Regulation in the United States written by Source Wikipedia and published by University-Press.org. This book was released on 2013-09 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: Please note that the content of this book primarily consists of articles available from Wikipedia or other free sources online. Pages: 70. Chapters: Commission on Money and Credit, Committee on Capital Markets Regulation, Corporate Fraud Task Force, Covered security, Electronic Municipal Market Access, Financial Crimes Enforcement Network, Financial Crisis Inquiry Commission, Financial Industry Regulatory Authority, FinReg21, Form 144, Glass-Steagall Act, Government Auditing Standards, Gramm-Leach-Bliley Act, Investment Company Act of 1940, Joseph Borg (regulator), List of United States Supreme Court opinions involving commodity and futures regulation, Mark C. Brickell, Municipal Securities Rulemaking Board, Nationally recognized statistical rating organization, National Futures Association, National Securities Markets Improvement Act of 1996, Net capital rule, Office of Thrift Supervision, Pensions in the United States, Plain Green Loans, Prudent man rule, Rule 144A, Schumer box, Securities Act of 1933, Securities Investor Protection Corporation, Security and Freedom Through Encryption Act, Supervisory Capital Assessment Program, Trade Reporting And Compliance Engine, Trust Indenture Act of 1939, Uniform Prudent Investor Act, Uptick rule, Volcker Rule, Williams Act. Excerpt: The Glass-Steagall Act is a term often applied to the entire Banking Act of 1933, after its Congressional sponsors, Senator Carter Glass (D) of Virginia, and Representative Henry B. Steagall (D) of Alabama. The term Glass-Steagall Act, however, is most often used to refer to four provisions of the Banking Act of 1933 that limited commercial bank securities activities and affiliations between commercial banks and securities firms. This article deals with that limited meaning of the Glass-Steagall Act. A separate article describes the entire Banking Act of 1933. Starting in the early 1960s federal banking regulators interpreted provisions of the Glass-Steagall Act to permit...