Prefer The Excellent Homework Solutions And ITECH1001 Communications And Technology Assignment Help At The Cheap Rate!

Home   Course   Federation University, Australia Assignment Help
Previous << || >> Next

ITECH1001 Communications And Technology, Federation University, Australia

GET BENEFITTED WITH QUALITY ITECH1001 COMMUNICATIONS AND TECHNOLOGY ASSIGNMENT HELP SERVICE OF EXPERTSMINDS.COM!

Question: Write a short report, using, among other things, Tuckman's stages of group development that includes:

• an indication of the strengths and weaknesses in the performance of their group;

• what they have learnt the experience of working in a group;

• what could have been done to improve the performance of the group

Answer: Financial fraud

Meaning of financial fraud: Financial fraud refers to an intentional activity to deceive which involves a financial transaction that is aiming at satisfying the selfish interest of an individual according to Amiram, Bozanic, Cox, Dupont, Karpoff,& Sloan, (2018). However, this activity is a crime. It is also one of the ways of violating civil rules in the country. The people who engage in financial fraud ensure that these transactions are so complicated that it will be difficult for the authority to detect. These people possess adequate knowledge and skills to ensure they gain at the end of the business.

An example of financial fraud is a situation whereby a fake investor or unscrupulous broker decides to convince a client to take up an opportunity of buying a certain amount of shares in a gold repository. The broker possesses high-level status in the market that ensures he acquires credibility in the market thus convincing clients that are interested in the market. At the end of the day, the investor gets some few clients who trust in him and the opportunity he brings to them in the market. These clients end up contributing a considerable amount of cash to the broker. After that, the unscrupulous broker is capable of coming up with fake documents to authenticate the transactions. However, the broker knows very well that such opportunities do not exist but continues to receive payments of bonds for the clients he or she have convinced. At the beginning of the deal, the broker seems to be available for face to face talks but later disappears. Another instance of financial fraud is the advertisement for getting rich quick situations. These schemes seem to be good to the listener. They promise the client that the investment is risk easy and simple to comply with at the end. The words seem to be too good for the customer to the extent of trying to invest in them as a trial. However, the problem with many customers is that they do not take the time to verify the documents from these schemes. They rush in giving out the cash.

EXPERTSMINDS.COM ACCEPTS INSTANT AND SHORT DEADLINES ORDER FOR ITECH1001 COMMUNICATIONS AND TECHNOLOGY ASSIGNMENT - ORDER TODAY FOR EXCELLENCE!

Forms of financial fraud: There exist several methods which fraudsters apply in financial data and perform financial fraud. Some of the common forms of financial frauds include the following:-

a. Mortgage fraud: In this type of fraud, it involves multiple ways of prohibited schemes ranging from misstatements appearing in the documents used for mortgage funds to misrepresentation. Mortgage fraud is common in government officials who used their power and authority to succeed in such legal schemes.

b. Bribery: Bribery is the activity of offering and accepting money or other forms of payment in exchange for things such as power and influence. Bribery is common among the political participants whereby the politicians flash out handouts to the voters. The politicians who give out the cash place themselves in a good position for the voters to favor them during Election Day. Apart from that, they are people who offer cash to those in authority to assist them to ascend to certain positions. However, these actions are forms of financial fraud and they are against the law.

c. Evading tax: Countries depend on the tax paid by its citizens to sponsor projects and pay out the employees. However, there are cases where businessmen and women underpay or fail to pay tax at all according to Reurink, (2018). The tax evaders import and export goods through illegal means. These actions are intentional but are prohibited. The participants gain a lot of wealth but some portion belongs to the state. It is important for citizens to pay tax and file their returns according to the law.

d. Theft of identity: Theft of identity is a situation whereby an individual illegally acquires another person's information and uses the information to commit fraud mainly for economic benefit. This type of financial fraud is common in Western countries such as America. However, the reason for this business is because many people are able to access sensitive data and manipulate them according to their wish.

e. Embezzlement: The issue of embezzlement mainly comes in cases of management. It is the act where an individual or group of people steal property or funds they were supposed to manage according to West &Bhattacharya, (2016). The people who have the duty include governors of a county, president, Member of Parliament among other people in authority. However, such action is an employment crime and the individual should face the law. These people transfer the public money to their personal accounts and they do it faster. The challenge is that they fail to be accountable for the same. Apart from that these managers sometimes use their powers to open fake accounts where they pay money to services that were not there in the first place. Embezzlement of funds sometimes involves a chain of individuals. Some managers award tenders to their own companies and fail to do the job. The issue is that they have consumed the funds belonging to the public and that is a form of financial fraud.

f. Kickbacks and payoff: In this type of financial fraud, another individual or a company pays some amount of money to an employee of another company. After the payment, the employee connects the institution to the company where he or she is working. However, at the end of the day, the individual or company end up paying a large sum of money for some goods. The employee pays the correct amount for the goods but takes away all the extra amount. Consequently, such action is against the law and one should face the charges before the court of law.

g. Check fraud: In this situation, one gives out a fake check or writes a check but he or she has an inadequate amount in the bank to fulfill the agreement on the check. The cheque ends up bouncing. It is important to come up with ways on how to avoid such actions. For example, an institution can insist on electronic payment instead of a check. Apart from that one may insist on seeing the cheques before realizing the goods to the customer.

In conclusion, financial fraud is an action that is against the law. All the above forms of financial frauds are perpetrated by people who understand the law. It is important to formulate strong rules to curb these actions.

ORDER NEW ITECH1001 COMMUNICATIONS AND TECHNOLOGY ASSIGNMENT AND GET 100% ORIGINAL SOLUTION AND QUALITY WRITTEN CONTENTS IN WELL FORMATS AND PROPER REFERENCING!

Avail the Federation University, Australia Assignment Help Services for related units and courses such as:

  • ITECH1002 - Network Operating Systems Assignment Help
  • ITECH1003 - Network Protocols & Services Assignment Help
  • ITECH1004 - Introduction To Multimedia Assignment Help
  • ITECH1005 - Business Information Systems Assignment Help
  • ITECH1006 - Database Management Systems Assignment Help
  • ITECH1100 - Understanding The Digital Revolution Assignment Help
  • ITECH1101 - IT Problem Solving Assignment Help
  • ITECH1102 - Networking And Security Assignment Help
  • ITECH1103 - Big Data And Analytics Assignment Help
  • ITECH1104 - Cloud And Enterprise Computing Assignment Help

Tag This :- EM19537AVN1805WR, ITECH1001 Communications And Technology Assignment Help

get assignment Quote

Assignment Samples

    Race and Ethnicity Assignment Help

    race and ethnicity assignment help - In Canada, there is a growing problem of unemployment which is mainly caused by perceived discrimination and poor health.

Get Academic Excellence with Best Skilled Tutor! Order Assignment Now! Submit Assignment