Using a business mindset, the author lays out a compensation method for fair and manageable to college athletics.
A review of business wrongdoings over a large time spam highlight how far the wrongdoings went and how, when responsible executives were caught, their price in terns of the prison terms and fines were painfully paid.
Organized in two parts, Part A explores the greed of business executives who blatantly break the rules in pursuit of profit and explores the improvements made through regulation and changes to the law.
Part B explains how the greed around college athletics in basketball and football. expand to coaches, the university staffs, staffs at NCAA, practically to every one except the players themselves, who are creators of huge revenues in attendance tickets, TV and radio programing, and sponsoring from sport shoes and apparel manufacturers.
Part of 15
Developments after this book was published in April 2019 deserve this Revision, for both its Part I and Part II.
Bernard Ebbers Fraud. Nearly 30,000 Employees Lost Their Jobs.
In 2002 the WorldCom fraud scandal broke, resulting in a filing for bankruptcy in which nearly 30,000 employees lost their jobs. This fraud contributed to the demise of the public accounting firm Arthur Andersen and Company, which resulted in additional job losses. WorldCom Chief Executive Bernard Ebbers was tried, found guilty, and sentenced to 25 years in prison in March 2005.
In December 2019, Judge Valerie Caproni (1) granted Ebbers’ release at the request of his relatives, citing health reasons. Ebbers was 78 years old, having served 13 years of his 25-year sentence. Ebbers died at home less than a year later in 2020.
The fraud cases against WorldCom and Enron are considered two of the largest examples of accounting fraud in the financial history of the United States. These cases are narrated in this book.
1. Honorable Valerie E. Caproni, United States District Judge, Southern District of New York.
Update on the Security and Exchange Commission (SEC) Enforcement Division
The following are extracted paragraphs from the SEC website:
“Spotlight on Financial Reporting and Audit (FRAud) Group:
The SEC Enforcement Division’s Financial Reporting and Audit (FRAud) Group is strengthening the agency’s efforts to identify and prosecute securities law violations related to financial reporting and audit failures.
In addition to identifying securities law violations in the preparation of financial statements and the disclosure of financial information to investors, the FRAud
Group is identifying and exploring areas susceptible to fraudulent financial reporting. These efforts include an ongoing review of financial statement restatements and revisions, an analysis of performance trends by industry, and the use of technology-based tools.
Examples of Filed Actions:
The work of the FRAud Group has led to a number of matters undertaken across the Division, including inquiries, investigations, and filed enforcement actions… Examples of these matters…
A number of actions related to our ICFR Initiative against Respondents that failed to maintain internal control over financial reporting for seven to 12 consecutive annual reporting periods, or other failures…
Blow the Whistle on Financial Reporting Fraud
The Financial Reporting and Audit Group welcomes input and information from public stakeholders who are in unique positions to help curtail financial reporting and accounting fraud, either by reporting such misconduct directly to the SEC or by sharing valuable research to inform the FRAud Group’s efforts.
Thank you, Gonzalo Fernández and RABT Book Tours
About the author
Gonzalo Fernandez was a financial and accounting executive in both Fortune sized companies as well as growth businesses. He spent 17 years at ITT Corporation, overseas in Argentina, Brazil, and Chile, and in New York, and Raleigh, NC, where he vas VP and Comptroller of their telecom businesses for several years.
After early retirement from ITT in 1983, he worked in management consulting with High Rock Partners Inc, as a partner, until retirement.
Fernandez worked for Procter and Gamble of Cuba for ten years in auditing and other fields.
He earned a bachelor’s degree in accounting from Havana University.
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