Accounting, Fraudster: Joseph Ciccarela and accounting principles violated.
Fraud Person: Joseph Ciccarella
The paper must include:
– Background and history of Joseph Ciccarella and his company
– Introduction of the case
– How he committed the fraud (Use the fraud triangle to support your argument: Motivation, Opportunity, and Rationalization)
– How would you correct the issue(s)
– What accounting principles were violated?
-Recommendations to avoid this type of fraud
– Internal and External controls violated
– Conclusion.
-Wikipedia and the dictionary ARE NOT to be used as a reference.
-Make sure you use a variety of resource material, scholarly, peer-reviewed books, journals, and articles, no older than 5 years, and cite them according to APA guidelines.
Here is a link that can help you and can be included in the reference:
https://www.irs.gov/compliance/criminal-investigation/examples-of-corporate-fraud-investigations-fiscal-year-2017
This links says:
New York Business Owner Sentenced for Diverting Over $1.6 Million From His Companies and Evading Taxes
On March 3, 2017, in Manhattan, New York, Joseph Ciccarella, of Glen Head, New York, was sentenced to 18 months in prison, three years of supervised release and ordered to pay a $100,000 fine. Ciccarella had previously paid the $284,000 in restitution that was due the IRS. According to court documents, Ciccarella was the owner of two New York companies involved in the heating, ventilation, and air conditioning business – BSI Consulting (“BSI”) and KMS Mechanical (“KMS”).During the period 2009-2012, Cicaarella drew numerous checks on the bank accounts of BSI and KMS and made them payable to third party corporate entities, even though those third party companies performed no services for, and provided no goods to, Ciccarella’s companies. Instead, Ciccarella had entered into a corrupt arrangement with the owners of the payee companies that the checks he drew on the accounts of BSI and KMS would be cashed at check cashers in the New York metropolitan area and the cash returned to Ciccarella, less a fee Ciccarella paid to the third parties for cashing the checks. Between 2009 and 2012, Ciccarella siphoned over $1.6 million from BSI and KMS which he falsely listed on the books and tax returns as “cost of goods sold.” Through the scheme, Ciccarella evaded over $280,000 in personal income taxes owed to the IRS.
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