Abstract
This paper discusses bankruptcy fraud and how the bankruptcy system, an arm of the United States District Court, is a critical component of the United States government because of the impact bankruptcy filings have on national and local economies. The first part highlights five of the main issues concerning bankruptcy fraud such as the conflict between the purposes of the bankruptcy system and the reality of the bankruptcy process and the issue of corporate responsibility and bankruptcy fraud. The second part of the paper reviews two cases involving bankruptcy fraud and it concludes with solutions for eliminating and/or reducing it.

From the Paper
"Fourth, there is the issue of corporations and individuals who prey on debtors who are contemplating filing bankruptcy. Bankruptcy foreclosure scams target individuals whose home mortgages are in trouble. Scam operators operate over the Internet and in local publications, distribute fliers, target specific ethnic or religious groups, or contact individuals whose homes are listed in the foreclosure notices. These scam operators may promise to take care of an individual's problems with their mortgage lender or to obtain re-financing for the individual. Particularly bold scam operators ask individuals to hand over their property deed to the operator, and then make payments to the operator in order to stay in the home."

Tags:scams, government, debtors, foreclosure, credit

Abstract
This paper discusses the problems involved with bankruptcy fraud, at the filing level and at the court trustee level. It then offers two solutions to these problems. The paper also includes a brief overview of how different countries deal with the issues involving personal debt and bankruptcy. Finally, the paper concludes with an ethical and reasonable recommendation based on an evaluation of the relevant research.

Table of Contents:
Introduction
Overview of the Bankruptcy System and Attempts to Solve its Problems through Reforms
Federal Agencies
Solutions to Bankruptcy Fraud
Bankruptcy in Other Countries
Conclusion and Ethical Recommendations

From the Paper
"As an additional means of ensuring less fraud in the bankruptcy system, before hiring investigators and court trustees, these individuals should be subjected to thorough background checks before employment. In addition, the hiring personnel can verify that employers are validating information such as qualifications and work experience stated on resumes, as well as checking references. By hiring appropriately qualified employees, the criminal justice system and the bankruptcy courts will have taken one important step toward eliminating fraudulent and unethical financial filing practices. By implementing all of these recommendations, the future of the bankruptcy system and courts in the United States appears bright and will no doubt fall prey to another cycle of fraudulent bankruptcy filings."

Tags:resume, corruption, enterprise

Abstract
This paper examines the order to commit fraud at WorldCom that came from top management. Verizon, who acquired the company after its bankruptcy, handles its own internal security. The paper further asserts that because of this, there are not yet sufficient internal controls to ensure that such a scandal could not happen again.

From the Paper
" When Verizon purchased MCI formerly, known as WorldCom, they knew they were handling a hornet's nest. WorldCom had filed for bankruptcy in July after its board of directors discovered the company had billions of dollars in unreported losses. MCI had taken steps to separate itself from the scandal such as hiring a new set of directors and changing its name for advertising purposes."

Tags:mci, worldcom, verizon, accounting, whistleblow, fraud, management, business, ethics

Abstract
The paper traces the rise and fall of Enron from its humble beginnings as an energy company to becoming the U.S.'s largest electricity trader. The paper analyzes key points relevant to the unravelling of the company and examines how Enron's collapse not only destroyed the lives of thousands of its employees, it brought down one of the world's top accounting firms, Arthur Andersen.

From the Paper
"Prosecutors are questioning why top CEO's were quietly unloading their company stock while at the same time urging employees to buy more. The government's widening prosecution of Enron is reaching down to the lower levels of management, hoping that without company-paid legal counsel, the pressure to cooperate with the government will increase."

Tags:partnerships, shares, debt, investment

Abstract
This paper examines the collapse of HIH insurance in Australia and explains the auditor independence issues and current regulatory provisions, along with the role of Arthur Andersen & Co. in the HIH bankruptcy. It compares and contrasts the actions taken by the US government and the Australian government to reduce the likelihood of future large business failures.

From the Paper
"According to an article by Michael Bradford, published in Business Insurance, an analysis of factors behind HIH Insurance Limited's collapse are likely to spur sweeping changes in Australia's insurance market, along with fundamental changes in the role of corporations' Boards of Directors and the role of independent auditors in Australia. According to Bradford, flawed management response to international insurance conditions was partly to blame for HIH's failure in March of ... Equally important, Australia's largely voluntary corporate governance rules were clearly inadequate to ensure that the..."

Tags:Auditor, auditor independence, Sarbanes-Oxley act, fraud, HIH insurance

Abstract
The paper looks at the effects on investment and employment that the bankruptcy of Enron has had on the economy. The positive effects on accounting standards and procedures are also highlighted.

From the Paper
"The world's biggest bankruptcy ever, caused by fraud, misleading accounts and less than honorable, although legal, auditing practices was filed on December 2, 2001-shattering the integrity and trust of even the most credible businesses that will never be replaced. (Economist Editors, The Enron Scandal, paraphrased). Now, no business is above suspicion. Some experts believe that the Enronitis has had more of an impact on the economy than the terrorist attacks. This report will be discussing the impacts The Enron Downfall had on the economy."

Tags:bankruptcy, accounting, investment, unemployment, fraud, SEC

Abstract
The paper explores the events that occurred throughout WorldCom's existence, with emphasis on the company's fraud and bankruptcy. The paper identifies three primary causes of the bankruptcy, all reflecting poor ethical behaviors, and explains how various accounting schemes created an illusion of higher profits.

Outline:
Introduction
WorldCom
Commencement and Causes of Problems
The Scandal

From the Paper
The modern global context is filled with examples of greed, deceit and manipulation. And more sadly, these affect the business communities, the organizations we trust to provide our commodities, services, jobs or the organizations in which we invest our life savings. One may tend to believe they have witnessed all these in the case of Enron's fraud and bankruptcy, but it may not be entirely true. While Enron was indeed one of the largest bankruptcies of the twenty-first century, it was only the second - the largest was that of telecommunication's giant WorldCom.
Founded in 1983 as a regional company, WorldCom achieved impressive successes and became able to compete with AT&T. The primary strategy at the basis of their growth has been the acquisition of various organizations activating within the same industry. Today however, founder Bernard Ebbers is serving a 25 years sentence and what is left of the organization, has lost most of its identify and has itself been purchased by a telecommunications operator.

Tags:accounting, audits, scandal, ethics, investors, mergers, acquisitions

Abstract
One of the widest scandals of corporate corruption in American history came courtesy of Enron, a provider of natural gas and electricity to establishments around the globe. This paper attempts to analyze what went wrong, why the company suddenly declared bankruptcy and evaluates the current government investigation. It looks at the legal issues involved such as fraud and examines some of the social issues such as the resignation of the CEO and the suicide of a top executive.

From the Paper
"There has been mounting concern over transactions and business practices of firms who form special purpose entities. What could have been done to prevent such a scandal? Inquiring minds want to know how management issues and corporate governance problems assisted in the collapse of the once all-mighty Enron. Proper monitoring of business activities and transactions including a protocol to report suspicious activity should have been employed. Enron executives should have routinely monitored off balance sheet transactions, related parties transactions and complex financial transactions, among other things."

Tags:stock, price, employees, executives, arthur, andersen, bush, administration

Abstract
This paper examines the Enron collapse and scandal and looks at how Enron was able to conceal its negative debt from its accounting books. The paper also looks at what segment of the population was hurt most by the Enron collapse and explains why the executives at Enron responsible for what has been deemed the worst case of deception, greed and fraud in the history of Corporate America, should be prosecuted by the US Department of Justice.

Outline:
Enron's Employees
How Did It Manage To Conceal Debts
Enron Investors
Political Connection
Conclusion

From the Paper
"Enron's bankruptcy then took the world by complete surprise, as this was not only the biggest collapse in the United States in recent years, it was also the fastest. Before filing for bankruptcy in December last year, Enron was the seventh largest company of the United States as it turned its businesses into monopolies by dominating all areas of its various operations. But a company that looked so powerful only a year ago collapsed dramatically when one of its accountants began raising questions about those shady transactions which had managed to conceal the company's negative debt position from its accounting books. But slowly and gradually Enron's problems began unrolling in front of the public and it became clear that all the profits shown by the company were simply an illusion. "

Tags:Arthur, Andersen, bankruptcy, fraud

Abstract
This essay examines the fraud led by Enron's accountants that led to its recent bankruptcy. It studies the huge investigation into this fraud and analyzes some of its findings. It details the uncovering of several suspects that were connected to the biggest fraud in American history. It concludes that revisions must be made in order to prevent future frauds like these.

From the Paper
"When the mighty giant, Enron, fell, it fell hard and resulted in the largest bankruptcy in American history. Worldwide focus then fell upon all who might have a possible answer for this event. Intense focus fell first upon Enron executives, and then, as the event evolved into what appears to be one of the most massive cases of corporate corruption ever known, others were brought into the spotlight.

"According to a statement published on the Andersen website, the primary corporate auditors of Enron, the organization was founded in 1913, when "Arthur Andersen recruited the brightest students into his classes. Then, he turned them into "thoroughly trained accountants" who were able to go beyond the obvious in their work by using unique methodologies to improve financial performance." It is, perhaps, those "unique methodologies" that took an unexpected turn at some point in the company's long and previously respected history, and then emerged as something uniquely ungoverned, unprincipled, and unconscionable. After the Securities and Exchange Commission began its in-depth investigation of Enron, focus then also fell upon Andersen."

Tags:Enron, United, States, Andersen, Bush, Administration, fraud, bankruptcy, accountant