Here it is 2004 and the business industry is still recovering from the many scandals that seemed to dominate 2003. Although many corporations were racked with fraudulent practices and schemes during the year, accounting fraud did not originate at that time, as some might think. However, fraud has been around since the dawning of commerce. Someone, somewhere is always trying to swindle others in order to enhance their financial standing. Why? That's seems to be the million dollar question..
             During 2003 we have seen several companies fail due to fraudulent practices in their bookkeeping, embezzlement by CEO 's, or false reporting and disclosure to shareholders. Companies such as Enron, WorldCom, and Tyco, have all been caught up in the scandals during this period. For instance, Tyco International was defrauded in the amount of $600 million dollars, not by underpaid, disgruntled employees, but by it's own former chief executive, Dennis Kozlowski. But Kozlowski wasn't alone in this venture, he had help from the financial chief of Tyco, Mark Swartz and chief corporate counsel Mark Belnick. Mr. Kozlowski and Mr. Swartz fraudulently obtained funds through false stock shares and unlawful loans while Mr. Belnick, falsified the books to hide the illegal loans in the amount of $14 million. What were the reasons behind their actions? Their motives may never be known, but society can take comfort in knowing that all parties have been caught and are being brought to justice. The damage caused by these conspirators however, will continue to be felt by Tyco and its shareholders for several years.
             The telecommunications leader, WorldCom also known as MCI, began a downward spiral when in 2003 it was charged by the SEC for dishonest accounting practices. The statement made by the SEC lawsuit stated, 'In a scheme directed and approved by its senior management, WorldCom disguised its true operating perfo...