McGuire was an employee of First National Bank of Grayson (FNBG). FNBG participated in a Kentucky Housing Corporation (KHC) program in which KHC loaned money to financial institutions. The institutions would then make low-interest loans to low-income
individuals who qualified for purchase of a home. FNBG received the funds and produced bogus paperwork for 80 loans but never loaned the money. Instead, they invested the money at a high rate of interest. Eventually the money was returned to KHC, but McGuire was charged with making false records and fraud. Can McGuire, as an employee, be held liable?
The court held yes because he did all the work and knew the purposes of the paperwork and the investment. The scheme defrauded the government agency of funds that could have been used for low-income housing. U.S. v. McGuire, 744 F.2d 1197 (11th Cir. 1984).
You might also like to view...
Before applying substantive procedures to the details of asset and liability accounts at an interim date, the auditor should:
A. consider the ability of the auditor to perform appropriate substantive procedures to cover the remaining period. B. select only those accounts which can effectively be sampled during year-end audit work. C. consider the compliance tests that must be applied at the balance sheet date to extend the audit conclusions reached at the interim date. D. investigate significant fluctuations that have occurred in the asset and liability accounts since the previous balance sheet date.
Regarding international marketing research, which of the following statements is (are) true?
A) Only one pretest is recommended in cross-national studies. B) Demographics questions can be used without modification in cross-national studies. C) Structured questions minimize the risk of cultural bias but are more sensitive to differences in educational levels. D) Personal interviewing is the dominant survey method. E) C and D
Chips of Joy, a leading chocolate chip cookie manufacturer, has decided to use the same marketing strategy approaches and marketing mix worldwide for all of its brands
The only change that will be made is language translation on the various packaging. Chips of Joy is using a(n) ________ marketing strategy. A) collective global B) standardized global C) adapted global D) joint global E) direct global
Advertising media costs and availability differ vastly from country to country
Indicate whether the statement is true or false