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Exam 8: Business Crime

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Question 21

True/False

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The Fourth Amendment privacy protections do not apply to business records.

A) True
B) False

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Question 22

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SOX is the shorthand for the Sarbanes-Oxley business crime legislation.

A) True
B) False

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Question 23

Multiple Choice

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The purpose of the initial appearance is to:

Under Sarbanes-Oxley,auditors must retain their work papers:

RICO applies to:

The U.S.Justice Department has entered into a deferred prosecution agreement with several U.S.banks on charges of mortgage fraud.The agreements provide that if the banks stay out of legal difficulties for five years then the charges will be dropped.The banks agreed to have monitors in place during the five years and pay a fine.Which of the following best describes what has been done by these arrangements with the banks?

The failure to follow crime prevention programs can result in harsher sentences under the U.S.corporate sentencing guidelines.

Racketeering actsunder RICOinclude theft,burglary,and arson.

Most RICO charges involve:

The Fourth Amendment is the Miranda warning amendment.

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?

In criminal procedure,the initial appearance:

Which of the following is not an element of criminal fraud?

Corporate officers cannot invoke the Fifth Amendment for a corporation.

According to Arizona v.Gant,police officers:

Voluntary reporting of criminal violations reduces a company's fines under the federal sentencing guidelines.

Monitors are often required by the Justice Department as part of a settlement of charges of corporate violations of criminal law.

The failure to give Miranda warnings is fatal to a case.

Mens rea is:

Ann McEachron is an administrative assistant at a large international accounting firm.Her supervisor has asked her to destroy boxes of documents from an audit the firm conducted 2 years ago.The firm generally keeps records for 7 years,because of potential tax liability and issues,but it has destroyed documents earlier in cases in which the amount of paperwork becomes overwhelming.Ann wonders about the request,but complies with her supervisor's order. ​The company that was the subject of the audit is currently under criminal investigation and the partner in the accounting firm who conducted the audit is aware of that investigation. ​It is a federal crime to destroy documents that are involved in or could potentially be involved in either a civil or criminal investigation.Evaluate the criminal liability of Ann,her supervisor and the partner for the destruction of the documents.Would your answer be different if Ann had read in the newspaper about the criminal investigation of the company?