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Trip Transportation Company.

 Flight Travel Corporation. Article

Summary of Case….

We are a society that depend upon which integrity and honesty of individuals and organizations to ensure that we all optimize each of our living condition, but unfortunately some associates of our society do not usually act with integrity, and are also not always honest, and therefore we really need checks and balances to ensure such data corruption and/or errors do not drastically disrupt the living circumstance amongst the majority of people. The case that I will probably be discussing within my project is founded on Flight Travel Corporation. Trip Transportation Firm (FTC), a great aviation firm based in Eden Prairie, Mn. FTC's main line of business was executive and group atmosphere charters. In 1980 and 1981, the rapidly growing company reported profits of $8 million and $24. almost 8 million, respectively. FTC's remarkable growth caught the attention of investors country wide. These shareholders were particularly impressed by FTC's strong functioning results in the face of a economic downturn that was gripping the region. Unfortunately for these investors, the majority of FTC's profits existed just in the minds of the company's executives. Similarly, several mil dollars of assets reported in the industry’s 1980 and 1981 stability sheets had been purely fabricated. From lates 1970s through 1982, FTC professionals used you can actually bogus financial statements to make more than $32 million of capital in three securities offerings to the public. The executives redirected several , 000, 000 dollars of those funds for their personal make use of. In Come july 1st 1980, soon after the beginning of FTC's 1981 money year, the organization established an auxilliary brand in the Cayman Islands. The reported purpose of this subsidiary was to operate an air rental business. During fiscal 1981, FTC noted $13 , 000, 000 of nonexistent revenues through FTC Cayman Ltd., the Cayman Islands Supplementary. These earnings accounted for more than one-half of FTC's consolidated revenues pertaining to fiscal 81. FTC's "balance sheet" reported much more than $6 , 000, 000 of...

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