Sec and Waste Management

In: Business and Management

Submitted By LucaPapers
Words 1148
Pages 5
CASE STUDIES
Case Study 1 (13.1)
Issues
1. The SEC is often called the “watchdog” of corporate America. How does it assist in preventing fraud? 2. According to the summary, why did the Waste Management executives commit the fraud? 3. You are an ambitious manager in the sales department of a company and have just received the upcoming year’s targeted earnings report. You are concerned that top management has set revenue targets for your division that are practically unreachable. However, anticipating a promotion to vice president of sales if your division maintains good performance, you are determined to reach management’s goal. What actions would you take to satisfy management’s expectations and still maintain your integrity?

On March 26, 2002, the SEC charged six Waste Management executive officers for the perpetration of a five- year financial fraud. The following is an article summarizing the SEC’s complaint against these officers:

The complaint names Waste Management’s former most senior officers: Dean L. Bun troth, Waste Management’s founder, chairman of the board of direct ors, and chief executive officer during most of the relevant period; Phillip B. Rooney, president and chief operating officer, director, and CEO for a port ion of the relevant period; James E. Koenig, executive vice president and chief financial officer; Thomas C Hau, vice president, corporate controller, and chief accounting officer; Herbert Get4 Senior vice president, general counsel and secretary; and Bruce D. Tobecksen, vice president of finance.
According to the complaint, the defendants violated, and aided and abetted violations of anti- fraud, reporting, and record-keeping provisions of the federal securities laws. The Commission is seeking injunctions prohibiting fi4ture violations, disgorgement of defendants’ ill-gotten gains, civil money penalties, and…...

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