The “First to File Rule” is a rule that is applied in the United States to patent law. The rule states that the first person to file a patent for an invention is the rightful owner of the patent, regardless of who actually invented the product or process. This rule was established in the Patent … Read more
Bid rigging is a form of anti-competitive behavior in which companies collude to rig the bidding process for goods and services. This can take many forms, but typically involves one company agreeing to bid high for a particular contract, while another company agrees to bid low, with the intention of splitting the profits between them. … Read more
Black money is money that is earned through illegal or under-the-table means. This money is not reported to the government and is not taxed. Black money is often used to fund illegal activities or to buy illicit goods. Can black money be deposited in bank? Yes, black money can be deposited in a bank. However, … Read more
The term “attribution rules definition” refers to a set of regulations that govern how financial crimes and fraud are to be attributed to individuals or entities. These rules are designed to ensure that responsibility for these crimes and fraud is properly assigned and that appropriate penalties are imposed. What is common ownership and control? “Common … Read more
An ombudsman is an independent person who investigates complaints against organizations, and tries to resolve them. The term is also used for people who handle complaints within an organization. The word “ombudsman” comes from the Old Norse word umboðsmaðr, which means “representative”. Does every bank have an ombudsman? No, not every bank has an ombudsman. … Read more
Embezzlement is the fraudulent appropriation of funds or property by a person who is entrusted with its custody. Embezzlement typically occurs in the context of a business or financial relationship, such as when an employee steals money from his or her employer. It can also occur in a personal relationship, such as when a family … Read more
Backdating is the practice of manipulating the date of a financial contract to take advantage of favorable market conditions. For example, a company might backdate a stock option to a date when the stock price was lower, allowing the option holder to buy shares at the lower price. Backdating can be used for legitimate purposes, … Read more
Corporate fraud is a type of white-collar crime that refers to illegal or unethical activities perpetrated by individuals within a company for financial gain. Corporate fraud can take many different forms, including accounting fraud, embezzlement, and insider trading. Corporate fraud is a serious problem in the United States, costing businesses billions of dollars each year. … Read more
The underground economy is defined as economic activity that is not reported or taxed. This can include legal activities that are deliberately hidden from the authorities, as well as illegal activities. The underground economy is often associated with crime, but not all activity in the underground economy is criminal. The underground economy is believed to … Read more
The term “bust-out” is used to describe a type of fraud in which a person or group of people takes out loans or lines of credit from multiple financial institutions, using each one as collateral for the others, until they are unable to make any more payments and are forced to declare bankruptcy. This can … Read more
