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The president of Bevill, Bresley & Schulman Inc, Mr. Schulman, was found guilty of conspiring and filing false deductions of massive amounts of money in phony trades and failing to report some $180000 in income (AP, 1987). The malpractice led to collapse of the institution and enormous loss to the investor.
From the given situation, the business firm committed a couple of business misconduct. The former director of the Reserve Bank leaked secret interest rate data to the advantage of the Bevill, Bresler principals (AP, 1987). The Bevill, Bresler, and Schulman Inc. was a defunct security brokerage which committed fraud to the interest of its top authorities. Through the president of the defunct brokerage, Mr. Schulman, false file of tax returns were conspired, false deductions of a huge amount of money were reported, and other funds belonging to the company were not reported.
Those serious business misconduct has caused enormous loses to seventy five financial institutions, municipalities, individuals in twenty states and involved customers over a hundred U.S dollars. From this scandal, authorities are said to have siphoned off about fifteen million U.S dollars. The authorities of the same defunct business had their share of the same in the sense that they were brought to justice, and they served a jail sentence.
The collapse of Bevill, Bresler & Schulman caused enormous losses to customers who had invested in it (AP, 1987). The customers or the tax payers this whole misconduct gave them a bitter pill to swallow. The individuals who facilitated the misconduct were brought to justice, which led them to serve time in prison. Some individuals had to count some monumental loss, which was a serious blow in their investment history. The society in a broader sense suffered a large economic blow in the sense that it had lost value of the money heavily invested in the institution.
However, the whole business misconduct is not too hefty for any organized constitution to handle. Whenever such cases arise, the involved parties can be brought to justice for the benefit of the taxpayer and the society at large. Again such business institution should be founded on strong grounds of business constitution where, loop holes for fraud do not exist. Again, the head of such enormous institution should be randomly vetted and audited by external government auditors. Signs and symptoms of any business malpractice should be reported to the relevant authority within the shortest time possible.
