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McKesson And Robbins Scandal
The McKesson and Robbins scandal was a major financial scandal in 1938, involving McKesson and Robbins, Inc, now McKesson Corporation. It is widely considered one the largest financial scandals of the 20th century. McKesson and Robbins was taken over in 1925 by Phillip Musica, who previously used Adelphia Pharmaceutical Manufacturing Company as a front for bootlegging operations. Musica, a twice-convicted felon, used assumed names to conceal his true identity in taking control of the two companies: Frank D. Costa at Adelphia Pharmaceutical and F. Donald Coster at McKesson and Robbins. Although Musica was successful in expanding the company's legitimate business operations, he recruited three of his brothers, also working under assumed names, one outside the company and two inside it, to generate bogus sales documentation and to pay commissions to a shell distribution company under their control. McKesson and Robbins treasurer Julian Thompson discovered the distribution company w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
McKesson Corporation
McKesson Corporation is a publicly traded American company that distributes Medication, pharmaceuticals and provides health information technology, Medical device, medical supplies, and Health administration, health management tools. The company delivers a third of all pharmaceutical products used or consumed in North America and employs over 80,000 employees. With $308.9 billion in 2024 revenue, it is the Fortune 500, ninth-largest company by revenue in the United States and the nation's largest health care company. The company is headquartered in Irving, Texas. It is a component of the S&P 500 and is listed on the New York Stock Exchange, where it is traded under the ticker symbol "MCK". McKesson provides extensive network of infrastructure for the healthcare industry and was an early adopter of technologies, including barcode scanning for distribution, pharmacy automation, pharmacy robotics, and Radio-frequency identification, RFID tags. The company has been named in a federal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Phillip Musica
Philip Mariano Fausto Musica (1877 – December 16, 1938), also known as F. Donald Coster, was an Italian swindler whose criminal career spanned parts of three decades. His various crimes included tax fraud, bank fraud, and bootlegging. However, he is best known as the mastermind of the McKesson and Robbins scandal in 1938, one of the largest financial scandals ever perpetuated by a single person. Early life Musica was born in 1877 in Naples, Italy, to Antonio and Maria Musica. His family moved to New York City when he was seven years old. He grew up in Mulberry's Bend, a rough neighborhood in Little Italy. Philip would eventually have three brothers and a sister. As a boy, Musica admired Theodore Roosevelt, at the time the New York Police Department's hard-charging police commissioner. He followed Roosevelt's activities in the newspapers and attended his public speaking engagements. Musica started copying the commissioner's speech and mannerisms. First convictions for fraud ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Securities And Exchange Commission
The United States Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street crash of 1929. Its primary purpose is to enforce laws against market manipulation. Created by Section 4 of the Securities Exchange Act of 1934 (now codified as and commonly referred to as the Exchange Act or the 1934 Act), the SEC enforces the Securities Act of 1933, the Trust Indenture Act of 1939, the Investment Company Act of 1940, the Investment Advisers Act of 1940, and the Sarbanes–Oxley Act of 2002, among other statutes. Overview The SEC has a three-part mission: to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. To achieve its mandate, the SEC enforces the statutory requirement that public companies and other regulated entities submit quarterly and annual reports, as well as other periodic disclosures. In addition to annual financial re ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
American Institute Of Certified Public Accountants
The American Institute of Certified Public Accountants (AICPA) is the national professional organization of Certified Public Accountants (CPAs) in the United States, with more than 428,000 members in 130 countries. Founded in 1887 as the American Association of Public Accountants (AAPA), the organization sets ethical standards and U.S. auditing standards. It also develops and grades the Uniform CPA Examination. AICPA is headquartered in Durham, North Carolina, and maintains additional offices in New York City, Washington, D.C., and Ewing, New Jersey. History AICPA and its predecessors date back to 1887, when the ''American Association of Public Accountants'' (AAPA) was formed. The Association went through several name changes over the years: the Institute of Public Accountants (1916), the American Institute of Accountants (1917), and the American Society of Public Accountants (1921), which merged into the American Institute of Accountants in 1936. At that time, the decision ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chatfield, Michael
Michael Chatfield (1930s-2004) was an American economist, accounting historian, and emeritus Professor of Accounting at the Southern Oregon University, known for his work on the history of accounting and accounting thought, and particularly for his ''History of Accounting: An International Encyclopedia,'' edited with Richard Vangermeersch. Biography Chatfield obtained his BA and MBA from the University of Washington, and his DBA for the University of Oregon in 1966, and his Certified Public Accountant degree in the Los Angeles Chapter in 1968,. After his graduation at the University of Washington Chatfield had started his career in industry at the Burroughs Corporation.''The Arthur Andersen Chronicle,'' Vol. 29 (1968), p. 40. After obtaining his Doctor of Business Administration in 1966 he joined the University of California, where he was appointed assistant professor of accounting, and in 1970 professor of accounting. After a long period at the University of California he moved ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Richard Vangermeersch
Richard G.J. Vangermeersch (born 1940) is an American economist, and Emeritus Professor of Accounting at the University of Rhode Island, particularly known for his ''History of Accounting: An International Encyclopedia,'' edited with Michael Chatfield. Biography Born in Providence, Rhode Island, Vangermeersch attended the North Providence High School. He obtained his BA in accounting from Bryant University, his MA in accounting in 1964 from University of Rhode Island, and his PhD in accounting in 1970 from the University of Florida with a thesis on the history of economics, economic theory and management.Michaela Mooney For 34 years, accounting professor hasn't done it by the numbers'' February 9, 2004. Republished at ''uri.edu/news/releases,'' 2013. Accessed 11.2014. Finally in 1978 he obtained his Certified Management Accountant (CMA). Vangermeersch spend his academic career at the University of Rhode Island, where he started in 1970 as Associate Professor of Accounting. In ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1938 In The United States
Events from the year 1938 in the United States. Incumbents Federal government * President: Franklin D. Roosevelt ( D-New York) * Vice President: John Nance Garner ( D-Texas) * Chief Justice: Charles Evans Hughes (New York) * Speaker of the House of Representatives: William B. Bankhead ( D-Alabama) * Senate Majority Leader: Alben W. Barkley ( D-Kentucky) * Congress: 75th Events January–March * January 1 ** The California Golden Bears defeat the Alabama Crimson Tide in this year's Rose Bowl Game in college football, with a final score of 13–0. ** The ''Merrie Melodies'' cartoon short '' Daffy Duck & Egghead'' is released, being the first cartoon to give Daffy Duck his continuing name, as well as his second appearance. * January 3 – The March of Dimes is established as a foundation to combat infant polio by President Franklin D. Roosevelt. * January 11 – Leading Korean dancer Choi Seung-hee arrives in San Francisco to begin her international tour in th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Scandals
Accounting scandals are business scandals that arise from intentional manipulation of financial statements with the disclosure of financial misdeeds by trusted executives of corporations or governments. Such misdeeds typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of corporate assets, or underreporting the existence of liabilities; these can be detected either manually, or by means of deep learning. It involves an employee, account, or corporation itself and is misleading to investors and shareholders. This type of "creative accounting" can amount to fraud, and investigations are typically launched by government oversight agencies, such as the Securities and Exchange Commission (SEC) in the United States. Employees who commit accounting fraud at the request of their employers are subject to personal criminal prosecution. Two types of fraud Misappropriation of assets Misappropriat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corporate Scandals
A corporate collapse typically involves the insolvency or bankruptcy of a major business enterprise. A corporate scandal involves alleged or actual unethical behavior by people acting within or on behalf of a corporation. Many recent corporate collapses and scandals have involved some type of false or inappropriate accounting (see list at accounting scandals). List of major corporate collapses The following list of corporations involved major collapses, through the risk of job losses or size of the business, and meant entering into insolvency or bankruptcy, or being nationalised or requiring a non-market loan by a government. List of scandals without insolvency * Australia & New Zealand Banking Group scandal involving misleading file notes in the Financial Ombudsman Service (Australia) presented to the Supreme Court of Victoria. * Australia & New Zealand Banking Group allegations of racial bigotry toward billionaire businessman Pankaj Oswal and his wife. Court was present ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Corruption In The United States
Corruption in the United States is the act of government officials Political corruption, abusing their political powers for private gain, typically through bribery or other methods, in the United States government. Corruption in the United States has been a perennial political issue, peaking in the Jacksonian era and the Gilded Age before declining with the reforms of the Progressive Era. As of 2025, the United States scores 65 on a scale from 0 ("highly corrupt") to 100 ("very clean") according to Transparency International's 2024 Corruption Perceptions Index. When ranked by score, the United States ranks 28th among the 180 countries in the index, where the country ranked first is perceived to have the most honest public sector. History 18th century Corruption in the United States dates back to the founding of the country. The American Revolution was, in part, a response to the perceived corruption of the Monarchy of the United Kingdom, British monarchy. Separation of powe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
