Accounting Fraud in Daedalus Capital LLC Essay Example | Topics and Well Written Essays - 500 words

Accounting Fraud in Daedalus Capital LLC - Essay ExampleThis contrivance scheme where Coleman was taking peoples money and promising them considerable returns on their investments but then fail to deliver due to the unpredictability of the marketplace. The Illinois subdivision prohibited the political party from selling securities for a period of 90 years in which investigations would follow. The Illinois securities department would charge him with fraud in offering and selling securities, offering and selling of unregistered securities and offering investment advice while he was unregistered to do so.The Illinois Securities Department hope to prosecute through seeking as much evidence against him as possible something which the court in Missouri failed to do leading to the current situation being experienced in Chicago at the moment. Despite the charges brought against him in the court of law and the pending investigations, Coleman still maintains that his company is able to ge t the clients the promised 100% reward on their investment as promised despite the conditions in the market (Yerak, 2014).The first thing that humans when accused of fraud or inappropriate misconduct do is to deny any allegations. This happens even in cases where there is evidence of whatever magnitude or the individuals charged swallow a prior record of the same offense in the past. This is the case with Coleman where he has recorded in court as well as with the securities department in Missouri more or less committing fraud to his investors but he still maintains that it is not the case (Ferrell & Fraedrich, 2012). He strongly stands for his companys activities and promises even though it is evident that he cannot fulfill them without any fraud occurring in the process and there is evidence to that effect.Coleman would have been better off keeping quiet about the whole situation until cleared or charged by the court for committing the fraud. Talking would only worsen the situati on in case his claims were proven to be untrue.