Unethical Scheme in Managerial Accounting: Fraudulent Loan and

Prompt Research and share an ethics related news article from any time period that corresponds to managerial accounting in an field (i.e., CEO embezzled funds, etc ). Initial Post  Summary:Provide a brief summary of the event in the article.  Unethical Perspective:Think like a crook and explain how a person could manipulate the system that you just read about.  Ethical Perspective:Think like an ethical leader and reveal what controls could be implemented to mitigate the risk/outcome of the situation.  Application:What biblical principles can you apply to your decision? Summary: Robert Waldon John Anderson used false and fraudulent statements to obtain loans from the Commodity Credit Corporation (CCC). As part of the loan, Anderson agreed to maintain bushels of corn as collateral. However, Anderson sold the corn under a family's name and was eventually charged 2 years later. Unethical Perspective:Robert Waldon should not have converted all the bushels of collateral. His scheme was not well thought out. To take a loan of $1.2M and have collateral in physical assets, Anderson should have been smarter about how he was going to go about defrauding the CCC, rather than selling all collateral attached to this loan. Ethical Perspective: As a farmer who was taking out loans from the CCC, Anderson should have considered networking with other farmers. From the article, it really sounds like Anderson was struggling for money; reason one being the loan that he had to take out and reason two falsely converting that collateral. It was also found that Anderson orchestrated fraud prior to this instance using bushels of wheat as collateral, but that never existed either. Anderson could have used a network to work with other farmers to help his business instead of trying to steal from the CCC. Application:Not only should Anderson have asked for help, but he also should have had faith that God would provide. Matthew 6:26 states " Look at the birds of the air; they do not sow or reap or store away in barns, and yet your heavenly Father feeds them. Are you not much more valuable than they?" And this is simply a reminder that God cares for us and we shouldn't be led to sin out of our fear and worry of how we will be sustained. "Bible Gateway Passage: Matthew 6:26 - New International Version." Bible Gateway, https://www.biblegateway.com/passage/? search=Matthew+6%3A26&version=NIV. Kimmel, P.D., Weygandt, J.J., & Kiesco, E.D. (2019). Financial Accounting: Tools for Business Decision Making (9th ed.).