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FBI and Justice Department alone can not win the fight against financial fraud

A few days ago, the United States Attorney's Office for the Northern District Of Ohio issued a Press Release informing the public than another Ohio resident, Jason E. Schwartz, age 36, of North Baltimore, Ohio, was sentenced  by U.S. District Chief Judge James G. Carr to five months in the custody of the Bureau of Prisons, followed by three years of supervised release. According to the indictment, on or about May 2002, Schwartz, knowingly made a material false statement for the purpose of influencing the action of The Huntington National, an institution with deposits insured by the Federal Deposit Insurance Corporation, in connection with a loan, extension, renewal, and deferment of the same loan, in that Schwartz obtained a loan in the amount of $272,000.00, of which $172,000.00 was to pay off an existing loan with the bank, and the remaining $100,000.00 was to be used for the building of a barn, when in fact Schwartz did not intend to use the proceeds to build a barn. He is one of the most recent individuals who has been punished for lying. Certainly, he will not be the last.                                                                        It is absolutely true that Jason is not the only one who has made false statement or lied. Why do individuals tend to lie and make false statements? The answer is in the lack of ethical values in life and business dealings for all Americans. Schools do little to promote ethical values as a key to success.  Business majors learn more about tricks on how to complete a sale than how to say "no" to fraud and corruption. However, the recent crisis has opened up the debate about ethical issues. The Markula Center for Applied Ethics at Santa Clara University in California is looking at some of the ethical issues behind the failures in our financial system and our business organizations.  The Center has been working to promote ethical culture in business organizations.                                                                                  However, the US universities should do more. They need to promote ethical values to all their students. FBI and Justice Department alone can not with the fight against  financial fraud

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