Walters personally to recover corporate funds

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a) Jim Walters was a majority shareholder of J.J. Jewelry Inc. He became aware that J.J. was in serious financial trouble. Before J.J. went out of business, Walters paid off his personal credit cards using corporate funds. He also paid the corporation $1.00 for a corporate car purchased by the corporation. Creditors of J.J. brought suit against Walters personally to recover corporate funds. Decide the case giving your reasons.

b) As a corporate director, what would be some warning flags that the CEO was not performing his or her responsibilities to the company?

c) Why is insider trading illegal? Who is supposed to be protected and why?

Reference no: EM132184767

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