Posts Tagged: Financial Statement Fraud

Return Fraud

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

Return fraud costs the retail industry billions of dollars in lost revenues every year. The growing crime is expected to cost retail stores across the nation an estimated $3.7 billion this holiday shopping season alone, according to the National Retail Federation. If that estimate holds true, it will represent 35 percent increase over last year’s… Read more »

Conflict of Interest Leading to a Fraud Investigation

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

Joel Bondy, executive director of the Office of Payroll Administration in New York City since April 2004, is at the heart of an alleged $80 million information technology fraud scheme. He has been suspended without pay since December 16, 2010, by Mayor Michael R. Bloomberg and Comptroller John C. Liu, pending investigation. Federal prosecutors have… Read more »

Did Bernie Madoff Have Help?

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized, Video Updates.

HSBC prolonged disgraced financier Bernard Madoff’s ability to burn investors by “engineering a labyrinth” of international sources of funding for his epic Ponzi scheme, a court-appointed trustee alleged Sunday. Trustee Irving Picard announced a lawsuit in federal bankruptcy court in Manhattan that seeks to recover $9 billion in illicit earnings and damages from the Britain-based… Read more »

New rules for Debt-Relief Services

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Starting this week, for-profit companies marketing debt-relief services over the telephone are prohibited from charging a fee before they settle or reduce a customer’s debt to the Internal Revenue Service, credit card company, or other unsecured debt. The new rule by the Federal Trade Commission covers telemarketers of for-profit debt-relief services, including credit counseling, debt… Read more »

Hiding The Truth?

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Jane Buchan is a rarity on Wall Street. Not only has she built a hugely successful hedge fund investment firm but the firm is also the only one that is, on paper, owned and run by women. Unfortunately, it now appears that the firm Pacific Alternative Asset Management Company (PAAMCO) was bankrolled by some of… Read more »

Put Me First In Line

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Former Denver Broncos quarterback John Elway and his business partner gave $15 million to a hedge-fund manager now accused of running a Ponzi scheme.  In court papers filed by Elway and Mitch Pierce the two claim that their investment was supposed to be kept in a separate account from Mueller’s Over Under Fund. Therefore, the… Read more »

No MBA for Insider Trading

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In a recent ruling, U.S. District Judge Lewis Kaplan held that a certified public accountant who hid his conviction for insider trading from his teachers at NYUs Stern School of Business wasn’t entitled to the MBA degree that he thought he earned. The former PricewaterhouseCoopers employee, Ayal Rosenthal, pleaded guilty in February 2007 to one… Read more »

Star Power Fraud

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Kenneth Starr, a celebrity financial adviser to stars including actors Wesley Snipes and Sly Stallone, was charged with carrying out a massive $30 million fraud on his clients and then spending the money on a luxury apartment and jewelry, federal prosecutors said. Starr, head of the Manhattan-based Starr and Co., was charged with wire fraud,… Read more »

Church Robbed of $600,000 Online

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Over one weekend in August 2010, the Catholic Diocese of Des Moines, Iowa, fell victim to a $600,000 ACH fraud theft, thus, becoming another in the growing list of businesses and entities that have suffered huge losses as a result of these frauds. Questions: 1. Based on the article, what do you calculate as the… Read more »

Super Sleuthing at Apple

Posted by & filed under Accounting Principles, Advanced Accounting, All Articles, Auditing, Cost Accounting, Financial Accounting, Financial Reporting and Analysis, Financial Statement Analysis, Fraud Accounting, IFRS, Intermediate Accounting, International Accounting, Managerial Accounting, Uncategorized.

Court papers filed by the federal government and Apple against a former manager detail a scheme that allegedly saw confidential Apple data supplied to Asian electronics companies over more than three years in return for kickbacks of more than $1 million.  Apple says that over the course of more than three years, two individuals colluded… Read more »