Posts Tagged: Forensic

OK, tell me again, how is this NOT a prosecutable felony?

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.

In late June 2004, a plant manager in charge of a Mexican plant of Tyson Foods sent a memo to his headquarters in Springdale, Arkansas about 2 women who did not work for Tyson’s but were being paid from his payroll, the equivalent of $2,700 per month (and had been for years). The women happened to… Read more »

Fraud in Medicare Part D

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.

Crooks are taking advantage of lax oversight in Medicare’s Part D prescription-drug program to obtain highly addictive drugs including oxycodone, Ritalin, and methadone, according to results of a federal investigation. Pharmacies and other Medicare contractors are supposed to enter in a form a number that identifies prescribers. But in many cases, that information is being… Read more »

Dwelling House is no more

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.

A Pittsburgh woman has pleaded guilty to bank fraud and money laundering for taking advantage of an online glitch that enabled her to make $1.1 million in overdraft withdrawals. Forty-six-year-old Jammie Harris learned of the glitch from another woman. That woman was indicted in January on charges that she stole more than $900,000 from Dwelling… Read more »

Where’s the paper trail?

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.

As more and more Americans face mortgage foreclosure, banks’ crucial ownership documents for the properties are often unclear and are sometimes even bogus, a condition that’s causing lawsuits and hampering an already weak housing market. Docx, and companies like it, were recreating missing mortgage assignments for the banks and providing the “legally required signatures” of… Read more »

There’s More to Toxic Than Meets the Eye

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.

As a way of tracking the housing crisis, an NPR investigative team bought a toxic asset.  While it was filled with home loans from people across the country who borrowed more than they could afford, it also contained at least one mortgage that was a part of a $200 million mortgage fraud scheme. The house… Read more »

Troubles for Deloitte

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.

The American government has terminated its contract with an international accounting firm that was providing technical advice to the Afghan banking system here because of the firm’s failure to report signs of trouble at Kabul Bank, the nation’s largest financial institution. The United States Agency for International Development ended the banking portion of a contract… Read more »

The Accountant Did It

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.

A 43-year-old CPA who volunteered to do the books for the Libertyville Boys Club turned himself in after $66,700 of the not-for profit group’s youth football program funds were missing. Jacobsen had been volunteering his services to the club since February 2009 as the treasurer of the club based at Butler Lake Park, Illinois. Libertyville… Read more »

2011 Prediction

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.

According to William K Black, the FBI and the DOJ will not be likely to prosecute the elite bank officers that ran the enormous “accounting control fraudss that drove the financial crisis. While over 1,000 elites were convicted of felonies arising from the savings and loan crisis from the 1980’s and 1990’s , there are no convictions of… Read more »

Cooking the Books for Lehman?

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N.Y. Attorney General Cuomo filed charges against Ernst & Young on December 21, 2010, alleging that the firm helped Wall Street Investment bank Lehman Brothers conceal its deteriorating financial condition before the bank’s historic collapse in the fall of 2008.  The civil lawsuit, which seeks more than $150 million, is the first law enforcement action to… Read more »

Who Holds the Note? A Loaded Question for Credit Scores.

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.

Before Steven Marks started looking for debt relief on his Reno, Nev. home, he sent a simple request to Bank of America to ask who owned his mortgage.  He also wanted documentation of this.  What he got in return was an initial decline regarding who owned his loan by Bank of America and a lowering of his credit score. … Read more »