According to the New York Post, a Colorado conman who escaped from a federal prison in Colorado in 2018 was rearrested in Florida, living in a luxurious $1.5 million mansion. Questions: Source: Reyes, R. (2023) Colorado conman who escaped fed prison caught living lavishly in $1.5M Florida mansion. The New York Post, Aug. 3 (Retrievable… Read more »
Posts Tagged: risk
Albemarle purports to have violated Foreign Corrupt Practices Act (FCPA)
According to the Wall Street Journal, well-known chemical manufacturer, Albemarle, reached an agreement in principle with U.S. authorities to pay a $218.5 million fine to resolve an investigation into potential improper payments by third-party sales representatives. Questions: Source: Tokar, D. (2023). Albemarle to Pay $218.5 Million to Settle Foreign Bribery Probe. The Wall Street Journal,… Read more »
Fraudster’s Home Depot Scam Snagged!
According to the Associated Press, a Connecticut man was given nearly $300,000 in fraudulent Home Depot credit by walking into stores in several states, loading expensive doors into a lumber cart in one department of the store and then returning them to the customer returns department of the same store without a receipt. Questions: Source:… Read more »
PCAOB santions five firms for not preserving independence
According to Accounting Today, the Public Company Accounting Oversight Board has disciplined five auditing firms for violating its rules and standards when communicating with audit committees. Questions Source: Cohn, M. (2023) PCAOB sanctions firms over audit committee communications. Accounting Today, July 28 (Retrievable online at https://www.accountingtoday.com/news/pcaob-sanctions-firms-over-audit-committee-communications?)
Newest “Old School” Scam
The IRS is warning about a new scam that targets your bank account using an old-fashioned mailer. Questions: Source: Tanner, J. IRS warns taxpayers of new ‘unclaimed refund’ scam – here’s how it works. The Hill, July 8 (Retrievable online at https://thehill.com/homenews/nexstar_media_wire/4085938-irs-warns-taxpayers-of-new-unclaimed-refund-scam-heres-how-it-works/
Bank of America fined and ordered to issue refunds
According to the Associated Press, Bank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards, and opening accounts without customer consent. Questions: Source: Sweet, K. and M. Chapman. (2023). BofA hit with $250 million in fines and customer… Read more »
Inheritance from Antiquities Smuggling
According to the Washington Post, U.S. authorities announced that they have secured a $12 million forfeiture agreement from the daughter of accused antiquities smuggler Douglas Latchford, a man federal prosecutors say was a key figure in the decades-long ransacking of ancient Cambodian temples. Questions: Source: Whoriskey, P. (2023). Heir of accused antiquities smuggler agrees to… Read more »
Overstock.com Wins Bid To Acquire Bankrupt Bed Bath & Beyond
According to the New York Times, if the acquisition of Bed Bath & Beyond by Overstock.com is approved at bankruptcy court next week, the company will own the intellectual property of the bankrupt home goods retailer. Questions: Source: Holman, J. (2023) Overstock.com Wins $21.5 Million Bid for Bed Bath & Beyond’s Assets. The New York… Read more »
Interesting and Costly New Canadian Law for IT Companies
According to the New York Times, a new Canadian law will require technology companies to license news content. Facebook’s owner said it would drop news from the platform. Questions: Ives, M. (2023). Canada Forces Google and Facebook to Pay News Outlets for Linking to Articles. The NEw York Times, June 23 (Retrievable online at https://www.nytimes.com/2023/06/23/business/media/meta-google-canada-news-facebook-instagram.html)
Loaning $9.2 Billion of Your Tax Dollars to Ford
According to the New York Times, Ford Motor and its battery manufacturing partner will receive a $9.2 billion loan to build three battery factories in Kentucky and Tennessee from the Department of Energy. Questions: Source: Ewing, J. and C. Krauss (2023). Ford’s Battery Joint Venture to Get $9.2 Billion Government Loan, The New York Times,… Read more »