SEC Charges Audit Firm on Fraud
The Securities and Exchange Commission has charged four New York-based auditors of falsely representing that they had conducted audits of Chinese companies within U.S. auditing standards when, instead,...
View ArticleWays to Launder Money: Gamble?
Drug dealers in the UK have taken advantage of the rise of electronic gambling devices since their introduction in 2001 by using the fixed-odds betting machines to launder their money, according to the...
View ArticleReport: Fake Numbers SOP for Pentagon
False figures, ranging from simple number fudging to just making them up entirely, is not only rife at the Pentagon, but is actually standard operation procedure, according to an investigation by...
View ArticleSEC: Compliance Officer Not Compliant
In an ironic development that would impress Sophocles, a Securities and Exchange Commission (SEC) employee responsible for ensuring entities' compliance with securities law has been arrested and...
View ArticleIRS Warns of Typhoon Relief Scams
It is a sad inevitability that wherever there are tragedies, there are people out there willing to exploit it, and the recent disaster in the Philippines is unfortunately no exception, according to...
View ArticleReport: FX Market Rife w.Inside Trade
Foreign currency dealers apparently have been recruiting day traders to make market bets on their behalf using their knowledge of impending deals to profit off the shifting currency values they know...
View ArticleStudy: Jail Not So Bad for 'White Collar'
If you've been convicted of insider trading or embezzlement or fraud, you may be quaking in your boots at the prospect of going to federal prison and confronting the numerous indignities that may...
View ArticlePoll: Audit Comms, CEOs too Chummy
A recent study has revealed that 40 percent of public companies have at least one audit committee member with social ties to its CEO, according to Accounting Today, with about half the committee having...
View ArticleTowards Better Business Ethics
The Washington Post has an interesting blog entry written by a business professor who argues that the way MBA programs today go about teaching ethics today are looking at the wrong problems. The...
View ArticleOne House; 2000 Companies
A single address in Wyoming is, on paper at least, home to over 2000 different companies, according to a special investigation by Reuters. The address, 2710 Thomes Avenue, is a 1700 square foot brick...
View ArticleIRS Ramps Up Criminal Investigations
The IRS has been stepping up its game in investigating fraud cases involving things like identity theft, according to Forbes. Investigations tripled between 2011 and 2012, said Forbes, and increased...
View Article3rd Parties Liable in Ponzi Scheme
The Supreme Court of the United States ruled on Wednesday that the victims of Allen Stanford's $7 billion Ponzi scheme can indeed sue third parties who were involved with the mustachioed billionaire,...
View ArticleMany Brokers Don't Disclose Red Flags
According to an analysis conducted by the Wall Street Journal, more than 1,600 stock brokers have bankruptcy, criminal charges or other troubling parts of their past that are not disclosed to...
View ArticleJPM Whistleblower Gets $63.9M
Keith Edwards, a former assistant vice president at JP Morgan, will receive $63.9 million for information he supplied that eventually led the bank to admit that it had spent years defrauding the...
View ArticleLaw Firm Gets Fraud Indictment
When you're accused of grand larceny by New York prosecutors, who are saying that you used a series of accounting tricks to hide massive losses, you would probably regret writing down at some point...
View ArticleThousands Hit by IRS Phone Scam
The Treasury Inspector General for Tax Administration (TIGTA) has reported that over 20,000 people have been targeted by what it says is the largest IRS phone scam the agency has ever seen, according...
View ArticleMadoff Employees Convicted
Five employees of notorious Ponzi schemer Bernie Madoff were today found guilty of fraud connected to the multi-billion dollar scam that shocked the nation at the height of the financial crisis,...
View ArticleFranzel: Too Few Female Leaders in Firms
Public Company Accounting Oversight Board (PCAOB) member Jeanette Franzel lamented the fact that, despite increased female representation within the accounting profession, firm leadership is still...
View ArticleAccounting Fraud Widespread in China
Bing Lin, a Hong Kong portfolio manager, has asserted that accountingfraud is a widespread phenomena in China, and that investors should take the financial information coming from many firms with a...
View ArticleRep. Grimm Arrested on Fraud Charges
Rep. Michael Grimm, a New York City Republican congressman representing Staten Island and parts of Brooklyn, surrendered to federal authorities today on a 20-count indictment connected to a restaurant...
View Article