May 06

IRS Workers Found to Have Evaded Tax Payment

A recent report indicated that over a 10 year period approximately 1,600 Internal Revenue Service (“IRS”) employees willfully evaded their tax obligations.  The wrongful activity included: failing to file timely claiming improper dependents claiming improper first-time homebuyer credits The law calls for the termination of such employees unless it is waived by the IRS commissioner. …

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Permanent link to this article: http://betweenthenumbers.net/2015/05/irs-workers-found-to-have-evade-tax-payment/

May 04

Compliance Officer Gets Whistleblower Award

The U.S. Securities and Exchange Commission (“SEC”) recently announced an award of $1.4 – $1.6 million provided to a compliance officer of a large company. Neither the company’s nor the officer’s name was made public due to confidentiality laws, but the information was reported to having pertained to significant financial harm to the company and/or …

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Permanent link to this article: http://betweenthenumbers.net/2015/05/compliance-officer-gets-whistleblower-award/

Apr 15

SEC Takes Action on Overly Restrictive Confidentiality Agreements Affecting Whistleblowers

A recent enforcement action by the Securities and Exchange Commission (“SEC”) is the first of its kind, concerning improperly restrictive language contained in a company’s confidentiality agreements that could potentially impede whistleblower rules and protections. The SEC charged KBR Inc. with violating Rule 21F-17 under the Dodd-Frank Act by requiring witnesses in internal investigations to …

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Permanent link to this article: http://betweenthenumbers.net/2015/04/sec-takes-action-on-overly-restrictive-confidentiality-agreements-affecting-whistleblowers/

Apr 12

Pro-Athlete Lending Firm is an Alleged Ponzi Scheme

A Florida based financial advisory involved in professional athlete lending has been charged with defrauding its clients. On April 7th the Securities and Exchange Commission (“SEC”) charged William D. Allen and his business partner Susan C. Daub with running a Ponzi scheme which promised investors 18% returns, however a sizable portion of these “returns” were …

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Permanent link to this article: http://betweenthenumbers.net/2015/04/pro-athlete-lending-firm-is-an-alleged-ponzi-scheme/

Apr 06

Massive Fraud in the Middle East

The New Yorker magazine recently ran a scathing review of the collapse of The International Banking Corporation (“TICB”), the largest credit default and potential Ponzi scheme ever experienced in the Middle East. At its core was a man named Maan al-Sanea, a son-in-law to a prestigious Saudi Arabian family, who borrowed billions of dollars from …

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Permanent link to this article: http://betweenthenumbers.net/2015/04/massive-fraud-in-the-middle-east/

Apr 05

New Revenue Recognition Rules Delayed

The Financial Accounting Standards Board (“FASB”) has announced a proposal to delay by one year the effective date of implementation of the new revenue recognition standard under Generally Accepted Accounting Principles (“GAAP”), making the new date of change for public companies those reporting periods beginning after December 15, 2017.  Private companies would have an additional …

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Permanent link to this article: http://betweenthenumbers.net/2015/04/new-revenue-recognition-rules-delayed/

Apr 04

The Results Are In For the 2014 AICPA Trends in Forensic and Valuation Services Survey

The American Institute of Certified Public Accountants (“AIPCA”) recently released the findings of its most recent Survey on International Trends in Forensic and Valuation Services (“Survey”). The Survey polled 443 professionals, including 55% who worked in public accounting and/or consulting firms. The remainder were professionals working in business and industry, education, law enforcement, and government. …

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Permanent link to this article: http://betweenthenumbers.net/2015/04/the-results-are-in-for-the-2014-aicpa-trends-in-forensic-and-valuation-services-survey/

Apr 02

Fiduciaries Continue to Face 401(k) Conflict of Interest Allegations

A group of workers at Ameriprise Financial Inc. settled their federal lawsuit against the company regarding management of their 401(k) contributions that were invested in Ameriprise funds and generated millions in allegedly excessive fees for the company. The case was filed in 2011 by Roger Krueger and a group of Ameriprise plan participants.  The plaintiffs disputed …

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Permanent link to this article: http://betweenthenumbers.net/2015/04/9358/

Mar 30

Bankruptcy Treatment of Education Debts is Clarified by the Ninth Circuit

A Ninth Circuit Bankruptcy Appellate Panel has ruled that certain tuition related amounts are dischargeable in bankruptcy.  Generally, education related debts are not able to be discharged.  However, the Panel’s ruling did not apply this exception because the financial aid in question was a non-monetary tuition credit offered by a for-profit university. The Panel described the …

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Permanent link to this article: http://betweenthenumbers.net/2015/03/bankruptcy-treatment-of-education-debts-is-clarified-by-the-ninth-circuit/

Mar 23

GAO Reports Worsening Improper Payments

The Government Accountability Office (“GAO”) recently published a summary of the testimony of US Comptroller General Gene L. Dodaro regarding government efficiency and effectiveness.  The GAO reports annually to Congress on federal programs, agencies, offices, and initiatives (both within departments and government-wide) that are fragmented, overlapping, or duplicative.  It also identifies opportunities for cost savings …

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Permanent link to this article: http://betweenthenumbers.net/2015/03/gao-reports-worsening-improper-payments/

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