Category Archive: Forensic Accounting

Dec 30

General Cable Settles with SEC and DOJ for $82.3 Million

General Cable Corporation announced that it has entered into a joint settlement with the Securities and Exchange Commission (“SEC”) and Department of Justice (“DOJ”) for a total payment of $82.3 million to address investigations into violations of the U.S. Foreign Corrupt Practices Act (“FCPA”) and separate allegations regarding financial restatements. In 2014, General Cable voluntarily …

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Permanent link to this article: http://betweenthenumbers.net/2016/12/general-cable-settles-with-sec-and-doj-for-82-3-million/

Aug 31

Monsanto Whistleblower Obtains $22.4 Million SEC Award

The Securities and Exchange Commission (“SEC”) has awarded $22.4 million to a former Monsanto financial executive, the second-largest whistleblower bounty ever provided. This amount represents the whistleblower’s share of the $80 million penalty paid. The anonymous whistleblower was a former Monsanto financial executive who reported violations of Generally Accepted Accounting Principles (“GAAP”) and misstatements of corporate earnings. …

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Permanent link to this article: http://betweenthenumbers.net/2016/08/monsanto-whistleblower-obtains-22-4-million-sec-award/

Aug 13

$26 Million Settlement to Hollywood Filmmakers Over Home Video Royalties

The $26 million settlement between Universal City Studios and a class of Hollywood filmmakers has been tentatively approved.  The filmmakers believed they had been underpaid based on miscalculated royalties associated with profits from home-video sales. Unfortunately underpayment of royalties is all too common and many fail to properly manage their agreements.  One critical tool against …

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Permanent link to this article: http://betweenthenumbers.net/2015/08/26-million-settlement-to-hollywood-filmmakers-over-home-video-royalties/

Jun 23

The IRS Wants More Of Your Gambling Winnings

The taxation of gambling winnings is widely misunderstood (or at least widely not followed).  Gambling gains are included in gross income, reported on “other income” on form 1040.  Losses from gambling are allowed to the extent of gambling gains, but only as an itemized deduction.  The amount spent to generate any win reduces the win.  …

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Permanent link to this article: http://betweenthenumbers.net/2015/06/the-irs-wants-more-of-your-gambling-winnings/

Jun 14

Canada Audits Dubious Senator Expenses At Great Cost

The recently released report by the Canadian Auditor General details numerous incidents of inappropriate spending by members of the Canadian Senate. The report investigated 116 current and former senators and 80,000 expense items totaling CAD $45,000,000 over a period from April 1, 2011 to March 31, 2013. 30 of the senators under investigation were found …

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Permanent link to this article: http://betweenthenumbers.net/2015/06/canada-audits-dubious-senator-expenses-at-great-cost/

May 31

The Cancer Fund of America and Its Related Charities Are Called a Fraud

An alleged fraud was recently uncovered at The Cancer Fund of America and its related entities, including The Breast Cancer Society and The Children’s Cancer Fund of America. James Reynolds and his family members are believed to have stolen $187 million from donors in these charities over five years and spent the monies on lavish …

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Permanent link to this article: http://betweenthenumbers.net/2015/05/the-cancer-fund-of-america-and-its-related-charities-are-called-a-fraud/

May 17

Investors Allegedly Defrauded by ITT Technical Institute Executives

On Tuesday May 12, 2015 the Securities and Exchange Commission (“SEC”) charged the CEO and CFO of ITT Educational Services Inc. (NYSE: ESI) with fraud.  The company which runs a popular nationwide chain of for-profit technical colleges under the name ITT Technical Institute (“ITT Tech”) allegedly defrauded investors by materially misstating the financial performance of …

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Permanent link to this article: http://betweenthenumbers.net/2015/05/investors-allegedly-defrauded-by-itt-technical-institute-executives/

May 16

GAO Tells SEC to Look in the Mirror Regarding Internal Control Failures

The U.S. Government Accountability Office (“GAO”), a government watchdog group, recently reported the results of its 2014 audit of the Securities and Exchange Commission (“SEC”) financial statements.  The findings included (i) troubling reports of internal control failures at the very agency tasked with policing the reporting activities of others and (ii) warnings of vulnerability to …

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Permanent link to this article: http://betweenthenumbers.net/2015/05/gao-tells-sec-to-look-in-the-mirror-regarding-internal-control-failures/

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 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/

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