24 Jun

Ways to Help Prevent Corporate Fraud

Executives have the means to commit and cover up the largest frauds. They have access to the information and computer systems, they have power over all employees and they have access to the money. The finance function is riddled with fraud risks and the company’s executives are in the best position to take advantage of those risks.

Because of the risk of losing large sums of money to fraud by executives, companies must ensure owners and boards of directors are actively involved in creating and maintaining an environment that is not conducive to fraud. This involves active oversight of daily operations, continuous monitoring of potential red flags of fraud and swift action when fraud is discovered. Read More

15 Jun

Follow the Money to Find the Fraud

Forensic accounting has been around for decades, but only in the last ten to fifteen years have people become aware of the profession on a wide scale. Many of the techniques used by forensic accountants to investigate fraud and analyze the numbers are the same today as they were decades ago.

Computers have made things easier, as we can track, sort, and manipulate data faster. While software solutions for analyzing data, managing documents, and following the money are being used in investigations, they’re not being used to their full potential. This is obviously a missed opportunity for clients.

Old Fashioned Investigations
The old way of investigating fraud – the one that requires manual data analysis – is tried and true. Examining source documents is critical to finding out what really happened with the money. There is no substitute for the judgment, skepticism, and investigative intuition of a seasoned forensic accountant. Read More

11 Jun

The Price of Free Speech is $200,000

medifast-lawsuit-check-to-tracy-coenenFree speech is a privilege we enjoy in the United States. But it is anything but free. My personal price for the right to express my opinion about Medifast, Inc. was 5 years of my life and nearly $200,000. (Of course, that doesn’t include the emotional toll that the case took, as Medifast’s malicious pursuit of its meritless case against me was clearly designed to ruin me professionally.)

Case Summary

To summarize Medifast’s bogus case against  the defendants:

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10 Jun

MLM Lawyer Kevin Grimes Pays $1.175 Million to Settle ZeekRewards Claims

Last year, infamous “MLM Lawyer” Kevin Grimes was sued by the receiver in the Zeek Rewards Ponzi scheme case. The gist of the suit was that Grimes knew or should have known that Zeek Rewards “…was perpetrating an unlawful scheme which involved a pyramid scheme, an unregistered investment contract and/or a Ponzi scheme.” The lawsuit alleged that Kevin Grimes and his firm Grimes & Reese PLLC  (that firm is now R&R Law Group, while Grimes has joined the scumbag MLM attorneys at Thompson & Burton) knew that ZeekRewards was perpetrating a Ponzi scheme and provided the company with a bogus “compliance program” meant to make the company look legitimate.

The case has been settled, and Grimes will pay $1.175 to the receiver. Via Patrick Pretty: Read More