A recent [tag]theft of data[/tag] involving over 112,000 customers at Sentry Insurance is currently being investigated by the U.S. [tag]Secret Service[/tag]. The thief was a “lead programmer” with a computer consulting company hired by Sentry. In carrying out his job duties, he had access to the information on customers. He has been arrested, and faces … Read more Data Theft From Sentry Insurance Compromises Information on 112,000 Customers
Today the U.S. Court of Appeals for the Second Circuit upheld the conviction and prison sentence of former WorldCom CEO Bernard Ebbers. The 64-year-old defendant was convicted in 2005 of nine counts of conspiracy, securities fraud, and false SEC filings. He received a 25-year prison sentence, which all but assures that he will die in … Read more Conviction of Bernie Ebbers Upheld by Appeals Court
After deliberately lying during testimony in a Milwaukee County courtroom, Milwaukee Alderman Michael McGee (aka Jackson) will not be charged with perjury.
The perjury occurRed on April 12, May 12, and May 16, 2006 during Domestic Abuse Injunction Hearings before the Family Court Commissioner and Judge Clare Fiorenza. The hearing involved McGee/Jackson and his pregnant former mistress Kimley Rucker.
Read moreMilwaukee Alderman Michael McGee Gets Away With Criminal Behavior Again
Sharman Networks Ltd., the company behind the music-swapping service called Kazaa, has agreed to pay $115 million ot the entertainment industry to settly piracy lawsuits. The company has also agreed to help discourage piracy of music online. Kazaa software was downloaded more than 389 million times, and the company used a “Fast Track” file sharing … Read more Kazaa settles piracy lawsuits
In the ongoing saga of the life of Alderman Michael McGee (aka Jackson), there is a new development. McGee/Jackson had a restraining order against him, which prohibited contact with his ex-mistress Kimley Rucker.
Rucker was pregnant, allegedly by McGee/Jackson. She got a restraining order against him due to domestic volence, and in court the day of the restraining order, McGee/Jackson told her that if she drove by his house, he’d kill her.
Today the [tag]Securities and Exchange Commission[/tag] ([tag]SEC[/tag]) voted to require public companies to report the details of pay and perks for executives. The new rule will take effect in 2007, and is aimed at making total [tag]executive compensation[/tag] clearer. The details companies will be required to provide about the executive compensation include: Salary Bonus Dollar … Read more Public companies required to report more details on pay and perks
Written by Tracy L. Coenen, CPA, CFF
Andrews Litigation Reporter
After a trial that lasted almost four months, Kenneth Lay and Jeffrey Skilling, both former heads of Enron Corp., have been convicted of multiple federal offenses related to the collapse of the company. The guilty verdicts were rendered on charges of conspiracy, wire fraud, and securities fraud.
The Enron executives engaged in a broad scheme to inflate the company’s earnings, which in turn increased the company’s stock price. The scheme lasted at least from 1999 through 2001, and was aimed at demonstrating that Enron was steadily growing and meeting analysts’ earnings expectations. In reality, Enron was making bad investments and recognizing non-existent revenue.
One of the most comprehensive fraud studies undertaken every two years is done by the Association of Certified Fraud Examiners (ACFE). The Report to the Nation on Occupational Fraud and Abuse was originally released in 1996, and there have been several updates including the current release.
As a bit of background, the ACFE is headquartered in Austin, Texas, and has over 37,000 members worldwide. About 80 percent of the members are in the United States, 10 percent are in Canada, and the remaining 10 percent are in 120 countries around the globe. The organization exists to provide antifraud training and certification.
The Certified Fraud Examiner (CFE) designation is the most-widely recognized, bona fide anti-fraud credential. It is obtained by successfully completing a rigorous application and testing process. Only about 30 percent of the organization’s members have obtained the CFE designation, and these members were surveyed for the study.
Today Milwaukee County Assistant District Attorney Karen Loebel issued a letter stating that charges would not be filed against Milwaukee Alderman Michael McGee (aka Michael Jackson) for threatening to kill his ex-mistress while in court for a hearing on a restraining order.
During the May 17 hearing, McGee/Jackson turned to Kimley Rucker and said:
If you drive past my house, I will kill your ass.
The District Attorney’s Office was supposedly considering charges of disorderly conduct and violation of a domestic abuse injunction.
Read moreMcGee/Jackson Will Not Be Held Accountable for Criminal Behavior
On Sunday, the Milwaukee Journal Sentinel had an article on [tag]property taxes[/tag] with the subtitle: “By one measure, Milwaukee is among ‘tax havens’ in area.” That subtitle and the information in the information in the article are completely misleading and Milwaukee is NOT a property [tag]tax haven[/tag]. Here’s why. The original theory to be tested … Read more Misrepresenting Milwaukee’s property tax problem