Morningstar on PricewaterhouseCoopers and Usana

Today (bold added by me):

USNAannounced Wednesday that PricewaterhouseCoopers has been hired as the company’s new independent auditor. We are encouraged by this news as we view PwC’s new role as a sign of Usana’s financial legitimacy; however, we are still wary of Usana’s management team. PwC will immediately begin reviewing Usana’s second-quarter results, which were filed but never reviewed by an independent auditor, thereby making the company delinquent in its regulatory filings. Usana did not disclose the fees it will pay PwC but will provide further details in an 8-K, which management expects to file soon. While we don’t anticipate any major changes to our fair value estimate from either the 8-K or amended 10-Q, we will review both filings carefully and adjust our projections accordingly.

Read moreMorningstar on PricewaterhouseCoopers and Usana

Another Usana Representative With Falsified Credentials

Unlicensed Dr. Ladd R McNamara - UsanaYou’d think that management at Usana Health Sciences would be careful about these things, wouldn’t you? Nope. They’re Usana. They don’t have to. They’re Usana, after all.

Credit Barry Minkow with uncovering another fraud being committed by Usana.

After Barry and Fraud Discovery Institute revealed that Ladd McNamara, a member of Usana’s “Medical Advisory Board” did not have a license to practice medicine, Usana went to work. You see, Ladd McNamara was calling himself a doctor, when he was not licensed and not allowed to do so. He lost his medical license in Ohio and in Georgia. He now lives in California, and a representative of the State Medical Board of California made it clear that he is not allowed to refer to himself as a doctor. From the National Business Review:

Read moreAnother Usana Representative With Falsified Credentials

Criminal Charges for Church of Scientology

Yesterday Belgian prosecutor Jean-Claude Van Espen recommended criminal charges of fraud and extortion for the U.S.-based Church of Scientology. He said that the results of a ten-year investigation show that the church should be labeled a criminal organization.

The prosecutor says that the church’s Brussels office and Belgian missions conduct unlawful practice of medicine, violate privacy laws, and use illegal business contracts. The church claims that the prosecutor has been using the media to damage its reputation.

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It’s the casino’s fault I gambled all my money away!

After Caesars Indiana sued Jenny Kephart for not repaying $125,000 she borrowed during a March 2006 visit to a riverboat, she has countersued. She says that the casino should have realized she was addicted to gambling and should have stopped her. Kephart says she has lost over $900,000 gambling around the United States. Kephart says … Read more It’s the casino’s fault I gambled all my money away!

Cell Phones in the Hutterite Community

The Wall Street Journal had an interesting article about the Hutterites, a group of people closely related to the Amish. There are about 49,000 of them, and they are Anabaptist Christians living in the northern U.S. plains and in Canada.

The Hutterites live simple lives and are self sufficient. They grow their own food and make their own clothes, and they do not embrace many practices of the outside world. They speak a unique German dialect.

Read moreCell Phones in the Hutterite Community

Public Company Seeks New Auditing Firm

A public company which shall remain nameless is currently searching for new independent auditors. Is your auditing firm interested? Here are some notable facts about the company. Please email me if you’d like information on this new potential client!!!

This public company boasts that it is a leader in its industry, and has had 19 consecutive quarters of record earnings.

Additional details about this fabulous auditing client opportunity:

Read morePublic Company Seeks New Auditing Firm

Passionate About Forensic Accounting

Accounting Crossing
By Amit Agarwal

A certified public accountant and a nationally recognized expert in fraud investigation, Tracy Coenen is a successful entrepreneur. She has worked in the area of forensic accounting for more than 10 years and has been self-employed for seven of them. Coenen is an inspiration to those who not only want to pursue careers in accounting but are also eager to start their own businesses.

As a child, Coenen loved to ask questions and was a strong math student. A CPA licensed in Wisconsin and Illinois, Coenen received her Master of Business Administration degree and a Bachelor of Arts in Criminology and Law Studies with honors from Marquette University. She later went on to earn the designation of certified fraud examiner (CFE).

Read morePassionate About Forensic Accounting

Prosecutor in Duke Lacrosse Case Held in Contempt

Mike Nifong, the former Durham County district attorney prosecuting the Duke University lacrosse witch hunt, has been held in criminal contempt of court for lying to the judge during the proceedings. He was sentenced to a whopping one day in jail, although he could have gotten as many as 30. At issue were DNA test … Read more Prosecutor in Duke Lacrosse Case Held in Contempt

But I Meeded Money. (Don’t We All?)

The Milwaukee Journal Sentinel did a story on poverty, and shared the tale of woe of Jonniemae Ashford. She’s a 41-year-old grandmother raising 5 of her grandchildren. She says she takes home $187 every two weeks as a patient care worker.

So that’s about $230 or a little more in gross pay every two weeks. The going rate for patient care? Probably about $8 per hour. That means she works about 14 hours a week. Is she kidding? 14 hours a week at work, and we’re supposed to feel sorry for her?

But here’s the best part. The newspaper tells her story but forgets to check on her past, as they say they normally do before they do stories on people. Here is the paper’s note:

Read moreBut I Meeded Money. (Don’t We All?)