The IRS is accusing Ausaf Umar Siddiqui, vice president of Fry’s Electronics Inc., of embezzling more than $65 million from the company via a shell company scheme. They say he used the money to pay gambling debts in Las Vegas […]
I can’t say I’m shocked. Disgusted, of course. But not shocked. Hazel J. Washington, two-time felon, had her Wisconsin law license reinstated by a June 20, 2008 order of the Supreme Court of Wisconsin. The most hilarious part of their […]
Under no circumstances should a business ever hire family members of current employees. I don’t care how good the current employee is or how good the potential employee seems. No “wife of the CFO to help with the books.” No […]
In a recent article in Fortune Magazine about felon turned fraudfighter Sam E. Antar…. Sam gave the following tips to investors about looking for fraud in public companies. I think it’s sound advice!
The former CEO of the First National Bank of Northern Kentucky was indicted in connection with a $4.5 million fraudulent loan scheme that he allegedly facilitated. Richard Thomas, who founded the bank in 1992, was charged with conspiracy to commit […]
INSIGHT – The Magazine of the Illinois CPA Society – January/February 2008 By Sheryl Nance-Nash “Fraud is a cancer to corporate America. You never feel like your company will be affected, but it happens every day to some company,” says […]
New Orleans, LA. Lisa Mayerhafer, a former administrator for the New Orleans law firm Gertler, Gertler, Vincent and Plotkin, was charged with stealing more than $200,000 in a bank fraud scheme over several years. Background: According to federal court documents, […]
The December 24 issue of Fortune magazine has an article on Sam E. Antar, the man most widely known as the former CFO of Crazy Eddie, a New York City electronics retailer that went down in flames in 1987 after […]
The U.S. Attorney’s Office has announced a plea agreement with Bill Lerach, former partner at Milberg Weiss. He will plead guilty one one count of conspiracy, forfeit $7.75 million, and pay a $250,000 fine. He will receive a prison sentence […]
One of the major selling points of the Sarbanes-Oxley Act of 2002 was the protection for whistleblowers. The legislation required public companies to put into place “anonymous reporting mechanisms” (like hotlines) so that employees could report suspected fraud without fear […]
