Joe Francis, perhaps thinking that his strategy to deduct anything related to topless girls might not pan out, is now claiming that he was the victim of three former executives who conspired to embezzle millions of dollars.
“Using shadow companies doing business…the men allegedly filed and then approved phony invoices they wrote themselves. The lawsuit also accuses [one former executive] of filing hundreds of thousands of dollars in false expense reports, for which he reimbursed himself through the company payroll.”
Hard to believe that a pillar of wholesome entertainment like Joe Francis would have attracted people that would take advantage of his lack of knowledge about internal control structures but maybe we don’t know the whole story.
‘Girls Gone Wild’ Founder Accuses CPA of Going Wild [Web CPA]
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Corporate CEO’s Are Smarter Than You. It’s Got Nothing to Do with Having Insider Information
Are you a corporate executive with insider information? Do you have a six-figure mortgage and a significant other with a shopping addiction? Is it possible that you’re not buying the hyperbole about “green shoots”?
Apparently that’s the consensus out there according to the Financial Times:
Executives in charge of the largest US companies sent a signal of their concerns by selling far more shares than they bought this month, according to data based on Securities and Exchange Commission filings.
BFD, you say? To wit:
Share sales by so-called company insiders are outstripping purchases so far this month by more than 22 times. TrimTabs, the investment research company, said insiders of S&P 500 listed companies have unloaded $2.6bn in shares in June, compared with $120m in purchases.
Still not convinced? Maybe this quote from TrimTabs CEO, Charles Biderman will sway you, “The smartest players in the US stock market – the top insiders who run public companies – are not betting their own money on an economic recovery.”
Did you hear that? The smartest players aren’t betting their own money on the recovery. It’s not because they run a shitty company, no, no. It’s because they’re smarter than all of us.
Pessimistic executives cash out of shares [FT.com]
Moss Adams Does Some Ribbon Cutting
Moss Adams dusted off the freakishly giant scissors yesterday, as the firm opened a Santa Clara office, according to the San Jose Business Journal.
This is positive news seeing how office closures (and rumors of others) seem to be more prevalent than offices opening.
Rick Anderson, the Seattle-based company’s chairman an ms has “long served clients in the area and it makes sense to have a physical presence in the local market. Moss Adams is a firm that is growing and expanding to meet client and market demand.”
We couldn’t tell you if Rick was actually on hand for the festivities, we’ve been unable to run anyone down and so far there isn’t a press release on the firm’s website. So if you’re in the know, get in touch or discuss in the comments.
Moss Adams opens Santa Clara office [SJBJ]
UPDATE: We’ve just heard back from a MA spokesperson who will be forwarding us the release. We’ll give you the additional particulars when we have them.
UPDATE 2: You can see the entire press release after the jump.
FOR IMMEDIATE RELEASE
Contact:
Amy Esary
360.685.2232
amy.esary@mossadams.com
Amy Esary
360.685.2232
amy.esary@mossadams.com
Moss Adams LLP is Expanding its Service in the Silicon Valley with the Opening of its Fifth Northern California Office
(Seattle, Washington – December 1, 2009) – Moss Adams LLP, the nation’s 11th largest accounting and consulting firm, is expanding its existing service in the Silicon Valley with the opening of its fifth northern California office in Santa Clara on December 1, 2009.
With expertise in an array of industries–including technology, life sciences, and manufacturing and distribution–Moss Adams’ teams serve companies ranging from venture-backed start-ups to fully mature public companies, delivering solutions to complex financial and business challenges. In addition to providing assurance and tax compliance services for domestic and international operations, the office will offer a full suite of consulting services, including tax, mergers and acquisitions due diligence, valuations, and internal control consulting.
Rick Anderson, Chairman and CEO, states “We have long served clients in the area and it makes sense to have a physical presence in the local market. Moss Adams is a firm that is growing and expanding to meet client and market demand.”
According to Derek Dowsett, one of the lead partners transferring to the new office and the regional leader of the Firm’s Technology and Life Sciences Practice, “I look forward to expanding our presence in the region as one of the team members based in the new office. Many of our current technology and life science clients are located in Silicon Valley and a local office will increase our availability to them and allow us to get more involved in the community.”
About Moss Adams LLP
Moss Adams LLP (www.mossadams.com) provides accounting, tax, and consulting services to public and private middle-market enterprises in many different industries. Founded in 1913 and headquartered in Seattle, Washington Moss Adams has 21 locations in Washington, Oregon, California, Arizona, and New Mexico.
Moss Adams is the 11th largest accounting and consulting firm in the United States, and the largest headquartered in the West. Its staff of over 1,800 includes more than 240 partners. Moss Adams is also a founding member of Praxity, a global alliance of accounting firms. This alliance is an association of independent firms in the major markets of North America, South America, Europe, and Asia.