When accounting goes unaccounted for
A recent survey found that 75% accounting firms consider revenue growth to be, "the primary purpose of their marketing efforts." In other words, partners quote Jerry Maguire while everyone in the marketing deparment rolls their eyes and makes the jerkoff motion.
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That money isn't going to find itself now, is it? An attorney for the city […]
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Provident Capital Indemnity Ltd’s former outside auditor admitted in federal court this week to participating in a $670 million fraud in the life settlement bond market, according to the Department of Justice.
56-year-old Jorge Castillo pleaded guilty Monday to one count of conspiracy to commit mail and wire fraud, U.S. Attorney Neil MacBride in Alexandria, Virginia, said in a call with reporters. He could face up to 20 years in prison.
Castillo admitted to conspiring with PCI president Minor Vargas Calvo to prepare false financial statements that reflected contracts PCI held with other reinsurance companies. Castillo admitted to prosecutors that he never audited PCI’s financial statements and that he was aware PCI did not actually enter into the contracts with other reinsurance companies listed on the company’s financials. PCI paid him about $84,000 from 2004 to 2010.
Castillo will be sentenced in a Richmond, VA federal court on May 22.
DOJ: Purported Auditor Of Provident Capital Pleads Guilty In Scheme [WSJ]