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Accounting News Roundup: Poaching a Tax Partner and a Big 4 Feast | 02.13.18

King & Spalding Adds New York Tax Partner from KPMG [TAL]
Kevin Glenn, a 22-year vet of the House of Klynveld, is now complete: “Glenn said it was a ‘lifetime-long aspiration’ to become a law firm partner.” FWIW, he doesn’t expect the Big 4 to “make significant inroads” in the U.S. legal market. That sounds like a dare, PwC.

Carillion: accountants accused of ‘feasting’ on company [The Guardian]
MPs are not pleased about the £72 million in fees the Big 4 earned in the years leading up to the collapse of the construction company. “The image of these companies feasting on what was soon to become a carcass will not be lost on decent citizens,” a guy said.

The Terrible, Horrible No Good Tax Policy Buried In The Budget Deal [TPC]
Howard Gleckman writes that the provisions in the budget bill “expired at the end of 2016” and were brought back “for last year.” A year that you may recall, is already over. “[W]hat possible purpose is served by subsidizing activities that already have occurred?”

Court Enters Final Judgment Against Geoffrey H. Lunn for Role in Elaborate Investment Hoax [SEC]
I don’t recall hearing about this case featuring Geoffrey Lunn, who was sentenced to jail in 2014, but, yes, this final judgment from the SEC has a few details of his elaborate hoax. Through his phony investment firm, Dresdner Financial, Lunn stole $5 million. “Lunn did not invest any of the funds. He instead gave $848,500 to three Las Vegas call girls, withdrew over $1 million in cash and money transfers, made a $1 million Ponzi-like payment to a favored investor, paid over $1.3 million to individuals who helped market the fraudulent scheme, and used the remaining funds to pay for personal and business expenses.” Lunn even tried to blame it all on a one-eyed man, which he must’ve come up with after watching The Fugitive for the billionth time, and didn’t want to make it too obvious.

Previously, on Going Concern…

I wrote about senior managers who are on the fence about becoming partners.

In Open Items, “Just started at a Big 4 and struggling. Is it normal?

From the archives: Turns Out Your Non-Diverse Wardrobe Probably Makes You a Better CPA

In other news:

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