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February 2, 2023

Accounting News Roundup: PwC vs. The Olds; U.K. Fraudbusters; Heckling Mnuchin | 03.01.18

mnuchin tesco trial identity fraud

Suit Claims PWC’s Campus Recruiting Disadvantages Older Job Seekers [WSJ]
We first mentioned this suit nearly two years ago and now a judge “is expected to decide whether to add the roughly 14,000 other older workers who didn’t get job offers from PwC to the case in the coming weeks.” The firm claims “its hiring practices are merit-based” and would never discriminate against the olds.

Britain’s White-Collar Cops Are Getting Too Good at Their Job [Bloomberg]
Formerly the “Serious Farce Office,” the U.K.’s Serious Fraud Office has turned it around, but its success, in the Brexit era, has become inconvenient as the country tries to lure businesses.

Mnuchin, Dogged By Protesters, Doesn’t Want Video Posted [WSJ, Marketplace]
Students heckled the Treasury Secretary at a recent appearance at UCLA. At one point, someone simply shouted, “I think you’re full of shit.” Seems appropriate since he still believes the new tax reform law won’t add to the deficit.

SEC: Insider Bought Minutes After Warnings Not to Trade [SEC]
Don’t insider trade, Part 185:

According to the SEC’s complaint, on November 20, 2014 at 4:04 p.m., Yang Xie, then-Director of Global Health Outcomes Research for Merck, received an email from a Merck attorney discussing a contemplated merger between Merck and Cubist Pharmaceuticals, Inc. The email included an attachment advising recipients not to trade in Cubist’s stock until a full trading date had elapsed after a public announcement of the acquisition. The complaint alleges that, approximately six minutes later, Xie replied to the e-mail and acknowledged receiving it. Approximately 14 minutes after he received the Merck attorney’s email, Xie bought 80 shares of Cubist stock. On January 21, 2015, the date the tender offer was completed, Xie sold his Cubist stock and realized illegal profits of approximately 39%.

Previously, on Going Concern…

Deloitte agreed to pay $149.5 million for its failed Taylor, Bean & Whitaker audits.

In Open Items: Quit After 8 Months

From the archives: Northern Illinois Accounting Professor Is the Subject of the Nerdiest, Most Obscure Hitler Parody Video To Date; An Accountant’s Tickmark for Life

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