A Sydney accountant is set to plead guilty to defrauding her employer of $45 million [USD 47.9 million] before spending the money on several beachside apartments, champagne, diamond jewellery and Michael Jackson memorabilia.
Rajina Rita Subramaniam was working as a senior accountant with the financial group ING Australia in October 2009 when she was arrested for allegedly siphoning tens of millions of dollars from the company into a number of private accounts.
Police allege that a search of ING’s Kent Street office uncovered a cache of luxury items, including 600 pieces of jewellery from Tiffany & Co, Tag Heuer, Bulgari and Paspaley Pearls, 200 perfume and make-up items from Chanel and a bottle of Dom Perignon champagne.
Eight years ago on this this glorious day, the ‘Public Company Accounting Reform and Investor Protection Act’ (in the Senate) and ‘Corporate and Auditing Accountability and Responsibility Act’ (in the House) came together to bring us Sarbanes-Oxley.
• The final version passed the House 423-3 – Jeff Flake (R-AZ) and Ron Paul (R-TX) were two of the three voting ‘nay,’ but Flake and Paul pretty much vote against everything.
• It passed the Senate 99-0 but our friend Jim Peterson has said, “the inability of Sarbox to reach global-scale problems shows the futility of legislation so politically anodyne that it passed the US Senate [unanimously].”
• GWB called SOx, “the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt.” This, many will argue, has now been trumped.
• The PCAOB! If it wasn’t for Sarbanes-Oxley, there would be no PCAOB. Well, and some recent help from the SCOTUS.
Anyway, we’ve probably said enough. If you have fond wishes or memories of Sarbanes-Oxley that have transpired over the last eight years, cut loose in the comments.