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Former Ryan Principal Made a Helluva Career Limiting Move

Posted on by Caleb Newquist

Here's one those fraud cases I just can't get my head around. Sean Weaver, 33, a former principal with Ryan, LLC pleaded guilty today to a $20 million tax scheme. He ran the whole thing by himself out of the firm's transaction tax practice group. The FBI press release states that he was in charge of, "10 to 15 employees and was responsible for submitting claims to the state taxing authorities on behalf of Ryan LLC’s clients."

Here's the scam — Weaver fudged client data and threw together phony invoices to boost the amount of sales/use tax paid by two Ryan clients. The Virginia Department of Taxation and Texas Comptroller of Public Accounts then refunded $20 million to those clients. Ryan's fee was a percentage of those refunds and the firm paid Weaver a percentage of that fee as a bonus. He collected over $350k as a result of it.

Here are few interesting things: 1) Weaver started the scam in October 2011, meaning he was 29-ish years old; 2) Ryan promoted Weaver to principal just last December; 3) The scam ended last December. Ryan almost certainly promoted Weaver because of the revenue the firm earned from the scam!

But that's what I don't get. Weaver probably didn't have to juke those numbers to make a nice living and end up earning a promotion. I mean, what's a firm like Ryan charge for services like these? Ten percent of the refund? Five percent? And on top of that, what's Weaver's bonus? One percent? Two? Why not play it straight and clean up? There's no shortage of businesses out there that couldn't use some help getting sales tax refunds.

Seriously, what was this guy's motivation? He's young, obviously good enough at what he does to run a team of 10 or more, given a plum bonus structure; it doesn't make sense. Like, was it not a good enough arrangement?

Instead, he commits fraud, ruins his career and will probably do time. This makes Scott London's career choices look positively brilliant by comparison.

[FBI]
[Ryan]

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Job of the Day: Visa Needs a Senior Financial Analyst

Visa is looking for an experienced professional to a Senior Financial Analyst role in its Foster City, CA location.

Responsibilities include applying U.S. GAAP to business activities and documenting analysis and conclusions in HR accounting, with an emphasis on compensation and pension accounting.

Qualifications include a CPA and strong technical accounting skills (FASB statements: 87, 88, 106, 112, 123R, 146, and 158). Big 4 experience and exposure to IFRS is preferred.


Company: Visa

Title: Sr. Financial Analyst

Location: Foster City, CA

Description: The Sr. Financial Analyst will apply U.S. GAAP to business activities and documenting analysis and conclusions in all areas of Human Resources accounting, with an emphasis on compensation (stock-based compensation, deferred compensation arrangements, executive compensation) and pension accounting.

Responsibilities: Technical accounting expertise and operational application of the following specific pre-Codification FASB statements: 87, 88, 106, 112, 123R, 146, and 158; Drafting and maintaining global accounting policies for Visa Inc. in accordance with GAAP and SEC guidance; Providing non-U.S. geographies with technical accounting guidance and assisting them in solving Human Resources-related accounting issues; Preparing and reviewing journal entries, complex general ledger account reconciliations, and analyses to support accounting estimates and adjustments.

Qualifications: CPA license (active status); Strong technical accounting skills and experience in handling complex U.S. GAAP accounting matters, as well as the demonstrated ability to perform technical accounting research and use technical accounting research tools; Direct experience with the following specific pre-Codification FASB statements: 87, 88, 106, 112, 123R, 146, and 158; Strong communication skills, especially in writing technical accounting position papers and explaining and presenting technical accounting matters and positions to auditors and management.

Preferred qualifications: Familiarity with International Financial Reporting Standards (IFRS), including the significant differences with U.S. GAAP, especially in the areas of stock-based compensation and pension; Expatriate accounting and tax experience; Big 4 and public company experience, including familiarity with Form 10-K and 10-Q disclosures and disclosure requirements; Operational experience in Human Resources accounting.

See the entire description over at the GC Career Center and visit the main page for all your job search needs.