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February 2, 2023

Accounting News Roundup: PCAOB’s Enforcement Chief Is Latest to Go | 05.30.18

Plus, a sexy tax avoidance product, EY picks up some lawyers, a literary agency accountant cooked some books, and more.

Accounting Watchdog’s Enforcement Chief, Claudius Modesti, to Leave [WSJ]
The PCAOB’s announcement that Modesti would be leaving this month marks the latest in a slew of senior staff members departing.

Blackstone’s tax-free hedge fund pitch woos more clients [Bloomberg]
If there’s one thing the ultra rich like, it’s a good tax avoidance strategy. Blackstone Group owns a wealth planning firm called Lombard International that promotes “private placement life insurance” which allows investment in hedge funds while deferring or avoiding most taxes. “This is a sexy product that people get excited about owning and tell their friends about,” says a guy.

Big Four’s EY Law Snaps Up 6 Lawyers From Troutman Sanders’ Soon-to-Be Closed Asia Offices [Law.com]
Reminder: If you’re looking to close a global law office or just shed a few lawyers, I’m sure you’ll be able to find a Big 4 firm that will take them off your hands.

Accountant embezzled $3.4M from famed literary agency [NYP]
Darin Webb has been charged with embezzling $3.4 million from Donadio & Olson, a literary agency that represents authors like Chuck Palahniuk and the estate of Mario Puzo. The complaint alleges that Webb took money that was “earmarked for author royalties and advances,” starting in January 2011, but a forensic analysis is looking back to 2001 when he joined the agency. In a somewhat awkward twist, some authors hadn’t been contacted about the alleged theft and learned about it from the news reports.

Previously, on Going Concern…

Grant Hutchinson wrote about myths about remote work.

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