Former Lebanon, MO, accountant Douglas Richardson found out on June 10 how long he’ll be […]
Bernie Madoff, the Ponzi schemer who died in prison today while serving a 150-year sentence, […]
“Charles Ponzi is now a footnote. They’re now Madoff schemes.” — Anthony Sabino, a defense […]
Accountants Behaving Badly: Ex-Deloitte India CEO Gets 7-Year Audit Ban, KPMGer Fired for Facebook Rant, Ponzi Schemer Gets 10 Years
Plus, the engagement quality review partner for Deloitte India also got banned by an audit […]
Accountants Behaving Badly: Guilty Plea In Panama Papers Case, NY Accounting Firm Arraigned, Owning Up to Ponzi Scheme
Plus, accountants from India are in hot water for embezzlement and fraud, and a Florida […]
Accountants Behaving Badly: Screwing Over the Mennonites and Amish, Exploiting Elderly Clients, Guilty of Conspiracy
Plus, an Indiana accountant gets jail time for wire fraud, and an Arkansas church accountant […]
That’s because the $234.6 million settlement Deloitte, EisnerAmper, and five other companies reached with investors […]
Accountants Behaving Badly: Jailed Over Ponzi Scheme, Firm Fined In Pot Bust, Embezzlement Admission
Plus, tax preparers plead guilty to preparing fraudulent returns, and the owner of a tax […]
Plus, accountant jailed for lavish lifestyle fraud, and life in prison and hard labor isn’t […]
Why go through a lengthy, expensive trial, not knowing whether you’ll win or lose, when […]
Here’s a roundup of some bad stuff accountants did or were accused of doing over […]
Accounting News Roundup: Liz Warren to Be Geithner’s Sidekick; Chicago Accountant Gets 23-Year Sentence for Ponzi Du Jour; Gibbs, Boehner Tweet Over Tax Cuts | 09.16.10
White House Taps Consumer Adviser [WSJ]
“President Barack Obama this week will appoint Elizabeth Warren to a lead role setting up the new Bureau of Consumer Financial Protection, two Democratic officials said, a move that will allow the White House to avoid a messy Senate fight over her role.
Ms. Warren, currently a professor at Harvard Law School, will be named an assistant to the president and special advisor to Treasury Secretary Timothy Geithner in charge of launching the new agency and setting its mission. She was a candidate to be the agency’s first director, a position that remains unfilled, but would likely have confirmation because of opposition in the Senate.”
What is Accounting? [White Collar Fraud]
It’s sort of like arithmetic but not really. Former Sam Antar nemesis, Howard Sirota, explains in a video over at WCF.
Chicago-Area Man Is Sentenced to 23 Years for Running 22-Year Ponzi Scheme [Bloomberg]
“Frank Castaldi, who ran a Chicago- area Ponzi scheme for 22 years that cost victims $31.6 million, was sentenced to 23 years in prison today in federal court.
For 22 years, Castaldi, 57, of suburban Prospect Heights preyed upon elderly Italian immigrants, U.S. District Judge John Darrah said today before handing down the sentence.
‘This is an offense of huge magnitude,’ the judge said after hearing from victims of the scheme in a packed courtroom. ‘It involved hundreds of victims. It involved millions of dollars.’
In an August 2009 plea agreement, Castaldi said he had raised more than $77 million from 473 groups and individuals. First charged in January of last year, he admitted to mail fraud and to trying to thwart a U.S. Internal Revenue Service probe.”
Regulators to Target ‘Window Dressing’ [WSJ]
“Federal regulators are poised to propose new disclosure rules targeting “window dressing,” a practice undertaken by some large banks to temporarily lower their debt levels before reporting finances to the public.
The Securities and Exchange Commission is scheduled to take up the matter at a meeting Friday and is expected to issue proposals for public comment. The action follows a Wall Street Journal investigation into the practice, which isn’t illegal but masks banks’ true levels of borrowing and risk-taking.”
Banks take over record number of homes in August [Reuters]
“A record number of homeowners lost houses to their banks in August as lenders worked through the backlog of distressed mortgages, real estate data company RealtyTrac said on Thursday.
New default notices decreased at the same time, suggesting that lenders managed the flow of troubled loans and foreclosed properties hitting the market to limit price declines, the company said.
Root problems of high unemployment, wage cuts, negative home equity and restrictive lending practices persist, however, pointing to lingering housing market pain.”
Jon Stewart: Robert Gibbs and John Boehner on the Bush Tax Cuts [TaxProf Blog]
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