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| Financial fraud 101-accounting for criminals |
| By cnn.com |
| Published: 10/09/2009 |
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"These auditors from the Big Four accounting firms are usually single kids just a few years out of school. What do kids in their 20s think about all the time? Sex," said Antar, who was at the center of a multi-million dollar fraud 20 years ago. So Antar would pair "cute hot female" employees with male auditors as part of his distraction strategy. "In effect, I was a fraudster, matchmaker and pimp," said Antar, who avoided jail time by working with the U.S. government, and now advises government agencies and businesses on avoiding accounting fraud. Since the financial crisis struck, accounting scams -- such as the multi-billion dollar Bernard Madoff scheme -- have made regular headlines. Last week, a Hong Kong executive at Ernst & Young was detained by police and documents were seized after evidence of falsified audit documents came to light in a court case. Ernst settled a $1 billion negligence claim by the liquidators of Akai Holdings out of court for an undisclosed sum and the executive was suspended awaiting internal disciplinary action. A London executive for accounting firm KPMG -- another of the "Big Four" accounting firms (along with Ernst, PricewaterhouseCoopers and Deloitte Touche Tohmatsu) -- was sentenced to four years in jail in September for siphoning nearly $900,000 of company funds for personal use. Read More. |
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Yeah most of them have been using the going concern concept to make sure no one catches on to their scheme. I am sure that with a bit more of knowledge we would be able to stop it.