Tag Archives: Fraud

Madoff’s CPA Sentenced

State Board Report June 2015 David G. Friehling, the outside auditor for Bernard L. Madoff Investment Securities LLC, the Ponzi scheme that came to light in 2008, was sentenced in May by Judge Laura Taylor Swain, in the Federal District Court in New York, to two years of supervised release, including one year in home…

Firm Name Legal Document: Parmalat Securities

Parmalat Finanziaria, S.p.A., Parmalat S.p.A. and their affiliates (collectively, “Parmalat”) collapsed upon the discovery of a massive fraud that reportedly involved the understatement of Parmalat’s debt by nearly $10 billion and the overstatement of its net assets by $16.4 billion. Plaintiffs, purchasers of Parmalat securities between January 5, 1999 and December 18, 2003 (the “Class…

Keeping the Company Clean

Summer 2009 Internal Auditors Help Prevent Inappropriate Activities From Being Swept Away CORPORATE ETHICS IS A SLIPPERY BEAST, confounding, as it does, internal auditors’ efforts to label it, track it, and participate in managing it. Conceptual issues such as tone at the top, standards of ethical corporate behavior, and assurances that employees act appropriately may…

Master Docket 3

January 27, 2009 Parmalat Finanziaria, S.p.A., Parmalat S.p.A. and their affiliates (collectively, “Parmalat”) collapsed upon the discovery of a massive fraud that reportedly involved the understatement of Parmalat’s debt by nearly $10 billion and the overstatement of its net assets by $16.4 billion. Plaintiffs, purchasers of Parmalat securities between January 5, 1999 and December 18,…

Arizona Closes the Case Handout 2

July 2003 Over a period of several years, the management of the Baptist Foundation of Arizona (BFA) engaged in one of the most audacious fraud schemes on record. BFA ultimately filed for bankruptcy, and thousands of elderly investors lost their life savings. How did such a massive fraud develop? What clues did the auditors overlook?…