Aug 10, 2020 | Accounting Frauds
Not all is well in the world of Under Armour. The company, its former CEO, Kevin Plank and CFO David Bergman recently received a Wells Notice from the SEC. The notice is related to the company’s use of “pull forward sales” practices (customer sales...May 4, 2020 | Accounting Frauds
The Xiamen city based Coffee company, Luckin Coffee, reportedly overstated their sales numbers from April-September 2019 by ~$300 million (or 2.2 billion yuan); which represented the bilk of their reported sales number. The company is conducting an internal...Apr 28, 2020 | Accounting Frauds
On Friday April 17th, 2020, the US S.E.C said that Eni the Italian Oil and Gas group agreed to settle charges it breached corruption accounting rules over improper payments in Algeria by a former unit Saipen. The allegations were that Saipem paid intermediaries about...Sep 26, 2018 | Accounting Frauds
Edward DiMaria, the former CFO of Bankrate was sentenced 10 years in prison and asked to pay restitution of $21M for accounting fraud. DiMaria pleaded guilty to one count of conspiracy to making false statement’s to a public company’s accountant and one...Nov 8, 2017 | Accounting Frauds, General, News
Italy’s Antitrust authority fined the big 4 (Ernst & Young, Deloitte, KPMG and PWC) a total of 23 million euros for allegedly conspiring and colluding to divvy up large public consultancy contracts. Looks like the Big 4 need to revise their Ethics...Nov 7, 2017 | Accounting Frauds, General
According to a recent study by global specialty insurer Hiscox, in 2016, workplace embezzlement cases cost companies an average of $1.13million. Some very interesting facts from the report- 55% of cases occurred at companies with fewer than 100 employees 37% of cases...