Here's some advice on protecting your company and instituting a policy to prevent external and internal theft. By Elizabeth Wasserman The amount of fraud being perpetrated against businesses is getting worse, both in terms of the number of instances and the amount of money that is being lost, and some of that can be attributed to worsening economic times, according to research. Almost half of the companies around the world surveyed by PriceWaterhouseCoopers www. The survey, which involved 3, executives of businesses large and small in 54 countries, found that 88 percent of U.
Once-renowned turnaround specialist Quentin Thomas Q.
It was one of the largest legal settlements by an accounting firm in U. Fix-It" after several successes in nurturing high-tech companies back to health. After he joined troubled MiniScribe inthe company appeared to achieve a remarkable turnaround, with surging sales and profit and a soaring stock price.
But Wiles resigned shortly after the company reported a loss for the fourth quarter of The company has since been liquidated.
Standard Charter suffered significant losses from the loan, they said, although the bank recouped most of the losses in a civil settlement.
Several former MiniScribe employees who were promised immunity from prosecution testified against Wiles. Alan Dill, is likely to file an appeal.
Wiles is expected to be sentenced in September. Schleibaum, who was chief financial officer of MiniScribe, was found guilty in June in federal court in Denver of two counts of filing a false statement with the SEC and of insider trading.
Schleibaum is also expected to be sentenced in September.Used Car Dealership Sued For Fraud. Attorney General Spitzer today announced a lawsuit against a Monroe County used car dealer for engaging in illegal business practices including selling vehicles with rolled back odometers.
Join Jim Stice for an in-depth discussion in this video Channel stuffing, brick shipping, and lying, part of Running a Profitable Business: Revenue Recognition. The amount of fraud being perpetrated against businesses is getting worse, both in terms of the number of instances and the amount of money that is being lost, and some of that can be attributed.
Accounting is the language of business and a entrepreneur with a solid understanding of the fundamental principles of accounting can run a business and solve problems better than competitors who fail to learn these crucial concepts.
By studying and learning from yesterday's financial reporting failures, investors, lenders, and others can recognize early warning signs of accounting gimmicks and fraud and consequently avoid being hurt by tomorrow's scams.
Other costs of fraud include legal costs, increased insurance costs, loss of productivity, adverse impa MiniScribe Corporation Recording the sales Accounting system required inventory in .