Accounting Fraud on Prosecutor's Agenda

Submitted by Chris Gaetano on Mon, 11/14/2011 - 12:08

Federal prosecutors in New York have taken on an intensified interest in accounting fraud fueled by the recent financial scandals involving poor reporting with deleterious results, according to the Financial Times. While Preet Bharara, the U.S. attorney in Manhattan, would not offer any specifics during a legal conference this past Friday, he did note that his office is investigating a number of companies for allegations of accounting fraud, continued the Financial Times. It is known, however, that his office has joined the parade of regulatory and law enforcement agencies currently in the process of looking into fallen securities firm MF Global, where some $600 million has gone missing, and its troubled leader, former New Jersey Governor Jon S. Corzine. His office is also investigating Japanese camera and medical supply maker Olympus, which recently admitted that it hid massive investment losses for more than two decades.

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Submitted by CPA State Society Blog Roundup - November 11, 2011 (not verified) on Mon, 11/14/2011 - 14:59.

[...] NYSSCPA Accounting Fraud on Prosecutor’s Agenda http://www.nysscpa.org/blog/2011/11/14/accounting-fraud-prosecutors-agenda [...]

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