Posted by Daniel Perez. The demand for forensic accountants has been growing rapidly in recent years, especially in divorce cases of the ultra-wealthy. In an article published in Forbes in September, Russ Alan Prince cites divorce by the wealthy as being a key area that drives the need to hire forensic accountants. The rationale behind this …
Author Archives: blogbusinesslaw
US Supreme Court Debates on Conspiracy Charge
Posted by Ilse Narvaez. A conspiracy occurs when two or more parties agree to commit a crime. The crime is complete when the agreement is made. The four elements of conspiracy are an agreement, unlawful object, knowledge and intent, and an overt act. The prosecution has to prove there was knowledge of the conspiracy and the …
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When The Wealthy Divorce, They Regularly Engage Forensic Accountants
Posted by David Cadorett. There are many reasons that a business might hire a forensic accountant; however, one may hire a forensic accountant if they are a wealthy married couple in the process of a divorce. The spouse with less income would be most likely to hire the accountant to make sure their significant other is …
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Wells Fargo Fined $81.6 Million for Violating Federal Bankruptcy Rules
Posted by Carter McIntosh. On November 5th, 2015, the Department of Justice announced that Wells Fargo failed to notify bankrupt homeowners of mortgage payment increases. Wells Fargo was required to pay out $81.6 million to “homeowners after reaching a settlement with the Department of Justice’s U.S. Trustee Program over the banks ‘repeated failures’ to provide Bankrupt …
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Big Data and the Forensic Accountant
Posted by Kosta Arvanitis. This article comes from the Journal of Accountancy, which is an overview and elaboration on a case study done by the 2014 AICPA Survey on International Trends in Forensic and Valuation Services. It describes the increasing demand of newer IT skills with the continuing rise in Big Data. “Big Data” are …
Valeant: A Timeline of the Big Pharma Scandal
Posted by Carter McIntosh. Valeant is a very large pharmaceutical company that focused on creating a “drug giant that was focused on distribution.” Valeant “was” one of the hottest stocks on Wall Street; this stock was booming; the stock soared all the way to $260 in just months. Wall Street analysts and Hedge Funds loved …
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Uber Taken To Trial
Posted by Catherine Caldwell. The trendy new and convenient company, Uber Technologies Inc., is currently enduring a legal battle for its illegal classification of freelancers. Uber was founded in 2009, as an application that acts as an electronic link from individuals who have cars to individuals who needs rides. The company has received a reputation …
US v. Newman – Insider Trading
Posted by Nikolina Stojkovic. Insider trading just got a little easier, if you can use the right defense. Based on the case United States v. Newman, insider trading charges were dropped based on what was considered wrong jury instruction and failure to show sufficient evidence for conviction. The case was tried in a New York district …
Update on Madoff’s Ponzi Scheme Victims
Posted by Kosta Arvanitis. In an article written by Sophia Pearson and Elizabeth Amon, they update us on the on-going recovery of funds for Bernie Madoff’s Ponzi Scheme victims. Being the biggest one to date, it has been a grueling process in recovering the billions of dollars lost tied to the scheme. In this specific case, …
Forensic Accountants Are Increasingly Becoming Part of the Legal Team
Posted by David Cadorett. The forensic accounting field is rapidly growing and is a well-desired skill set for many different companies and firms. One set of firms is law firms that could benefit greatly from having a forensic accountant on staff. Litigation requires a skill set that a forensic accountant possesses such as complex accounting …
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