Accounting Fraud

McGladrey & Pullen, LLP, a nationwide public accounting firm with offices in Chicago, Ill., and a McGladrey partner, David Shane, a certified public accountant licensed in Illinois, have settled CFTC charges arising from an audit McGladrey performed in 2006 of One World Capital Group, LLC, at the time a CFTC-registered futures commission merchant. 

The SEC and the former chief financial officer of Beazer Homes USA have reached a settlement under which the CFO will return his bonus compensation and stock sale profits from the period when the Atlanta-based homebuilder was committing accounting fraud. 

Tamara Tunie, an actress on Law & Order: SVU, is seeing crime in real life, according to Manhattan District Attorney Cyrus Vance, Jr.  That's because Tunie's accountant allegedly stole more than $1.4 million from Tunie. 

Accounting giant Ernst & Young LLP (“E&Y”) has been charged with helping Lehman Brothers Holding, Inc., engage in an accounting fraud involving the surreptitious removal of tens of billions of dollars of fixed income securities from Lehman’s balance sheet in order to deceive the public about Lehman’s true liquidity condition.  

The Securities and Exchange Commission today charged two former senior accounting professionals at a Milwaukee-based headphone manufacturer with accounting fraud, books-and-records violations, and related misconduct arising from the alleged embezzlement of more than $30 million from the company. 

Michael T. Rand, the former Chief Accounting Officer for Beazer Homes USA, Inc., has been charged in an 11 count federal bill of indictment with conspiracy, securities fraud, obstruction, witness tampering, false statements to a financial institution, misleading conduct, and destruction of records. The charges arise from an ongoing government investigation involving Beazer and its employees. In July 2009, a federal bill of information was filed in U.S.

Dell Inc. has settled charges brought by the Securities and Exchange Commission that it failed to disclose material information to investors and used fraudulent accounting to make it falsely appear that the company was consistently meeting Wall Street earnings targets and reducing its operating expenses. Dell agreed to pay a $100 million penalty to settle the SEC’s charges.

The U.S. Court of Appeals for the Third Circuit has reversed a district court decision granting summary judgment to

As an accountant, you don’t want to wake up a month before the income tax deadline and read a headline that says that you “Could Face Liability in Lehman Case.” But that’s what the Times is reporting this morning, about Ernst & Young. 

Ernst & Young LLP and six of its current and former partners, including three who are members of the firm's national office, were charged by the Securities and Exchange Commission today for their roles relating to an alleged accounting fraud at Bally Total Fitness Holding Corporation. The SEC alleged that E&Y knew or should have known about fraudulent financial accounting and disclosures at Bally’s.