Former Controller Sentenced to 96 Months in Prison

A former controller for G&J Pepsi-Cola Bottlers, Inc. plead guilty to a wire fraud charge, and will serve 96 months in prison.  Fortunately for G&J, the individual also agreed to repay $7,700,000 of the alleged $8,700,000 in fraudulent losses. According to the FBI, the former controller created a separate, illegitimate

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Forensic Accounting – What it is and When you Need it

You’ve probably heard of a “forensic accountant” or “certified fraud examiner” before, but what exactly do these titles mean? More importantly, how do you know if you or your company could use one? A forensic accountant is a professional who assists individuals or companies in expected or actual litigation matters,

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Employee Benefit Plan Operations: Protect Against Fraud

As the employee benefit plan audit season gets underway and the Form 5500 due date to the Department of Labor approaches, plan sponsors should take this time to examine the company’s employee benefit plan operations and related fraud risks. Most plan sponsors rely on a third party administrator to handle

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City of Albuquerque Scammed Out of $420,000

This past March, the city of Albuquerque, New Mexico, fell victim to a wire scam resulting in approximately $420,000 of lost taxpayer money.  The scam allegedly occurred when a fraudster made an illegitimate request to change vendor payment information, thereby routing funds to the scammer.  It is uncertain at this

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Challenges Arise Against Pending Department of Labor Fiduciary Rule

On April 6, 2016, the Department of Labor introduced a new rule extending and strengthening its existing definition of a fiduciary. Previously, while many financial advisors such as Certified Financial Planners and Registered Investment Advisors were subject to these fiduciary standards, brokers and insurance agents were exempt. Rather, they abided

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