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Desperation begets business for accounting sleuths (access required)

By Hannah Mitchell Accountant Erik Lioy once worked a case fit for a master detective. Suspicious of some out-of-state purchases, a company hired his firm to investigate. Lioy and his colleagues obtained cell phone records showing the company’s accounting manager had made calls to a man who owned multiple businesses. Accessing records, they discovered that none of the businesses actually existed, though the accounting manager had signed checks made out to them. Then they traced a different phone number to the home of the owner of the phony businesses. It was a luxurious property. Bingo, they had untangled the confusing web of deception. The accounting manager ended up in jail.

2 comments

  1. We’ve got to do whatever it is that will help us survive in trying times.

  2. According to research conducted by the Association of Certified Fraud Examiners (ACFE), U.S. organizations lose an estimated 7 percent of annual revenues to fraud.

    During these challenging economic times, there is no time like the present to tighten internal controls.

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