Forensic accounting teams are preparing to scrutinise the books at Bernard
Madoff Investment Securities in an effort to trace the $50bn which has allegedly
disappeared in what has been touted as Wall Street’s greatest swindle.
The aim of the group is to uncover assets whcih can eventually be returned to
investor victoms, The Christian Science Monitor reports.
‘They will be looking for records, fake invoices, cooked books, red flags,
anything that doesn’t make sense,’ Larry Crumbley, the KPMG-endowed professor of
accounting at Louisiana State University in Baton Rouge, said. ‘They will just
be following the computer and paper trail, rather than the DNA.’
‘I would be surprised if we don’t find [Madoff] has money someplace other
than the US, since he took trips overseas on a regular basis,’ Ken Yormark,
managing director and forensic accountant at New York-consultants LECG, said.
A new head of solutions, Aidan Brennan, has been appointed at KPMG UK
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states