When Sam Antar was cooking the books for his company, he used a number of complicated accounting tricks to dupe auditors. But some tactics were simple.
Bernie Madoff may be the tip of the iceberg as the financial crisis unravels other frauds.
Bernie Madoff may be the tip of the iceberg as the financial crisis unravels other frauds.
"These auditors from the Big Four accounting firms are usually single kids just a few years out of school. What do kids in their 20s think about all the time? Sex," said Antar, who was at the center of a multi-million dollar fraud 20 years ago.
So Antar would pair "cute hot female" employees with male auditors as part of his distraction strategy. "In effect, I was a fraudster, matchmaker and pimp," said Antar, who avoided jail time by working with the government, and now advises government agencies and businesses on avoiding accounting fraud.
Since the financial crisis struck, accounting scams -- such as the multi-billion dollar Bernard Madoff scheme -- have made regular headlines.
See full Article.
Posts
