Accounting Fraud & SEC Investigations
The Securities and Exchange Commission (SEC) has stepped up its accounting fraud and financial disclosure cases. Armed with sophisticated software to scrutinize financial reports, the SEC is able to more easily identify fraud. Now, more than ever, companies must ensure compliance or face stiff penalties.
The Knowledge Group has assembled a panel of key thought leaders to help business executives, accountants, auditors, and attorneys understand all the most significant issues with respect to increased disclosure and the associated challenges.
James C. Dugan, Partner,
Willkie Farr & Gallagher LLP
Antonio Yanez Jr., Partner,
Willkie Farr & Gallagher LLP
- The SEC has announced the creation of an accounting fraud task force focusing on the integrity of the capital markets generally and financial reporting specifically.
- Likely accounting issues that the SEC will focus on include:
- Going concern issues
- Reserves and related areas
- Renewed focus by the SEC on accounting fraud will lead to renewed interest by the securities class action plaintiff’s bar.
- The implications of the SEC’s new policy of seeking admissions of fault in special cases, as opposed to traditional “neither admit nor deny” settlements, on accounting fraud investigations and collateral civil litigation.
Randall H. Wilson CPA/CFF/ABV, CFE, Cr.FA, DABFA, Director of Fraud and Fidelity Services and Partner,
- Statistically, the increases in the SEC enforcement actions against Broker-Dealers and Investment Adviser / Investment Companies has risen since the mega-Ponzis in 2009 and beyond.
- Reliance of outside auditors on SSAE 16 control and technology audits of vendors and associated risk.
- Even with the heightened attention on financial statement fraud and SEC crack down, the fraud continues; is this sue to the continuing greed or simply a degradation of business ethics and lack of integrity and values of the officers and directors of large publically traded corporations? Or is there simply an enormous amount of pressure to maintain stock price and dividends? Have the counter-productive incentive bonuses based on stock price and profitability still driving financial statement fraud?
- The new initiatives of the SEC in 2013, which include the Financial Reporting and Audit Task Force, the Microcap Fraud Task Force and the Center for Risk and Quantitative Analytics.
- The value and importance of Whistleblowers to the public’s trust.
- Financial statement fraud in arson for profit cases, techniques in ‘cooking the books’ in the context of insurance fraud.
Albert A. Vondra, CPA, JD, CFE, CFF, Partner, Forensic Services,
** Speaker Talking Points to be added soon.. **
Who Should Attend:
- CFOs & Finance Executives
- Controllers, CPAs
- Attorneys with Related Practice Areas
- Senior Financial Professionals
- Business Valuation Specialists
James C. Dugan is a litigation partner at Willkie Farr & Gallagher LLP in New York. Mr. Dugan specializes in complex commercial litigation, federal securities litigation, government compliance and enforcement, and internal investigations. He has represented investment banks, C-level executives, private equity firms, hedge funds, investment advisors, accounting firms, REITS, and manufacturers. Mr. Dugan currently serves on the Editorial Board of Securities Law360, is the author of numerous articles on securities litigation and SEC enforcement matters that have appeared in publications such as The Business Lawyer and the NYU Journal of Law and Business, and speaks frequently on litigation topics. Mr. Dugan is a graduate of the Cornell Law School.
James C. Dugan is a litigation partner at Willkie Farr & Gallagher LLP in New York. Mr. Dugan specializes in …
Antonio Yanez, Jr. is a partner in the Litigation Department of Willkie Farr & Gallagher LLP. Mr. Yanez concentrates on securities and financial reporting matters as well as mergers and acquisitions litigation. Mr. Yanez’s practice includes representation of issuers, officers, directors, underwriters, accounting firms, and others in securities class actions, M&A cases, SEC proceedings, and other litigation and regulatory matters. He also focuses on internal and independent investigations of financial reporting, accounting, and related issues.
Mr. Yanez has particular experience in matters with an international dimension. He has experience in securities, financial reporting, and other matters in North America, South America, Europe, and Asia.
Chambers USA (2010-2013) ranks Mr. Yanez among the leading individuals in the area of securities litigation in New York.
Antonio Yanez, Jr. is a partner in the Litigation Department of Willkie Farr & Gallagher LLP. Mr. Yanez concentrates on …
Mr. Wilson has been involved in the field of Forensic Accounting for more than 20 years. He has worked extensively with insurance companies and attorneys focusing the scope of his career on forensic accounting, the measurement of damages and litigation support.
Mr. Wilson has testified as an expert witness in State and Federal courts, depositions, arbitrations and mediation on behalf of both Plaintiffs and Defendants.
Mr. Wilson has participated in seminars, presentations and served as a guest speaker regarding investigation accounting, fraud, insurance claims analysis and measurement of damages to members of the insurance and legal profession.
Mr. Wilson has been involved in the field of Forensic Accounting for more than 20 years. He has worked extensively …
Albert A. Vondra is a Partner in the Forensics Services practice of PricewaterhouseCoopers in Washington, DC and Cleveland, Ohio. Mr. Vondra is a CPA (licensed in Ohio, Virginia and the District of Columbia), a Certified Fraud Examiner, Certified in Financial Forensics by the American Institute of Certified Public Accountants, and an attorney admitted to practice law in the State of Ohio.
Over the past 35 years with PricewaterhouseCoopers, Mr. Vondra has gained extensive forensics expertise, including accounting, auditing and consulting experience covering a broad range of business clients. Mr. Vondra’s experience was obtained in multiple offices of the Firm including Cleveland, Cincinnati, Dayton, Washington DC, our National Office of Accounting and SEC Services in New York, and a three-year international assignment in Athens, Greece. He has directed numerous audit engagements, FCPA and forensic investigations, merger and acquisition audits, due diligence reviews, business valuations, and dispute analysis projects. He has also been involved with numerous matters involving the quantification of commercial damages. Mr. Vondra authored the firm’s national guidelines on conducting arbitration engagements involving complex accounting and business valuation matters in merger and acquisition disputes.
Albert A. Vondra is a Partner in the Forensics Services practice of PricewaterhouseCoopers in Washington, DC and Cleveland, Ohio. Mr. …
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About Willkie Farr & Gallagher LLP
Willkie Farr & Gallagher LLP is a leading international law firm that provides strategic legal representation and counsel to market-leading public and private companies worldwide. Founded in 1888, the firm has approximately 600 lawyers based in key financial centers: New York, Washington, Paris, London, Milan, Rome, Frankfurt and Brussels. Willkie’s top-tier Securities Litigation and Enforcement Practice is particularly renowned for its strength in the area of financial reporting and related proceedings. The firm has handled some of the highest-profile audit committee investigations into fraudulent financial reporting, and most recently is defending numerous SEC, Department of Justice, and congressional proceedings arising out of the financial crisis.
About RGL Forensics
RGL Forensics is a multidisciplinary forensic accounting and consulting services firm that delivers accurate and defensible analysis for businesses in critical situations. RGL offers strategic solutions in high profile cases and claims related to commercial disputes and corporate investigations, fraud and financial wrongdoing, lost profits, business interruption and catastrophes, business valuations, and commercial transactions, including M&A. The firm’s work minimizes risk and protects clients’ financial and business interests in an increasingly complex environment. In situations involving fraud — whether employee dishonesty, embezzlement, misappropriation or fidelity issues — RGL Forensics assists insurers and business owners in measuring the actual loss resulting from fraudulent actions, identifying opportunities for misappropriation and possible methods of concealment. RGL works with the lawyers seeking recovery of the fraud loss sustained, providing litigation support and expert witness testimony in civil and criminal actions. Learn more at RGL.com.
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About PwC’s Forensic Services PwC Forensic Services team of experienced professionals is dedicated to meeting the challenges caused by fraud allegations, financial crimes and other irregularities. Our portfolio of services includes: Financial Crime Examinations, Forensic Technology Solutions, Regulatory Compliance Reviews, Fraud Risk Management and Fraud Prevention, Dispute Analysis and Litigation Support. The Forensic Services team also manages the PwC Fraud Forum, an exclusive community where members can gain knowledge, participate in events and share important insights on preventing, detecting and investigating fraud, corruption and economic crime. Seewww.pwc.com/us/forensics and https://usfraudforum.pwc.com for more information.