Ad Firm Closes After Audit; CFO Kills Himself

The Dallas-based advertising firm of Berry-Brown has suffered more than their share of losses. A story that ran in this week's Dallas Morning News confirmed that the 23-year-old firm has dismissed all 46 employees and has closed its doors, all thanks to an audit that revealed $6.25 million in missing funds.

To add to the woes, the audit also uncovered the fact that the CFO, Philip Schieber, had embezzled the money before killing himself last month. The suicide coincided with the time that firm execs discovered the loss of funds.

Berry-Brown enjoyed a solid reputation as a leader in the advertising field, servicing such household-name accounts as Aunt Jemima Syrup, Wolf Brand Products, Daisy Brand Sour Cream, and some Jimmy Dean and Quaker Oats brands. Billings in 1999 were $58 million.

The funds were going to be used to pay for advertising that already ran or was scheduled. The firm chose to close rather than attempt bankruptcy proceedings, claiming it would be too difficult to retain clients and obtain financing after the news of the losses.

You may like these other stories...

Credit Suisse says pension assets at risk unless court delays sentencingJohn Letzing of the Wall Street Journal reported on Wednesday that Credit Suisse Group AG says its management of billions of dollars in assets for...
The prospect of International Financial Reporting Standards (IFRS) being fully adopted in the United States in the near future are growing less likely, as the Financial Accounting Standards Board (FASB) and the International...
House proposes $10.5B, eight-month highway billThe House Ways and Means Committee proposed a transportation funding bill on Tuesday that calls for a temporary extension of current transportation funding levels until May 31,...

Upcoming CPE Webinars

Jul 16
Hand off work to others with finesse and success. Kristen Rampe, CPA will share how to ensure delegated work is properly handled from start to finish in this content-rich one hour webinar.
Jul 17
This webcast will cover the preparation of the statement of cash flows and focus on accounting and disclosure policies for other important issues described below.
Jul 23
We can’t deny a great divide exists between the expectations and workplace needs of Baby Boomers and Millennials. To create thriving organizational performance, we need to shift the way in which we groom future leaders.
Jul 24
In this presentation Excel expert David Ringstrom, CPA revisits the Excel feature you should be using, but probably aren't. The Table feature offers the ability to both boost the integrity of your spreadsheets, but reduce maintenance as well.