The Jailbird CFO: Fraud on the Rise

Posted by accountingweb on Aug 30 2000 198 printer friendly

What's going on in the world of the CFO? The latest trend seems to find some CFOs caught with their hand in the cookie jar - caught in some sort of fraud scheme.

Take several examples that have recently made the news. Office equipment leases offered through Bennett Funding Corporation in New York landed CFO Patrick Bennett in jail. Paul Polishan, who was the CFO with Leslie Fay, was sent to jail based on indictments of 18 errors related to accounting misstatements.

Why is this happening, over and over, in a seemingly increased capacity? According to analysts, this kind of fraud has been occurring more so than has been caught to date. The reason: if a company misforecasts its earnings by just a narrow margin, eyebrows are raised and the company becomes a real target for speculation.

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