Former C&L Vice Chair Goes to Jail

The number three US executive from Coopers & Lybrand, the forerunner of PricewaterhouseCoopers, pleaded guilty to fraud in New Jersey last week.

Robert T. Caruso, former vice chairman, was sentenced to 27 months for his crimes - which included frauds worth $318,000 involving Seton Hall University and the firm when he made donations to various Catholic charities. He was reimbursed for the donations by the firm, but he also asked the University--his alma mater--to reimburse him as well.

The reason Caruso gave for the scheme was jealousy; he believed others in the firm were compensated in a greater capacity than he was.

The original allegations began in 1995 when he was charged with tax evasion, money laundering and wire fraud. He is working with the court system as part of a plea arrangement.


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