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Accounting sleuths on the trail of Madoff money
spherepet
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1
12-21-2008 6:43 PM
200 views
tags:
bernard l. madoff investment securities
,
csi
,
forensic accountants
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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/454e1764-ff51-4139-ba9d-c15e5068f51b/EF19A054-1F6C-40EC-93E7-923932BF3F35/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.csmonitor.com/2008/1222/p01s01-usec.html" href="http://www.csmonitor.com/2008/1222/p01s01-usec.html" style="font-size: 11px;">www.csmonitor.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.csmonitor.com/2008/1222/p01s01-usec.html"><H1 class="headline">Accounting sleuths on the trail of Madoff money</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.csmonitor.com/2008/1222/p01s01-usec.html"><P class="postdate">from the December 22, 2008 edition</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.csmonitor.com/2008/1222/p01s01-usec.html"><STRONG>By <A href="http://www.csmonitor.com/cgi-bin/encryptmail.pl?ID=D2EFEEA0D3E3E8E5F2E5F2&url=/2008/1222/p01s01-usec.html">Ron Scherer</A></STRONG></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.csmonitor.com/2008/1222/p01s01-usec.html"><P><SPAN class="dateline">New York - </SPAN> Accounting teams are sharpening their pencils and preparing to pore over spreadsheets in an effort to trace the money at Bernard L. Madoff Investment Securities, which stands accused of perpetrating the largest investment scandal in history. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.csmonitor.com/2008/1222/p01s01-usec.html"><P>If the past is any indication, this group of bean counters – call them CSIs with eyeshades – will uncover some assets that can eventually be returned to bilked investors. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.csmonitor.com/2008/1222/p01s01-usec.html"><P>Known as forensic accountants, they will comb through the books – in this case multiple sets of books – in a bid to track $50 billion that Mr. Madoff has said disappeared in one giant Ponzi scheme. </P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.csmonitor.com/2008/1222/p01s01-usec.html">"They will be looking for records, fake invoices, cooked books, red flags, anything that doesn't make sense," says Larry Crumbley, the KPMG-endowed professor of accounting at Louisiana State University in Baton Rouge</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.csmonitor.com/2008/1222/p01s01-usec.html">They will just be following the computer and paper trail</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;"> </td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/EF19A054-1F6C-40EC-93E7-923932BF3F35/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>
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