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| Forensic & Valuation Reporter |
| October 20, 2009 |
"Mini-Madoff" Ponzi schemer Marc Dreier outlines fraud
In his only television interview, Marc Dreier -- dubbed the "mini-Madoff" after his $400 million dollar Ponzi scheme was dwarfed and pushed out of the news by the one run by Bernard Madoff -- tries to explain to "60 Minutes" where he went so wrong. "I can't remember the moment in which I decided to do something that I knew was wrong," he said. "I had an ambition that I needed to feed. I think I fell into the trap of wanting to be more successful than I was." CBS News (10/4)
Mafia turns to Medicare fraud
Medicare fraud is posing less risk than drug dealing and other crimes for Mafia members and other violent criminals. "We've seen more people that used to be involved in [dealing] drugs are switching over to health care fraud because it's not as dangerous," Miami FBI spokeswoman Judy Orihuela said. Medicare fraud was once seen exclusively as a white-collar crime. Google/The Associated Press (10/6)
Report looks at causes of white-collar crime
A report by Canadian researchers in the International Journal of Business Governance and Ethics outlined 12 steps to white-collar crime. The report examined leaders' behavior and the development of organizational culture and how it folded people into white-collar crime. Yahoo!/Asian News International (10/14)
Other News
Madoff victims sue SEC for failing to detect Ponzi scheme
A lawsuit by two victims of Bernard L. Madoff's Ponzi scheme accuses the Securities and Exchange Commission of contributing to their financial losses by failing to detect the fraud earlier. "The SEC staff who investigated Madoff from time to time were not crafting policy or making rules" but were instead fulfilling routine obligations, the complaint said. NYTimes.com/DealBook blog (10/14)
Supreme Court to review Skilling's Enron conviction
The Supreme Court said it will hear the appeal of former Enron CEO Jeffrey Skilling. Skilling is trying to overturn his conviction and 24-year prison sentence in the Justice Department's one untarnished conviction in its investigation into the energy giant's collapse. Skilling is challenging the prosecutors' assertion that he failed to provide "honest services" while also arguing he could not have gotten a fair trial in Houston. 
ClipSyndicate/Bloomberg (10/13) The Wall Street Journal (10/14)
Other News
5 recent court rulings considered estate and gift taxes
The federal estate and gift tax treatment of transfers of interests in family limited partnerships and limited liability companies to family members were the subject of five recent opinions by federal courts. McGuireWoods outlines the implications of the rulings, including two that address valuations. McGuireWoods.com (9/29)
Expert: Twitter valuation of $1 billion may be on the money
A recent estimate of Twitter's valuation at $1 billion is "not outlandish," according to Anant Sundaram, a finance professor at Dartmouth's Tuck School of Business. "Who knows how it will pan out, but you can get a sense of the assumptions that would be required to justify a $1 billion valuation," he said. The Wall Street Journal/Digits blog (9/17)
Other News
New AICPA chair sees big changes for accountants
The accounting profession can expect its biggest changes since Depression-era rules were written 75 years ago, an expert says. Accountants will face new rules in everything from taxes to financial reporting as a result of regulatory reform efforts in Washington, according to Robert R. Harris, incoming chairman of the American Institute of Certified Public Accountants. The Tuscaloosa News (Ala.) (10/2)
Commentary: Cost of e-discovery grows for big firms
Writing in the New York Law Journal, Michael H. Gruenglas, Robert A. Fumerton and Patrick G. Rideout propose "a simple measure" that would limit abuses of e-discovery while containing costs for firms required to maintain electronic records. They write that the problem "has radically altered the cost/benefit calculus of initiating and defending actions, particularly for large organizations," and that a solution like theirs is needed. Law.com/New York Law Journal (10/12)
Now available: Introduction to Business Valuation, Self-Study Edition
This course is an introductory business-valuation course for the individual who either knows nothing or very little about business valuation. The purpose is to introduce business-valuation concepts, theory and application. Interwoven into this course is a case-study analysis of a small restaurant to illustrate how an actual valuation is done. The course is offered in a hard-copy format and qualifies for 16 hours of CPE. Learn more online.
Early-bird registration extended for the AICPA National Business Valuation Conference -- Nov. 15 to 17 in San Francisco
The 2009 AICPA National Business Valuation Conference will be an information-packed, three-day event for you to gain hands-on valuation training that will strengthen your skills, expand your services and improve your strategic direction. Hot topics include forensic accounting and valuation in the litigation engagement, buy-sell agreements, IFRS, using forecasts in business valuation and more. Business-valuation analysts at all levels, CPAs and other senior financial professionals should attend. Register now.
Informing members about their benefits
The fields of forensic and valuation services are always evolving, and the FVS Section is working to provide you with the most up-to-date and reliable resources to help you compete in today's economy. We would like to know how we can effectively reach out to you, the community, to keep you in the loop as to what resources are available. Please e-mail us with suggestions on how to better communicate with you regarding our FVS member benefits.
Last chance: Register online for the 2009 ABV Exam
The dates for the 2009 ABV Exam fall between Nov. 9 and Dec. 12. Registration is open and will last through Oct. 31. The cost of the ABV Exam is $400 for new registrants. Learn more about the ABV Exam online or via e-mail. Prepare for the ABV Exam by registering for the ABV Exam Review Course, the only comprehensive program backed by the resources and collective expertise of business-valuation professionals associated with the nation's premier membership organization for CPAs, the AICPA. Register for a convenient date and location, or take advantage of the new, convenient self-study option.
Bundled pricing available for Creating a Niche Forensic Practice Web seminar series
Want to move into the fast-growing forensic accounting field? This 17-session AICPA Web seminar series will help you find your niche and establish an effective presence in the local marketplace. Each interactive session is facilitated by experts who will share tips, tools and war stories -- plus proven strategies and timely information that will help participants build their business plan and navigate the road ahead. Bundled pricing is available. Listen to the complimentary recording of the first session and learn more about this series and the FVS Section online.
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