Elliott Spitzer Case Holds 4 Lessons for CPAs
Go ahead, ask fraud expert Gary Zeune, CPA, about Elliot Spitzer.
Not surprisingly, he has some thoughts, all of them trenchant…
- Perfect example of how REALLY smart people do REALLY stupid stuff. So don’t ever think someone is too smart not to steal, embezzle, kickback scheme. (Can anyone say: “Tom Coughlin, No. 2 person at Wal-Mart and and head of security who stole $500,000 of gift cards?”)
- Did you see that the FBI wasn’t even investigating prostitution? They were looking into unusual cash transfers his bank had reported on SARs (Suspicious Activity Reports).
- Powerful people sometimes don’t think the rules apply to them.
- He didn’t think he’d get caught (same reason we speed when driving).
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