Visit cpajournal.com to read the very latest from The CPA Journal
April 2009 » Will CPAs Become Madoff's Next...
Full articles of The CPA Journal are available to NYSSCPA members and CPAJ subscribers ONLY. Please login to access this content.
Nonmembers and nonsubscribers, you can apply for NYSSCPA Membership here and get unlimited access to The CPA Journal, or you can create a non-member online account here and purchase individual articles.
Dan L. Goldwasser, JD, and John H. Eickemeyer, JD
As the extent of the schemes perpetrated by Bernard L. Madoff continues to unfold, one must ask where it will lead next. Are CPAs in line to be victims of Madoff? This seems like a silly question, because Madoff admitted he operated a Ponzi scheme estimated at $65 billion; pleaded guilty to 11 counts of fraud, money laundering, and perjury; will be sentenced to up to 150 years in jail; and will never be allowed to reenter the securities business. Moreover, CPAs are trained to be skeptical in matters of financial fraud and do not readily fit the profile of a Ponzi scheme victim. The sad fact, however, is that many CPAs are likely to be drawn into the financial black hole created by Madoff's scheme because their clients entrusted their investments to Madoff, either directly or indirectly. In fact, at least three dozen New York accounting firms and another two dozen individual accountants were identified in court filings as having received account statements from Madoff's investment firm.
Advertising with the NYSSCPA is your opportunity to reach the greatest number of business advisors in the most important business state in the nation.
Post a resume or job listing in our Career Center to connect with hundreds of employers or job seekers.
Join 21,000+ of your peers. Apply for membership today!
Find CPE Conferences, Seminars, and Online Courses Here.
Get insight and analysis into all areas of the profession.
Content provided by and exclusively for NYSSCPA members.
Stay up to date with important NYSSCPA news.
A daily roundup of the latest from around the accounting and financial industry.
A strong PAC means a strong profession. Donate Today.
Help develop a strong network of connections.
A resource for NYSSCPA Members.
Members, Get expert answers to technical questions.
Start your career off right with an experienced mentor.
It's never too early to start thinking about your career.