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_________::::___#323 - December 20, 2006________________
FRAUDBARON.com
The Anti-Fraud Professionals'
Source for Fraud News
#323 Updated: 12/19/06 6:38 p.m.

Corporate Governance: Finding the Right Expert; The CPA Journal Article Defines
Expertise Needed to Guide Boards, Management
Backdated stock options. Enron. WorldCom. Restated financials. CEOs and CFOs in
the news for alleged illegal practices. Companies and their boards have faced
challenges in recent years that have elevated the importance of good corporate
governance.

US audit watchdog proposes less process auditing
The processes used by companies to keep their books in order would get less
scrutiny from outside auditors under a proposal given preliminary support by U.S.
auditing regulators on Tuesday.

Report: China Uncovers Money Laundering
Chinese authorities have found seven big underground banks involved in money
laundering cases worth more than 14 billion yuan (US$1.75 billion; euro1.3 billion),
the official Xinhua News Agency said Tuesday.

NY AG Spitzer sues Wells Fargo, unit alleging fraud
New York Attorney General Eliot Spitzer sued Wells Fargo Bank NA (WFC) and its
Acordia Inc. unit Tuesday for allegedly steering their customers to insurance
companies that paid for the business with kickbacks.

Former Pa. Banker Admits Embezzlement
A former bank executive who took out loans in the name of unsuspecting
customers and relatives as part of a complex $6.2 million embezzlement scheme
pleaded guilty Tuesday to bank fraud and embezzlement.