Eni settles with the SEC

On Friday April 17th, 2020, the US S.E.C said that Eni the Italian Oil and Gas group agreed to settle charges it breached corruption accounting rules over improper payments in Algeria by a former unit Saipen. The allegations were that Saipem paid intermediaries about...

Bankrate CFO sentenced to 10 year in prison

Edward DiMaria, the former CFO of Bankrate was sentenced 10 years in prison and asked to pay restitution of $21M for accounting fraud. DiMaria pleaded guilty to one count of conspiracy to making false statement’s to a public company’s accountant and one...

Big 4 collusion conspiracy

Italy’s Antitrust authority fined the big 4 (Ernst & Young, Deloitte, KPMG and PWC) a total of 23 million euros for allegedly conspiring and colluding to divvy up large public consultancy contracts. Looks like the Big 4 need to revise their Ethics...

Embezzlement report by Hiscox

According to a recent study by global specialty insurer Hiscox, in 2016, workplace embezzlement cases cost companies an average of $1.13million. Some very interesting facts from the report- 55% of cases occurred at companies with fewer than 100 employees 37% of cases...

Another fine for a big 4 for audit misconduct

The Financial Reporting Council fined Ernst & Young £1.8 million for their shoddy audit work of distributor Tech Data. This is what happened. In 2013, Tech Data revealed that there were material errors in their financials for 2011, 2012 and part of 2013. The...

PWC breaks the penalty record again!

A few month’s ago UK’s Financial Reporting Council (FRC) levied the then largest ever penalty on PWC, for 5 Million Pounds, related to misconduct over its audit of Connaught Plc, a FTSE 250 company that went into administration in 2010. Now PWC is fined 5.1 Million...