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Situation
A client was experiencing an unexplainable decline in profits. The Chief Financial Officer was suspected of embezzling corporate funds, so the client hired Eide Bailly's forensic accounting and investigative team to look into the situation.
Solution
We analyzed the company's financial statements and records and uncovered a large fraud scheme. From available documents and records, and from interviews with key employees, we produced a fraud report that revealed the CFO's fraudulent activities. The primary suspect was interviewed and confessed. We assisted the client in filing an employee dishonesty claim, and further assisted law enforcement in the prosecution process.
Results
- Chief financial officer gave a written confession and was then fired. The case was turned over to law enforcement and charges were filed by the local prosecutor.
- New chief financial officer was hired.
- Company is experiencing increased profits.
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