A former partner at Grant Thornton was arrested last week for allegedly stealing over $4 million in client payments. Typically, Grant Thornton clients were instructed to mail or wire payments directly to the firm’s headquarters in Chicago. Over the course of nearly 8 years, the accused former partner allegedly instructed clients to mail payments directly to the New York Office, where he worked. The payments were intercepted and then deposited into a bank account with a name very similar to Grant Thornton’s.
Cases like this demonstrate that fraud can occur at any firm, regardless of size or industry. Strong internal controls and thorough accounting records are the best ways to prevent or possibly even quickly identify instances of fraud like this.
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