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How has Forensic Accounting helped major crimes be solved?

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How has Forensic Accounting helped major crimes be solved?

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The Enron Scandal

Jeffrey Skilling – Mugshot – 2004

The Enron scandal may be one of the most prominent securities fraud cases in American history. Between the mid-1980s and 2001, Enron’s accounting team worked in conjunction with executives to hide millions of dollars in failed projects and debt.

After the company’s stock plummeted from over $90 to $1 in the course of a year, the SEC opened an investigation. With careful review of financial statements by the SEC’s forensic accountants, Enron’s creative accounting techniques, like hiding debt in partnerships, inflating stock price and debt rating, and misrepresentation of financial records, were exposed. CEO and COO Jeff Skilling was convicted of numerous felony charges and is serving 14 years in prison, reduced from 24 years after several of the charges against him were reversed. Former CEO Kenneth Lay originally was found guilty on 10 counts of securities fraud and other related charges, but passed away before his imprisonment. After his death, a U.S. District judge vacated the conviction against Lay.
(Found @  https://accounting.fau.edu/blog/forensic-accounting-blog/forensic-accounting-and-famous-cases/ )

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What type of evidence does a Forensic Accountant gather?

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What type of evidence does a Forensic Accountant gather?

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Well, a Forensic Accountant gathers anything that involves currency or documents surrounding the crime in question. This could be anything from tax records, receipts, checks, etc.

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- Forensic accounting is the interrogation of accounting, auditing, and investigative skills. With these is provides an accounting analysis that is suitable to the court which will form the basis for discussion, debate, and eventually a resolution.