Recent Accounting Fraud Incident Within A Company

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Question Description

Research an article in the University Library or from another credible source. The article should be about a recent accounting fraud incident within a company.

Summarize the article in 350 to 525 words.

Describe any measures you believe could have been used to avoid the problems presented in the article.

Submit your assignment in a Microsoft® Word document.

https://www.justice.gov/usao-ma/pr/bellingham-man-sentenced-million-dollar-embezzlement-scheme

FOR IMMEDIATE RELEASE

Tuesday, November 26, 2019

Bellingham Man Sentenced for Million Dollar Embezzlement Scheme

BOSTON – A Bellingham man was sentenced today in federal court in Boston in connection with a scheme to embezzle over $1 million from a Massachusetts company.

Darren Cormier, 35, was sentenced by U.S. District Court Judge Richard G. Stearns to 31 months in prison, three years of supervised release and ordered to pay forfeiture and restitution each in the amount of $1,284,792. In March 2019, Cormier pleaded guilty to one count of conspiracy to commit wire fraud and five counts wire fraud. Earlier this month, co-conspirator Michael H. Tran, 35, of Woonsocket, R.I., was sentenced in connection with the same scheme. Tran was sentenced 46 months in prison, three years of supervised release and ordered to pay forfeiture and restitution each in the amount of $1,284,792.

Cormier, who worked as a product manager for a Bellingham manufacturing company, worked with Tran to embezzle millions of dollars from the company. From December 2013 to May 2016, Cormier told the company owners that he was purchasing equipment for the company using his PayPal account, which was linked to the company’s credit cards. Instead of making legitimate equipment purchases, however, Cormier used his PayPal account to pay Tran, who withdrew the money in cash and used it to pay for personal expenses. Tran and Cormier concealed the fraud by adjusting the names settings in Tran’s PayPal account to make it appear on account statements as if the payments were submitted to legitimate vendors. Cormier and Tran also submitted fraudulent invoices and purchase orders to the company in the name of some non-existent vendors, such as “A Plug Tool Supply” and “MHT Industrial.”

United States Attorney Andrew E. Lelling; Joseph R. Bonavolonta, Special Agent in Charge of the Federal Bureau of Investigation, Boston Field Division; and Kristina O’Connell, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston made the announcement. Assistant U.S. Attorney Jordi de Llano, Deputy Chief of Lelling’s Securities and Financial Fraud Unit, prosecuted the case.

Topic(s):

Financial Fraud

Component(s):

USAO – Massachusetts

Updated November 26, 2019

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