Leslie fay company inventory fraud case

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Leslie fay company inventory fraud case

Griffin, 59, of Berlin, New Hampshire, pleaded guilty before Chief Judge Christina Reiss yesterday to a charge of making a false statement to a financial institution.

The charge alleged that in or about MarchGriffin submitted or caused to be submitted inflated figures for assets of Isaacson Structural Steel, Inc.

Based on the plea agreement, Griffin faces up to three years in prison. ISSI fabricated steel used in commercial construction. It entered into construction contracts to provide not only the steel for commercial buildings, but also to provide subcontractor services, principally the erection of the steel.

Leslie fay company inventory fraud case

ISSI purchased steel and fabricated the various pieces of steel needed for each contract at its Berlin, New Hampshire location and then shipped the steel to building sites. Sentencings for Hanson and Griffin are scheduled for May ISSI submitted these false statements about assets in borrowing base certificates and financial statements.

ISSI regularly inflated its assets by one million dollars or more.

Leslie fay company inventory fraud case

The lending banks lost millions of dollars as a result of the fraud. As part of the plea agreement, Griffin admitted that he knowingly submitted false information to the lending banks in and The United States is represented in this matter by Assistant U.

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Griffin is represented by Paul Volk, Esq.Phar-Mor, Inc. 1. 2 cases which companies have committed fraud by misstating inventory: • Rocky Mount Undergarment Company, Inc. • Leslie Fay Company 2. Intentional misstatements of inventory is difficult to detect, as was in the case of.

Yake said that, as a consultant in the s, he worked on a case involving F.W. Woolworth Company, which he said was distorting its inventory figures to prop up its faltering bottom line.

Case by Angie Gouldsberry on Prezi

There is considerable information regarding inventory frauds available on the Internet. Search for information about one of the two cases mentioned above, or inventory fraud at any other company, and prepare a short explanation of the nature of the inventory fraud.

The accounting fraud at troubled apparel maker Leslie Fay Cos. was far more pervasive than previously revealed, according to a board audit committee report that sharply criticized top management.

Former Walmart District Manager Accuses Company of Widespread Inventory Manipulation | The Nation

It would have been difficult for senior management not to spot the extensive inventory and sales fraud. bg man pleds guilty 09/06/18 a bowling green man has plead guilty to charges of knowingly distributing oxymorephone and possession of firearms while an unlawful user.

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