Lesser Law Group

professional malpractice Archives

Former CEO faces accounting fraud charges

Businesses and individuals in California and around the country rely on professionals such as attorneys, accountants and brokers to manage their affairs, and both professionals and their employers can face severe penalties when documents required by state or federal law are falsified or not submitted in a timely manner. One such case involves an accountant who served as the chief financial officer of a leading management consulting company between 2008 and 2016. Media accounts reveal that the man has been indicted in connection with a scheme that allegedly led to his employer underreporting approximately $12 million in workers' compensation expenses.

NBA star sues accountant for enabling theft of $77 million

The salaries of professional basketball players naturally impress sports fans in California, but the federal lawsuit filed by Kevin Garnett illustrates the risks that wealthy individuals take when they entrust others with their millions. Garnett, now retired from a career with the Timberwolves and Celtics, alleges that his accountant knew that Garnett's wealth manager and business partner was stealing. According to court filings, the wealth manager took $77 million of the professional athlete's money.

The value of professional malpractice claims have spiked

California patients and health care professionals may be interested to learn that malpractice claims have increased in recent years. Growth trends have been attributed to insufficient protections against conflicts of interest as well as an increase in people electing to expand into other practice areas.

Taking steps in the aftermath of accounting malpractice

California business owners often turn to an accountant to help manage their finances. Hiring such a professional can reduce the odds of paying too much in tax or being accused of breaking the law. However, it is possible that an accountant will engage in malpractice that could leave a company vulnerable to criminal or civil penalties. To prevent this from happening, accountants should follow either Generally Accepted Auditing Standards or Generally Accepted Accounting Principles.

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