Wednesday, 4 November 2009

Accounting can be criminal

Bernard Madoff is rightly notorious for his $65bn 'Ponzi' investment fraud.

His accountant for 17 years, David Friehling, is less well known. He has has pleaded guilty to securities fraud, investment adviser fraud, making false statements to the US financial watchdog - the Securities and Exchange Commission - and breaking tax laws, BBC News today. Without that contribution Madoff would have found it impossible to sell his scheme to gullible investors. It seems likely that Friehling will receive less harsh treatment than his principal but can still expect a lengthy sentence.

Given the size of his crime that would be only fair.

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