SOURCE: Marks Paneth & Shron LLP

Marks Paneth & Shron LLP

September 21, 2010 13:36 ET

Embezzlement and Other Kinds of Business Fraud Are More Prevalent and Damaging in a Downturn Economy, Warns Marks Paneth & Shron Fraud Specialist and Former IRS Special Agent

David Gannaway Highlights Ways to Detect and Eliminate Fraud, Brought on by Tough Economic Climate, in Recently Published Financier Worldwide Article

NEW YORK, NY--(Marketwire - September 21, 2010) - David Gannaway, MBA, CFE, CAMS, EA, a Director in the Litigation and Corporate Financial Advisory Services Group at Marks Paneth & Shron LLP and a former IRS special agent with the Criminal Investigation Division, has published an article in Financier Worldwide that details the types of fraud businesses need to be on the lookout for, especially in an economic downturn.

According to Mr. Gannaway, the pattern of fraud is different and perhaps more costly in a prolonged downturn. Businesses must be especially vigilant in looking out for signs of fraud -- and know when to conduct thorough investigations.

In the article, Mr. Gannaway addresses:

  • Why embezzlement is more common in a prolonged downturn.
  • Actions executives should take to deal with potential fraud situations.
  • The key components of a fraud risk assessment.

The full text of Mr. Gannaway's article is available for reading in the Marks Paneth & Shron Library.

To speak with David Gannaway about current tax enforcement issues, please contact Itay Engelman of Sommerfield Communications at 212.255.8386 or via email at itay@sommerfield.com.

About Marks Paneth & Shron

New York City-based accounting firm Marks Paneth & Shron LLP (MP&S) has a team dedicated to offering services for US taxpayers disclosing foreign accounts at UBS AG and other foreign banks. The firm has extensive experience in working with high-net-worth individuals and international tax issues, as well as in forensic accounting, litigation support, and negotiating with government agencies. For more information please visit www.markspaneth.com.

About David Gannaway

David Gannaway, MBA, CFE, CAMS, EA is a Director in the Litigation and Corporate Financial Advisory Services Group at Marks Paneth & Shron LLP. In this role, he provides comprehensive litigation consulting services encompassing the areas of forensic accounting, civil income tax controversies and criminal income tax investigations, complex white collar fraud investigations, and anti-money laundering.

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