SOURCE: Marks Paneth & Shron LLP

Marks Paneth & Shron LLP

January 18, 2011 10:20 ET

Risk of Fraud Increases in Slow Economy; Companies Need to Take Appropriate Action When Evaluating Potential Cases, Says Former IRS Agent and Accounting Director at Marks Paneth & Shron

NEW YORK, NY--(Marketwire - January 18, 2011) - 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, participated in a panel discussion on mitigating corporate fraud published in a recent issue of Financier Worldwide.

According to Mr. Gannaway, the pattern of fraud is different in a prolonged downturn, and it is especially costly. For instance, a company's intellectual property and confidential financial information are at greater risk. An untrustworthy employee might try to leverage these aspects of a company for personal gain.

In the article, Mr. Gannaway addresses:

  • The extent to which fraud increases in a downturn.
  • Recent legal and regulatory developments on corporate fraud.
  • Steps a company should take to evaluate and resolve a potential case of fraud.
  • How regulators around the world have enhanced their monitoring and enforcement activities.
  • Steps companies should take in response to investigations and being targeted in "dawn raids."
  • Conducting a proper background check of employees and other parties.

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 extensive financial, investigative and operational experience. The firm provides a variety of civil and criminal fraud investigation, prevention and forensic accounting services to for-profit clients and nonprofit clients.

In addition, the firm 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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