Accountants beware – prison lurks.
Recently, a certified public accountant and auditor was sentenced to 54 months in prison for his role in a nearly half-billion dollar investment scam that impacted over 3,500 investors. In the sentencing, the court indicated accountants and auditors are gatekeepers of our financial system, and must protect that system and those who are relying upon it for their well-being. The court then went on to imposing a sentence of nearly 5 years in prison.
Accountants and CPAs need to be aware of these issues, and must be assertive with their clients to ensure their own security and the well-being of the investing public.