Earlier today we brought up some less-than gentlemanly behavior going on at PwC Ireland. However, that wasn't the first story of misuse of email coming from the Emerald Isle. You may recall a few bros at KPMG asking for some assistance winning a trip to Whistler, which was received with mixed reviews in the States. Anyway! Now comes the story – courtesy of our sister from another mister, Dealbreaker – about another KPMG associate maybe not using the best judgment, sharing his plans for putting the moves on a special lady friend with his mate over firm email. From: Ian [redacted] Sent: 22 October 2010 10:24 To: John [redacted] Subject: RE: Wed Good night on wed man. Good old craic. Any luck with the ladies Kind Regards, Ian [redacted] Financial Services Audit 2 Harbourmaster Place IFSC Dublin ____________________________________________________________________________ From: John [redacted] Sent: 22 October 2010 10:28 To: Ian [redacted] Subject: RE: Wed Was a very good night. Got very messy in the end. No luck with the ladies. Had my eyes on this one girl, [redacted]. Some piece of work. But bottled it in the end _________________________________________________________________________________ From: Ian [redacted] Sent: 22 October 2010 10:45 To: John [redacted] Subject: RE: Wed I know the one your talking about alright. Shes friends with one of my mates in my year. Seems like a nice girl. Gonna chance it next time _____________________________________________________________________________ From: John [redacted] Sent: 22 October 2010 11:24 To: Ian [redacted] Subject: RE: Wed Definiately going to stick the head in next time. Falling behind on this whole k score thing. Need to get on board. Shes top notch in fairness What u reckon? ______________________________________________________________________________ From: Ian [redacted] Sent: 22 October 2010 11:40 To: John [redacted] Subject: RE: Wed Ya, sure go for it if you like her _____________________________________________________________________________ From: John [redacted] Sent: 22 October 2010 11:48 To: Ian [redacted] Subject: RE: Wed Alright next thurs, im gonna stick the head in. Just wait for the right moment. (When shes drunk) and she cant say no. Got this unreal technique for scoring aswel, called the whisper. I pretend im whispering in her ear and when shes not looking I just kiss her. The element of surprise throws then off and BOOM. ______________________________________________________________________________________________ From: Ian [redacted] Sent: 22 October 2010 12:04 To: [the girl] Subject: Wed Hey [girl], Thought id give u the heads up about this chap John here. Think he has some serious plans for you __________________________________________________________________________ From: [everyone who was forwarded this] To: [everyone they know] Subject: read from the bottom up!!!
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New Jersey Appeals Court Deals ‘Devastating Loss for KPMG’ Over Malpractice in Cast Art Merger
We briefly mentioned this case on Monday but since everyone seems to have checked out mid-week, we’re sure you won’t mind.
Way back in the dawn of the Clinton Administration, some financial reporting chicanery went down at Papel Giftware, Inc. so that Cast Art Industries of Corona, California would run into the company’s outstretched arms. More specifically, chicanery that consisted of ” ‘systemic, organized, improper accounting practices at Papel.’ ” Cast Art failed in 2003 which made everyone sad/mad.
KPMG was on watch as this all went down and a jury found the firm negligent in 2008 under the Accountant Liability Act.
The bitch of it is, the KPMG partner was thisclose to pulling out of the engagement, “[A] July 2000 letter by KPMG partner John Quinn that said Papel Chief Financial Officer Rick Wasserman gave an ‘unfair and misleading characterization of the accounting and auditing issues.’ Quinn said he was ‘very much inclined’ to recommend ending work with Papel after that year’s audit, according to the opinion.”
That ‘very much inclined’ didn’t result in “we withdraw from the engagement.”
However, since the KPMG is a professional services firm with the necessary means and a reputation to protect (according to some, anyway) they appealed the ruling and on August 26th a three-judge panel of the New Jersey Appellate Division still said, “yep, it’s accounting malpractice.”
This was a thrilling result for plaintiffs who are looking to squeeze more damages out of the firm:
“This is a huge win and no matter how KPMG wants to spin it, it’s a devastating loss for KPMG,” plaintiffs’ attorney Michael Avenatti said in an interview. “KPMG’s appeal of this case may go down as Exhibit A of ‘Be careful of what you wish for.’ Now, we have the ability to go collect potentially $10 million to $20 million more in additional damages.”
Right. The spin.
A KPMG spokesman, Daniel Ginsburg, said the firm is “considering our available options” after the ruling.
“We are pleased that the court affirmed dismissal of the plaintiff’s fraud claim against us, and also reversed the jury’s verdict by ordering a new trial on the issue of damages,” Ginsburg said in an e-mail. “We are disappointed, however, with the court’s ruling on legal issues regarding the plaintiff’s negligence claim.”
Actually, not much spin there. Just one of those kiss your sister/brother moments.
KPMG Committed Malpractice Tied to Cast Art Merger, Appeals Court Rules [Bloomberg]