Accounting News Roundup: New Bosses, Property Taxes, and Kickbacks | 10.02.17

accounting news property taxes raccoons

New bosses

KPMG, BDO, and Crowe Horwath have all announced new global chairmen/CEOs recently. This will have almost no effect on your day-to-day professional lives beside the fact that you will be ignoring emails from a slightly different smiley white dude.

SALT

This Bloomberg BNA post points out that if your city’s newly constructed professional sports stadium was financed with public money, it’s likely that it’s avoiding property taxes, too. I think taking a stand (or a knee) against giveaways to billionaires is a protest everyone can get united behind.

Accountants behaving badly

Apparently, it needs to be said that soliciting your clients to invest in a company for which you will receive a kickback is a no-no:

According to the SEC’s complaint, filed in federal court in Brooklyn, N.Y. on September 22, 2017, Brian C. Jensen, of Sandpoint, Idaho, solicited more than 25 of his accounting clients and attendees of investment conferences to buy more than $2 million in private placements of unregistered stock of ForceField Energy, a company that previously traded on the NASDAQ Capital Market. The complaint alleges that the then-chairman of the board of ForceField, Richard St. Julien, paid Jensen kickbacks of approximately 10% of the value of the ForceField investments Jensen solicited, earning Jensen at least $127,000 in illegal kickbacks from St. Julien. Jensen also obtained approximately $43,000 from ForceField stock that he sold.

The SEC also alleges that Jensen wasn’t registered to sell securities, so that seems like another unforced error.

Brought to you by Accountingfly

The featured job last was an Accounting Software Product Manager with FloQast in Los Angeles, Calif.

Previously, on Going Concern…

In Open Items, someone asks about starting salaries with Big 4 firms for someone with a JD/accounting background.

In other news:

Get the Accounting News Roundup in your inbox every weekday by signing up here.

See something we missed? Have a correction, comment, or complaint? Email us at editor@goingconcern.com.

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

Accountants Behaving Badly: Ex-Marks Paneth Partner Going to Prison, Duluth Chamber Thief Faces New Charges, Selling Unregistered Securities

Plus, an ex-IT accountant in Tokyo was arrested for allegedly embezzling more than 10 million yen, and a Portuguese accountant is accused of having aided illegal immigration and falsified documents. Prison sentence for $2M Westchester fraud marks former Stamford CPA’s fall from grace [Westfair Online] Steven L. Henning, a former partner-in-charge of a litigation group […]