3 ms·
"no CFO would punish a finance person for disobeying an order to bypass a process intended to prevent financial fraud." CFO are often involved in fraud. it is
by doubloon 3y ago
"no CFO would punish a finance person for disobeying an order to bypass a process intended to prevent financial fraud."
CFO are often involved in fraud. it is part of finance industry training to be wary of dealing with other financial institutions.
https://tax.thomsonreuters.com/news/enron-former-cfo-i-am-one-of-the-poster-boys-for-fraud/ https://tax.thomsonreuters.com/news/enron-former-cfo-i-am-on...
https://www.accountancydaily.co/ex-countrywide-cfo-charged-fraud https://www.accountancydaily.co/ex-countrywide-cfo-charged-f...
https://www.businessinsider.com/bed-bath-and-beyond-cfo-found-dead-insider-trading-lawsuit-2022-9?op=1 https://www.businessinsider.com/bed-bath-and-beyond-cfo-foun...
https://www.nytimes.com/2024/02/01/nyregion/weisselberg-perjury-trump-fraud.html https://www.nytimes.com/2024/02/01/nyregion/weisselberg-perj...
https://www.justice.gov/usao-ndtx/pr/cfo-controller-corporate-officers-charged-53-million-fraud-scheme-involving-pandemic https://www.justice.gov/usao-ndtx/pr/cfo-controller-corporat...
https://www.fraud-magazine.com/article.aspx?id=4294976271 https://www.fraud-magazine.com/article.aspx?id=4294976271
https://core.ac.uk/reader/231825040 https://core.ac.uk/reader/231825040
https://www.nydailynews.com/2023/10/05/former-ftx-co-founder-admits-to-carrying-out-fraud-with-fallen-crypto-king-sam-bankman-fried/ https://www.nydailynews.com/2023/10/05/former-ftx-co-founder...
https://www.justice.gov/usao-wdwa/pr/former-company-chief-financial-officer-indicted-using-35-million-company-cash-invest https://www.justice.gov/usao-wdwa/pr/former-company-chief-fi...
https://www.nydailynews.com/2023/10/05/former-ftx-co-founder-admits-to-carrying-out-fraud-with-fallen-crypto-king-sam-bankman-fried/ https://www.nydailynews.com/2023/10/05/former-ftx-co-founder...
https://www.investopedia.com/terms/w/worldcom.asp https://www.investopedia.com/terms/w/worldcom.asp
whistleblowers get punished all the time.
https://www.pbs.org/wgbh/pages/frontline/warning/interviews/born.html https://www.pbs.org/wgbh/pages/frontline/warning/interviews/...
https://www.institutionalinvestor.com/article/2btg8yx4pcckb0msut8u8/portfolio/what-ever-happened-to-lehman-brothers-whistle-blower-matthew-lee https://www.institutionalinvestor.com/article/2btg8yx4pcckb0...
https://www.marketswiki.com/wiki/Madelyn_Antoncic https://www.marketswiki.com/wiki/Madelyn_Antoncic
https://www.wsj.com/articles/wells-fargo-fined-22-million-for-alleged-whistleblower-retaliation-11662148588 https://www.wsj.com/articles/wells-fargo-fined-22-million-fo...
https://www.npr.org/2016/11/04/500728907/senators-investigate-reports-wells-fargo-punished-workers https://www.npr.org/2016/11/04/500728907/senators-investigat...
etc etc
- cj 3y agoWhen I say “no CFO” would punish someone doing things that mitigate fraud… it’s the same as saying “no software engineer intentionally introduces bugs on purpose”. Obviously the statement isn’t literally accurate. Hopefully it’s 99% accurate (otherwise none of us would have jobs if all we did all day was sabotage our employers). Likewise, not every CFO is to be trusted, nor are all software engineers… but most can be.