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10/14/2005
Grant Thornton Takes Hit on Refco Fraud
Grant Thornton Takes Hit on Refco Fraud
Chicago accounting firm Grant Thornton is being targeted by a class action lawsuit on the grounds that, in it's role Refco's auditor and IPO underwriter, Grant Thornton failed to detect the massive financial fraud that had been perpetrated by Refco CEO Phillip Bennett and co-horts to be determined.
As this article from ChicagoBusiness.com points out, Grant Thornton was previously involved in the accounting scandal surrounding the Parmalat corporate fraud but emerged largely unbloodied from the ensuing investigations.
-- MDT
As this article from ChicagoBusiness.com points out, Grant Thornton was previously involved in the accounting scandal surrounding the Parmalat corporate fraud but emerged largely unbloodied from the ensuing investigations.
-- MDT
Labels: Grant Thornton, Parmalat, Phillip Bennett, Refco
http://groups.google.com/group/alt.religion.scientology/msg/e0211e3fe7234e3d?hl=en&
To those of you reading this, you won't find the words "Scientology" and "Scientologist" in this article. But there is a strong connection between the "Grant Thorton" firm of accountants and Scientology.
Digital Lightwave
http://www.digl-watch.com/documents_sec.shtml
When news of Digital Lightwave's accounting woes made it to the public, in the form of an obliquely worded earning "restatement" issued by the company on January 22, 1998, the revelations were greeted not only by the inevitable tumble in Digital's stock...In March, 2000, the SEC announced that it had launched a suit against Digital Lightwave and Bryan Zwan for "financial fraud in connection with an earning management scheme.
See http://www.digl-watch.com/index.shtml
When Auditing Meets Auditing // Oct 25 2002
In a recent filing with the Securities and Exchange Commission, Digital Lightwave announced that it has hired Grant Thornton LLP to serve as its independent accountant for the next two years. Grant Thornton, which describes itself as "the leading global firm dedicated to serving the needs of middle-market companies," has also served as auditor to the Church of Spiritual Technology, the shadowy parent church that stores away most of the millions of dollars belonging to the Church of Scientology.
"In fact, the ties between Grant Thornton and Scientology don't just end there: in 1997, a Grant Thornton LLP outpost in Houston, Texas was a member of the World Institute of Scientology enterprises, and Grant Thornton also provides auditing services to the City of Clearwater, home to not only Digital Lightwave, but also the Church of Scientology's "spiritual mecca"."