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Forensic Audit Uncovers Fraud by Tech Company CEO

Harney Partners was engaged by a law firm on behalf of an Investigations Committee of the Board of Directors for a Texas-based technology company. The Board was suspicious that their company CEO had taken out loans without board approval and used the loan proceeds in an affiliated company and for personal use.

The Solution
Conducted a forensic investigation into the bank activity and accounting records and identified 4+ loans authorized by the CEO with these proceeds funneled outside of the borrower.
Identified fraudulent bank statements were provided by the CEO to the Company’s accounting staff, intentionally masking the unauthorized cash activity.
Uncovered a series of loans in a ‘ponzi’ like scheme to fund the previous debt obligations with new loans.
The Results
The findings collected by Harney Partners enabled the law firm and the Committee of the Board to pursue claims against the CEO.
Services & Roles
Forensics and Litigation
*Some engagements may have been performed by team prior to joining Harney Partners.