The care and healing of accounting fraud
By Rutberg, Sidney
Publication: The Secured Lender
Date: Wednesday, March 1 2000

It is every lender's and investor's nightmare to pick up the morning newspaper and read about accounting "irregularities" discovered at a company in which they have a substantial unpaid loanbalance or significant stock holdings.
It is probably an even worse nightmare for the officers, directors

and employees of the company which has fallen victim to such irregularities, not to mention the actual perpetrators who are, or may be, exposed.

In an effort to provide some guidance to victims of accounting fraud, specialists in the legal ramifications of accounting deceptions at the law firm of Willkie Farr & Gallagher have written a book about the subject, outlining specifically what management of a public company should do if and when it is hit by this devastating development. In what is essentially a handbook on exactly what should be done by whom and when, the book covers the subject from A (the most likely reason for the fraud) to Z, (the prevention of future fraud), and everything in-between from the initial dealing with the press, the regulatory agencies, the board of directors, the investigation, class-action lawsuits that inevitably follow any disclosure of accounting fraud, and the final wrapup. This is not a collection of glittering generalities, but instead a step-by-step guide for dealing with the aftermath of an accounting scandal.