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Scheme to Defraud in the First Degree: Investigating the Newsweek Financial Fraud

Two publishing companies, IBT Media (the former owner of Newsweek) and Christian Media are at the center of a nationwide scheme to fraudulently obtain approximately $10 million in financing. Those involved were charged with misrepresenting Newsweek’s financial health and creating a fictitious accounting firm along with fake financial statements.

In this webinar Brian Fox, CPA, President & Founder of Confirmation.com and Erik Asgeirsson, CEO and President of CPA.com discussed what went wrong and how it could have been prevented by verifying the authenticity of the financial statements with RIVIO Clearinghouse.

The panel shared their perspectives on financial fraud, including:

  • Ways financial fraud is occurring
  • Impact and cost of fraud
  • Steps firms, businesses and third parties can take to protect themselves