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Tallahassee Bean Counters

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by

Alexa Ellison

on 30 April 2014

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Transcript of Tallahassee Bean Counters

Tallahassee Bean Counters
Invoices from Freddy's Fix-it Shop

Fraud #1: Collusion
Phil Ackers
, President

Julie Roper
, Assistant to the President. The niece of Phil Ackers

Freddy Harris,
the brother to Madelyn Harris Ackers, Phil's wife. Also, the uncle to Julier Roper.
Fraud #2: Bid Rigging

What Is It?
The Evidence

Independent Appraisal of Freddy's Work


Who?
A scheme in which a vendor is given an unfair advantage in an open competition for a certain contract.

Larkin Construction
A well-established commerical construction firm. They recently hired Gerry Newbold,
a former teammate of Phil Ackers
, to act as liason between Larkin Construction and TBC.

About:

The Evidence:
Difference between amount paid & normal cost = $30,800
Difference between the value of the work & normal Cost = $15,360

The amount of inflated maintanence work $46,160

Fraud #3: Inventory

Stop N' Shop sales are larger than purchased.
The Evidence
Fraud #4: Overstated Revenues
Analytical procedure
SAS 99 - Revenue & revenue related accounts
Income statement- Game revenue should corrilate with ticket sales

Tickets not picked stay as A/R
All uncollected A/R for each month = same $ value of at-will tickets not collected
Julie Roper (Phil's assistant)
Phil Ackers (President)
Ben Hill (Office Manager)

Incentive/pressure:
Opportunity :
Rationalization:
extra income (offbooks, bonus)
Maintain lifestyle/improve lifestyle
Julie in charge of ticket sales
overseen by either Ben or Phil
Phil- family to maintain
Ben-bad financial situation to be fixed
Julie-pressure from authoritaive family memeber
Bonuses over stated by:
Phil: $26,027.75
Ben: $13,014
Evidence of kickback:
Conclusion:
Perpetrators
: Julie Roper & Phil Ackers (although Ben beneifted it did not seem to be intentional on his behalf since there was no evidence connecting him to the colluding with Julie and Phil)
How
: Misrepresentation in the financial statements through fraudulent inflation of ticket sales
Dollar Magnitude of fraud:
$110,448
Personal Gain: Phil
:
overstated bonus$26,027.75 - $10,000 kick back given to Julie= $16,027.75
Julie:
$10,000 kickback from Phil
Phil Ackers used to support Freddy before he started working at TBC

The payments ended once he started working for him via Freddy's Fix-It
The Facts:

Stop N' Shop paying Bud Roper & Julie Roper cash for the Inventory.
Larkin Construction had the lowest bid.
Full transcript