Case Studies
J.S. Held Strengthens Forensic Accounting and Financial Investigations Expertise and Expands Suite of Services in Canada with Acquisition of ADS Forensics
Read MoreA fidelity claim examiner for a major insurance carrier contacted J.S. Held regarding a property management company that claimed their bookkeeper made unauthorized money transfers totaling over $2M from a multitude of managed property bank accounts. The initial claim did not provide any evidence showing funds were stolen from the insured, so the carrier asked our forensic accounting experts to determine whether funds were taken and, if so, when the thefts occurred and what the bookkeeper did with the funds.
J.S. Held’s forensic accounting experts interacted with the insured, legal counsel, claim examination team, and court-appointed receiver, obtaining all related banking records and the cash disbursement journal (CDJ) from the management company’s operating accounts. We scheduled out the CDJ for the years in question to identify all major payments made through the account, then presented the insured with the list of disbursements, asking the insured to research all major expenses to identify whether the bookkeeper disbursed any of the noted funds for their own benefit. We also confirmed the transfer of funds from all noted accounts and looked for any additional activity, noting disbursements coming from any of these accounts.
Following our detailed analysis, the insured was unable to show that their employee took any funds. Funds were transferred from the various managed properties into the company’s operating account, but the funds were then spent on management company business activities, including payments for payroll, company credit cards, auto and mortgage payments, and the like. The insured was eventually put into receivership. With the carrier’s permission, our forensic accounting experts took the receiver and their forensic accounting consultants through our findings and shared all our relevant work products.
Peter Fogarty
Executive Vice President
Forensic Accounting - Insurance Services
+1 857 219 5727
[email protected]
> Fraud
Our highly qualified professionals include Certified Public Accountants, Certified Fraud Examiners, and Certified Financial Forensics experts who specialize in financial fraud prevention, investigations, and regulatory compliance. We are retained to deliver expert services in matters involving first-party and third-party fraudulent activity, as well as allegations of fraud.
> Forensic Accounting
Our Forensic Accounting Practice includes Certified Public Accountants, Certified Fraud Examiners, Certified Financial Forensics experts, and other financial experts who specialize in financial investigations, dispute resolution, and regulatory compliance. We deliver the truth behind the numbers in financial matters involving insurance claims and disputes, business interruption/lost profits, cyber damages, Delay in Start-Up (DSU) / soft costs, extra expense, family disputes, fraud, labor & employment disputes, personal injury damages, and bankruptcy/insolvency.
> Economic Damages & Valuations
We combine financial expertise with industry and market knowledge to quantify economic impact and determine the value of tangible and intangible assets. Our economic damages experts evaluate, quantify, and testify in matters involving breach of contract, business interruption/lost profits, commercial litigation, family law disputes, fraud, insurance claims & subrogation, intellectual property, labor/employment disputes, personal injury, and wrongful death/medical malpractice.