Word: audition
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Dates: during 2000-2009
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Another way that I concealed my fraud was through the filing of false and misleading certified audit reports and financial statements with the SEC. I knew that these audit reports and financial statements were false and that they would also be sent to clients. These reports, which were prepared here in the Southern District of New York, among things, falsely reflected my firm's liabilities as a result of my intentional failure to purchase securities on behalf of my advisory clients...
...responsibility for uncovering why the SEC missed Madoff's $50 billion Ponzi. He's also putting together reports later this year that will make recommendations for agency reforms. "We hope to have a Madoff investigation report completed by the end of summer," says Kotz. "We expect to have the audit report recommendations shortly thereafter." (Follow Madoff's downfall in pictures...
...audit goes a step further, concluding that some of the ceramic ballistic inserts - bulletproof plates, in layman's terms - in the armor are actually defective. The IG focused on "first article testing," by which any design flaws are spotted and rectified during the manufacturing process. Such testing is meant to confirm that a product meets Army specifications. The audit says the Army didn't perform or score the tests consistently. As a result, the audit report says, "we believe that three of the eight ballistic-insert designs that passed first article testing actually failed." (See pictures of U.S. troops...
...latest audit was released to the media on Thursday by New York Congresswoman Louise Slaughter. "I'm so angry that I can hardly speak of it," Slaughter told TIME. "The one thing that will come of this is better testing and better record-keeping by the Army." (Read "A Doctor's Life in Baghdad...
...audit's finding was contested by the Pentagon. In a press release, the Army said it "had already identified problems raised by the IG and has moved aggressively to fix them." The statement says that "among the many important improvements already instituted is assigning responsibility for article testing to the Army Test and Evaluation Command instead of using outside contractors...