Swisher Executives Charged with Fraud

In 2012, Swisher, a janitorial and cleaning-supply services company, was charged with allegations of financial wrongdoings.  Now, three years later, Michael Kipp (former CFO) and Joanne Viard (former director of external reporting) face charges of conspiracy to defraud the United States, wire fraud, securities fraud, and obstruction of justice.

The fraud was carried out largely so that executives could meet earnings targets. While it may not have initially seemed like a big deal to Kipp and Viard to commit the fraud, the investing public was put at risk, and fraud is a crime that is punished. Jill Rose, the U.S. Attorney for the Western District of North Carolina, made it clear that whenever there is fraud it will be punished, and in this case the two executives may face up to 30 years in prison.

See this article from The Charlotte Observer for more information.

The Real Winners in the Lance Armstrong Investigation: His Attorneys

Photo taken from Forbes.com

In most fraud cases, the real winners are the attorneys. This is definitely looking to be the case  with Lance Armstrong since he is getting sued left and right these days. Not only has the US Justice Department joined in Floyd Landis's suit claiming Lance defrauded the US Postal Service but numerous other lawsuits and legal actions are being filed daily. While the suit by the US Postal Service could, in theory, add up to over $100 million, these other suits could also add up to real money too, especially when you consider all the legal fees his attorneys must be charging him. For example, I learned about the following two new lawsuits today...

Lance Armstrong Investigation: Criminal Charges May Be in the Works

According to CBS News, federal investigators are considering criminal charges against Lance Armstrong. The main charges being considered are obstruction of justice, intimidation and witness tampering. I'd say intimidation is his specialty but the others are right up his alley too.

This investigation comes after the original criminal investigation was suddenly dropped a year ago by the now, infamous, Andre Birotte. Birotte had a few words about his investigation saying that he basically stands by his decision to drop it.

Here are some excerpts from CBS News:

Lance Armstrong Investigation: New Charges May Be in the Works

(photo taken from ESPN website)

The incident that I blogged about yesterday regarding a hostile confrontation between Lance Armstrong and his former friend and chief lieutenant, Tyler Hamilton, may be more serious than Lance had imagined. Tyler's attorneys have reported the incident to federal authorities since it potentially involves witness tampering. A few more details are coming out today. For example...