Forensic Accounting/ Litigation Support Services
Foodman CPAs and Advisors is the forensic accounting and litigation support firm of choice for some of the world’s most highly respected criminal defense, commercial, and civil litigation attorneys.
Through our forensic accounting and consulting services, we provide the information our clients and their legal counsel need to make informed decisions. You can count on Foodman for forensic accounting services if you find yourself in situations including:
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Anti-Money Laundering
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Bankruptcy Litigation (Trustees & Receiverships)
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Civil, Commercial & Criminal Economic Crime Investigations and Litigation Support
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Computer Forensics
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Internal Analysis
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Internal Controls
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Tax Litigation
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Valuation Services
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Witness Interviews
Testimonials: Forensic Accounting & Litigation Support Services
“We suspected that our CFO was misappropriating funds. It was challenging and difficult to uncover and prove due to the level of sophistication that was used to cover the tracks. The financials of the company were not adding up. We finally discovered unauthorized banking transactions that yielded a level of proof, but we still needed further investigation. We hired Foodman CPAs & Advisors to “dig deep” into all the financial transactions and banking records over several years. The forensic analysis that Foodman performed revealed countless unauthorized transactions – including payment of bonuses, fake vendor payments, and payroll manipulation. We were able to file an insurance claim based on the evidence produced by Foodman and recover a great portion of the total amount embezzled by the CFO. Foodman also served as expert witness when we moved to trial”.
“Our health care company discovered occupational fraud in the billing area. We knew that we needed to implement strong anti-fraud internal controls as a deterrent. In addition, a prevention and detection mechanism against fraud was of the outmost importance. As business owners, we needed to justify the business expenses associated with the implementation of fraud prevention and detection programs. Stanley Foodman assisted us with understanding the “losses experienced” by other victim organizations and how these losses looked like with and without fraud control processes in place. We quickly realized that mitigating against occupational fraud is a very worthwhile investment. Foodman CPAs helped us establish a Code of Conduct, a formal Internal Audit Department, an Anti-Fraud Policy, and an Employee Fraud Training Program. Best investment we ever made!”.
“My business partner and I wanted to buy a small pharmaceutical distributor company in Florida. We just did not want any surprises at the closing table or after the closing and wanted to make sure that we were completing the right due diligence. We concluded that a forensic evaluation of the business would give us peace of mind that we were making the right decision. Foodman CPAs & Advisors stepped up to the plate and started asking a multitude of questions related to the company’s financials. During this process, we discovered issues with the Accounts Receivable Aging Report. Foodman went as far as tracking each Accounts Receivable down, finding the transaction and confirming the payment. This type of records evaluation assisted us in ensuring an accurate business valuation. Foodman also utilized key financial ratios within the industry to further ensure that we as investors were paying a fair market value for the company. When the dust settled, we actually paid less as we were able to prove that certain assets did not have the value that the sellers represented”.
“As an insurance company, we often get business interruption claims. These claims – for the most part – come from natural disasters such as hurricanes, fires, or tornados. They can also be derived from machinery breakdown or disasters that have taken place at the workforce. The challenge for a business interruption claim is that the insurance company has to quantify revenue and income loss. In order to determine the accuracy and validity of the claim, we need to understand the business operation without the disruption. For this, we count on the forensic analysis of Foodman CPAs & Advisors. They will analyze all the books and records, financial statements, and business trends. The understating of all the financials before an incident takes place is key to an insurance company making the right payout to its insured clients.”
“My litigation practice works in tandem with Foodman CPAs & Advisors. Our law firm often needs litigation support services from Foodman to quantify damages, as well as to provide expert witness testimony in cases that involve litigation. Foodman is an expert in federal and state court rules and civil and criminal laws. Their understanding of the rules of evidence procedures is outstanding. They quickly gain all the appropriate insights into a case, work independently and are able to measure and quantify numbers and results in an understanding way. The numbers always speak for themselves, but they need to be simplified in order to be understood”.
“Eternally grateful to Stanley Foodman! I was a defendant charged with money laundering by the US government. Foodman was able to quickly pinpoint in the discovery documents provided by the government that the government had completely omitted my personal financial records. A lifestyle analysis performed by Foodman revealed what was missing. A historical financial analysis of my business and my personal financial records, as well as an investigation into my source of the funds and my daily/monthly living expenses was performed. The analysis and related work product comparison demonstrated that all my receipts, disbursements, and asset purchases were the result of legitimate sources of funds derived from my business and from banks. I was found not guilty at trial. Without Foodman’s panoramic in-depth approach, the results could have been catastrophic for my family and me”.
“Our financial institution decided to hire a qualified forensic
accountant to enhance our corporate governance program, and we are very happy that we did! Foodman CPAs & Advisors was brought into the bank’s board of directors meeting to discuss financial crimes and how banks are utilized as a conduit for money laundering. What an eye-opening experience for all. Although at times, wrongdoing is unmistakable, there are times when it is not. Evidence of misconduct could be buried in thousands of pages of documents,
business records and complex business structures. Successfully uncovering transgressions depends on an understanding of the movement of monies and assets in the context of the surrounding documents in which the movement occurs. In other words, one must look beyond the numbers, follow the money and put all relevant information into context. Forensic accounting analysis provides
the context for supporting the existence of patterns of misbehavior. Foodman’s forensic accounting skill set and recommendations have assisted the bank with the detection and identification of red flags earlier in the corporate governance process. Our decision demonstrates that taking a proactive approach by bringing in a forensic accountant early, instead of waiting for something to happen, is a way to minimize fraud losses and protect a reputation”.
