How Urban Outfitters made securities fraud the new hip

Urban Outfitters (UO) had a stunning a realization in 2013: Why stop at selling an inflated version of youth culture back to itself at profit? Couldn’t profit be maximized by selling stock shares traded on inflated confidence with regard to the rate at which youth culture will buy itself back from itself at an inflated price? Read More …

Audit ferrets out Philadelphia Housing Authority skims, negligence

The Philadelphia Housing Authority (PHA) released its 2014 audit in a vacuum of fanfare, last week. It shows that city workers pocketed Section 8 funds on top of triple-digit salaries and that thousands of dollars in subsidized tenants’ rent goes unaccounted for every year. According to McGladrey LLP, the firm PHA hired to perform the audit, several of the Authority’s top-paid executives Read More …

After eight fraud convictions, Philly charter execs won’t disclose info on financial controls

Federal courts nationwide have convicted 30 charter school executives of fraud between 2005 and 2014. A solid percentage of those cases involved Philadelphia schools: two at Philadelphia Academy Charter School, two at Raising Horizons Quest Charter School, one at the Center for Economics and Law, one at Harambee Institute of Science and Technology and two at New Media Technology Charter School. More Read More …

Reporting nonprofit fraud: an explainer

Some corporations are exempt from taxes because they do good: true. Employees at tax-exempt corporations always do good: false. Employees of Philadelphia area nonprofits embezzled and/or stole at least $8 million between 2008 and 2012 alone, according to a database of tax filings compiled by The Washington Post. And that figure accounts only for what those organizations voluntarily Read More …