Investigation of business owner defaulting on millions of dollars

investigations and compliance

CRA was retained by a financing firm to investigate the background and asset profile of a business owner operating in North and South America who had defaulted on millions of dollars in repayments. CRA’s investigation revealed that many of the entities appearing on AP/AR records were in fact empty shells controlled by the owner inserted to make his business operations appear more substantial. Large, round dollar wire transfers between these entities were identified in bank account records. Interviews with industry sources yielded anecdotes of prior underhanded business dealings, and a site visit to the multi-million-dollar business operation in Canada revealed only an empty desk.

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