Truth be told, a new fraud squad
There’s a new entity in town sniffing out fraud, and it’s led by a certified fraud examiner who worked at former telecom giant WorldCom after its notorious scandal.
Greg Blate now is managing director of Veritas Solutions Group LLC, which formed in December. Veritas, the fraud prevention and detection arm of Canton-based accounting firm Bruner-Cox LLP, has served a handful of clients in Ohio, Texas and Switzerland, Mr. Blate said.
Veritas — named for the Latin word for truth — is helping clients with accounting fraud; surveillance for detecting theft and security breaches; background checks and screenings; and fraud and ethics training. It also will offer clients use of its “Verifi” fraud hotline, which allows employees to report fraud to a third party, said Mr. Blate, who worked for a Big Four accounting firm for more than 20 years and most recently was an independent business consultant out of Canton.
“Our goal is to really be on the front end of fraud,” he said. “We want to be part of deterring fraud … rather than just being called after it’s happened.”
Mr. Blate, who approached Bruner-Cox about partnering to form Veritas, cited increasing fraud in these economic times as one reason for his timing.
“One, people’s financial position is not good,” he said. “Two, because of cutbacks that organizations are making … you’re relying on less people to get the job done.”
Veritas will host a fraud and ethics symposium Sept. 23, at which Weston Smith — the former chief financial officer of HealthSouth who was indicted and served a prison sentence for fraud — will be keynote speaker.
“Candidly, who better (to present) than someone … who knows where the opportunities (to commit fraud) exist to help companies manage their risk and eliminate those opportunities?” he said. — Michelle Park
Article from Crain’s Cleveland Business