Report on Financial Statement Fraud Scheme ACC 556 (3 Pages 1339 Words)

A Summary of the Matter under Investigation

Crazy Eddie Electronics Stores a chattered company, traded under the symbol CRXY on the New York Stock Exchange. The company was under management of Eddie Antar family from 1971 until 1987 when Oppenheimer-Palmieri Fund (OPF) took over the company as a result of proxy bid (Sanburn, 2012). After a very short time; however, Oppenheimer-Palmieri Fund management decided to suspend the entire board of directors under the governance of the Eddie Antar family to allow room for investigation of a possible fraudulent paradigm in the company (Silverstone, 2005). OPF employed the Apollo Fraud Investigation (API) to investigate on the CRXY electronic stores...