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Bailey McCann, Opalesque New York: Craig B. Haber, an Ex-partner at accounting firm Grant Thornton, who was involved with the firm's hedge fund practice was arrested at his home in New York City yesterday, by postal inspectors on charges of stealing approximately $4m in client payments. Haber worked for Grant Thornton from 1993, until last July. The accounting firm was not officially named in the complaint.
According to a report in Accounting Today, Haber's payment arrangements with clients typically included wire transfer instructions to the company's headquarters in Chicago. However, on several occasions Haber had clients mail checks to the New York office which he then deposited into a sham business bank account he used with a name very similar to Grant Thorton's official account.
Haber has been charged with one count of mail fraud, and faces up to 20 years in prison and a maximum fine of $250,000, or twice the gross gain or gross loss from the offense.
"Fraud is always serious, but it is especially alarming when, as alleged here, it is committed by professionals who are supposed to be gatekeepers responsible for ensuring financial rectitude," said Preet Bharara, the U.S. Attorney for Manhattan, in a statement about the charges.
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