Federal prosecutors are on the hunt for accounting fraud, especially involving revenue recognition, a Justice Department official warned Friday.
“Accounting fraud investigations take up a substantial portion of our docket and we like it that way. We think that these cases are important,” said Damian Williams, chief of the securities and commodities fraud task force in the U.S. Attorney’s Office for the Southern District of New York.
“We used to charge maybe one accounting case every year, every other year, and the pace is just much higher at this point,” he said Friday.
- Prosecutors are also taking an increased...