Can you trust an accountant?

That’s an interesting question and I’m sure that along with most other professions there are people you can trust and people you can’t trust.

If I asked the question about trusting accountants to the rock band Deep Purple though I’m pretty sure what answer I’d get.

Dipak Shanker Rao looked after the accounts of Deep Purple for more than 20 years.

In fact, to be fair when I said that he “looked after” the accounts maybe I should have said that he siphoned off more than £2 million of the band’s money without their permission.

Mr Rao has admitted “borrowing” at least £2.27 million from two of the companies within the Deep Purple empire. HEC Enterprises and Deep Purple (Overseas) owned the copyright to a lot of the band’s songs but the companies went into receivership in 2016.

Out of the £2.27 million borrowed by Rao, only £477,000 has been recovered. Ian Gillan, Ian Paice and Roger Glover (members of the band) are suing Mr Rao for up to £4 million.

In the meantime, Mr Rao has been struck off as an accountant and banned from managing or controlling a company until 2028.

One of Deep Purple’s most famous songs is called “Mistreated” and I’m sure that they feel that way at the moment…

Not the brightest fraudster

There are clever frauds and there are not so clever frauds. Both are morally wrong but this gentleman’s attempt at fraud clearly showed that he[..]

Not very ethical...

When is a bribe not a bribe? US bank JP Morgan Chase thought they had the answer to this question. Unfortunately for them (but fortunately[..]

Would a good liar make a good accountant?

Do you have children? Have they ever told you a lie? Even a small teeny weeny lie? Well, if they have then although you may[..]
Don't put your foot in it...
If you look at the finance side of running a bar then things should (in theory) be quite simple. Revenue is what your customers pay[..]
Grab your goat and let's go...
Creativity and innovation in any organisation should always be welcome and whilst technology is often at the forefront of innovation it is sometimes the really[..]
This is shocking…
A lot of our readers are accountants or are training to be accountants. It should arguably follow therefore that you are good with figures. You[..]