doublewalrus's picture

Accounting Malpractice By Firm Puts FriendFinder Into Trouble

5
points

Accounting may be not as glamorous as other aspects of our business. But it is no less crucial in keeping our business healthy. You try to do shortcuts and it will bite you in the ass. Cliches aside, I guess the accounting firm of Grant Thornton is paying for it in spades right about now.

They are currently under the scrutiny of legal court as a former client, the beleaguered FriendFinder Networks is charging them with "accounting malpractice". Not that they were cooking the books, but they have arguably left out a big hole the size of $38 million. And what's worse, it's tax owed by the client to the European Union.

The accounting firm hasn't denied or confirmed anything. But they did hit back when they accuse their former clients for looking for a scapegoat. FriendFindeer Networks is the product of the merger between Various Inc. (social networking site company who owns FriendFinder and other sites) and Penthouse Media Group. Penthouse hired the firm to iron out the accounting statement in preparation of the merger. But since the merger, the union had been anything but rosy. This accounting snafu has derailed FriendFinder Networks' attempt to a public stock offering.

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Comments

Jennie's picture
AEBN

HAH Holy shit! I'd hate to be the guy that made that mistake!

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