Case Study:
Soar Transportation Group (“Soar”)
Engagement: Soar Transportation Group (“Soar”)
Sonoran's Role: Forensic Analysis and Chief Financial Officer
Situation
After a former client had rebranded, Sonoran was asked to investigate the cause of liquidity problems at Soar after a strong year of performance. It was soon discovered that Soar’s controller had been embezzling funds and, in an effort to cover his misdeeds, he had manipulated financial information and withheld payments to vendors.
Role of Sonoran
Sonoran was initially engaged to investigate the surprising liquidity problems at Soar but Sonoran’s involvement soon expanded once the controller’s fraud was discovered. Sonoran was tasked with (i) leading the forensic investigation efforts, (ii) managing communication with the white collar law firm engaged to liaise with the FBI and U.S. attorneys, (iii) overseeing insurance claims related to the fraud, and (iv) taking over day-to-day management of Soar’s finance and accounting operations as CFO.
Result
The former controller pled guilty to the criminal charges and the FBI was able to recover a significant portion of the stolen funds after a comprehensive analysis of the criminal activities was provided to the investigators. Sonoran also managed day-to-day financial activities during a difficult time for the company until a permanent replacement was found for the CFO position.
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