Plastic2Oil Inc (PTOI)

[P2O I'm from MO]

Financial Statement Fraud: Strategies for Detection and Investigation


https://www.scribd.com/doc/230589227/Financial-Statement-Fraud-Strategies-for-Detection-and-Investigation-pdf


Chapter 7 Asset Valuation Schemes - page 85


But the story leading up to the restatement is even more interesting. JBI hired an accountant who was not a certified public accountant, and in fact only had six credit hours of accounting classes, to prepare its financial statements using the $10 million inflated figure for the media credits. According to the SEC complaint, at one point Bordynuik sent an instant message to the accountant stating, “please get the pro formas as juicy as you can so I can acquire a chemical company for less,” a reference to JBI’s plans to use the inflated financial statements as a means of acquiring other companies needed to pursue the Plastic2Oil venture. In this case, “pro formas” is a reference to unaudited financial statements that would be presented to (and designed to deceive) investors.