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Case Report

1122 words - 5 pages

I. Background
II. Executive Summary
III. Scope
IV. Approach
V. Findings
VI. Summary
VII. Impact
The fraud examination was conducted after John Spano failed to provide the money that he owed to John Pickett for the purchase of the New York Islanders. John Spano had given John Pickett $80 million of the $165 million deal. The $80 million had been through a loan that John Spano had secured through Fleet Bank. Spano was to give Pickett $16.8 million as the first installment of the deal, which never arrived.
The NHL than called upon a team of examiners to audit and research John Spano’s true net worth and to figure out where his money is. ...view middle of the document...

We interviewed many people who have been associated with John Spano in his run to own the NHL team, as well as, reviewing documents.
The outcome of the examination was beneficial we were able to see the lies Spano had told right on paper. By making phone calls we were able to confirm that he did not own property in the Hamptons like he had claimed. We were also able to confirm that he did not have a trust with Lloyd and he had forging a letter from them after the bank had claimed that they had nobody named Clive Jones employed with them.

We had the determination to figure out where the money was that Spano still had to owe to Pickett. We want to find out what the hold up is for him not paying and why he keeps misplacing the decimal on his wire transfers.

The team members of the fraud examination are: Laura Liljegren, Michael Darden, Devon Peterson, and Zack Carlson
The procedures that were conducted were: Interviews, review of documents such as, the fraudulent letter, bank statements.
The individuals that were interviewed were: Michael Rudman, John Pickett, Mike Milbury, Shelby Spano, Denis Potvin, Jim Lites, Jim Leslie, Gary Bettman, Fleet Bank, Lloyd Bank, and John Spano.
Tasks Performed:
The task we performed was researching the documents that had been given to us in hopes to find where the Islanders went wrong in selling the team to John Spano. We also wanted to figure out how Spano was able to create so many lies in order to secure the purchase of the Islanders, as well as, being able to fool Fleet Bank to get a loan.
What was found:
Upon our investigation we decided to contact Lloyd Bank to ask what the balance in Spano’s trust was and why had their employee Clive Jones had signed a letter confirming the existence of the trust and the balance of the trust. During our call to Lloyd Bank we had learned that Clive Jones was not an employee there and the letter was a fraud letter that Spano himself had forged in order to secure his ownership of the New York Islanders.
Spano had also claimed to have had a $3 million home in...

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