IAM013 – Fraud, Chaos and the Death of a Public Company (Part 2)


In Episode 12 you heard about the whistleblower allegations I received after working for the company for only 45 days.  What started as a fun and exciting opportunity of a lifetime was turning out to be a much more difficult internal audit experience.  In this episode, I’ll discuss the investigation of the whistleblower allegations and reporting to the audit committee.

This is the second in a series of four podcasts detailing the events I faced at a previous employer. If you happen to be listening to this podcast first, you should probably go to Episode 12 and listen to them in order.

Below are some links to news stories from the times, if you’re interested in seeing the stories rolling out from the press.

CFO Magazine – Gloomy Skies for Sunterra (March 3, 2006)

CFO Magazine – Sunterra Puts CEO on Leave, CFO Leaves (June 23, 2006)

Letter from Shareholder (June 23, 2006)

Motley Fool – Sunterra’s Forced Vacation (July 6, 2006)

Reuters – Update 1 – Sunterra Says Internal Controls Weak (December 7, 2006)

Reuters – Update 1 – Diamond Resorts to Acquire Sunterra for $16/Shr (March 12, 2007)

Mackinac Partners Case Study (June 15, 2007)





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