Travelers Blames PwC For Embezzlement Scheme

Law360, New York (April 1, 2013, 4:19 PM EDT) -- Travelers Casualty and Surety Co. of America has sued PricewaterhouseCoopers LLP in New Jersey on behalf of Alfa Wasserman Inc., claiming PwC should have uncovered chinks in the laboratory instrument maker's accounting processes that enabled a nearly $880,000 embezzlement scheme.

Terrance Armstrong, a former accounts payable manager for West Caldwell, N.J.-based Alfa, was able to carry out the alleged scheme from 2007 through 2011 because of significant deficiencies in the company's internal controls, which were spelled out in information that Alfa provided to PwC for auditing...
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