Nov 26, 2012

Tax Preparers' Hall of Shame: CPA Tax Preparer Pleads Guilty to Bank Fraud



The new inductee of the Tax Preparers' Hall of Shame goes to.......Jeffrey B. Travis

CPA and tax preparer Jeffrey B. Travis has pleaded guilty to bank fraud involving a scheme to defraud US Bankcorp and five of his clients of more than $1.8 million.

Travis, who does business as Gross & Travis Ltd., and Travis and Associates Inc., with offices in Deerfield, Ill., admitted that he engaged in the fraud from at least May 2002 until December 2008. He prepared checks payable from his clients to vendors, retirement programs and tax authorities. But instead of delivering the funds to the payees intended by his clients, prosecutors claimed, he deposited hundreds of such checks without authority into accounts he controlled at US Bank, at times altering the checks to increase the amounts paid.

He then withdrew the money from those accounts and diverted the funds, gathering more than $1.8 million over the course of the scheme for his own use. Bank fraud carries a maximum penalty of 30 years in prison, a $1 million fine and mandatory restitution.

Travis, 51, is free on bond while awaiting sentencing, which is scheduled for Feb. 5, 2013. As a condition of his bond, Travis must notify his clients of the charge against him.

Original story: http://www.accountingtoday.com/news/CPA-Tax-Preparer-Pleads-Guilty-Bank-Fraud-64703-1.html

Welcome to the Tax Preparers' Hall of Shame! This type of case makes me sick to my stomach. I hope he gets the maximum sentence. In addition, I hope he shares a jail cell with someone that hates fraudalent accountants. I'm sorry to be so harsh but I hate when professionals take clients' trust for granted. Mr. Travis, you make me sick. That is all for now!

3 comments:

Patrick W. O'Hara, EA said...

My mother always told me that the most valuable thing a person has, is his (or her) reputation. And its not that we always do the right thing in public that counts, its more about doing the right things when no one is watching

Anonymous said...

was jeff travis c p asentencfd feb. 5th.

John Berkowitz said...

Jeff Travis is a standup guy. He took complete responsibility for something he did not actually do but unfortunately happened under his watch when two sub contractors who worked for him stole the money in question over a number of years.