In One of the Case Studies in the Textbook, Ernie

question 16

Multiple Choice

In one of the case studies in the textbook, Ernie Phillips was a CPA who had fallen on hard times both financially and personally. He eventually got a job as a controller for a friend who had just been named as the receiver for a financial services company. Within a short period of time Phillips began writing checks to himself that had nothing to do with payroll. What happened to Phillips?

• A) He quit his job and moved to another state.
• B) He pleaded guilty to fraud and grand theft and spent 24 months in prison.
• C) He paid the money back by mortgaging his home.
• D) He was charged criminally, and while out on bail, he fled with his family.

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