FBI arrests ex-Posterscope chiefs over suspected fraud

The arrest of two former senior employees of Posterscope's US arm has proved that its owner, Aegis Media, "does not treat such matters lightly", according to Posterscope's global chief executive, Annie Rickard.

Annie Rickard: 'no further outstanding implications for the business'
Annie Rickard: 'no further outstanding implications for the business'

Last week, the FBI arrested Todd Hansen, Posterscope USA's former president, and James Buckley, its ex-finance director, for their alleged involvement in a five-year $19.75 million (£12.3 million) accounting fraud.

Hansen and Buckley's prosecution was sought and initiated by Aegis, which provided evidence to US prosecutors after an internal investigation found the pair had falsely claimed the US business was meeting performance targets to claim higher salary increases, bonuses and stock options.

"We are unable to comment on the legal aspect of this matter as it is the subject of an active prosecution," Rickard said. "However, I can confirm the two individuals left the business at the end of 2009 and at the beginning of 2010 and there are no further outstanding implications for the business going forward."

She added: "No loss was suffered by any client or supplier. A new management team has been in place at Posterscope USA for two years."

In its 2009 annual report, Aegis Group accounted for the recovery of £9.5 million in funds relating to a fraud perpetrated against Aegis Media Germany between 2003 and 2006.

Have your say...

Before commenting please read our rules for commenting on articles.

If you see a comment you find offensive, you can flag it as inappropriate. In the top right-hand corner of an individual comment, you will see 'flag as inappropriate'. Clicking this prompts us to review the comment. For further information see our rules for commenting on articles.

comments powered by Disqus
Media Week Jobs
Search for more media jobs

Latest

Campaign Big Awards: video

Campaign Big Awards: video

Abbott Mead Vickers BBDO's Ian Pearman and Forsman & Bodenfors' Björn Engström reflect on a successful night at the Campaign Big Awards on Wednesday evening.

Share
GMG chief Andrew Miller calls on 'dominant' BBC to share content with competitors

GMG chief Andrew Miller calls on 'dominant' BBC to share content with competitors

Andrew Miller, the chief executive of Guardian Media Group, has urged the BBC to allow newspapers access to raw news feeds and to tap into its back catalogue.

Share
Media Week Awards 2014 celebrates outstanding talent and creativity

Media Week Awards 2014 celebrates outstanding talent and creativity

The UK's vibrant commercial media sector celebrated the year's best work at the Media Week Awards last night, attended by 1,400 executives from agencies, media owners, advertisers and production companies.

Share

Get news by email