Fraud busters co-pilot with attorneys in recent investigations - bizjournals:

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Mukamal is an accountantf by trainingand certification, but such calls often come from “Just the other day, attorneys for a trustee overseeinvg a condo development called and ‘Would you look at this for us?,’” Mukamal “We looked at all the history, accountinv standards and determined there was a cause of action againsyt the directors and officers.” Accountants and attorneys work together more closel y on fraud investigation than just about any other task.
Given the current era of real estate fraufd and Ponzi scheme blowups likeBernardr Madoff’s, the skill and cooperation of good lawyers and accountants are more important than Mukamal has played many rolesx in large financial investigations, from being in control of an estate as a trusteer or receiver to providing advicew for other receivers or attorneys. He was a trusteed for a small part ofSouth Florida’s largestg bank fraud at factoring company E.S. Bankest. “Fodr the most part, accountants are used as a but good attorneys are open to suggestions from aforensifc accountant,” he said.
When he’s a receiver or Mukamal, a partner at MarcumRachlin, oftem coordinates the efforts of multiple lawyereand accountants. “I would be a conductor and directy my accountantsand attorneys,” he “Legal fees are not insignificant. In some I know I woulcd have a nice judgment I could hang on my butthat doesn’t do any good if you’ved siphoned off all the money in obtaining the judgment.” In one of Mukamal’s recent cases as a bankruptcg trustee, he secured a $6 million settlement in disputeas with creditors of Laminatse Kingdom, a Doral company that entered bankruptcy with $20 milliobn in claims against it.
He was represented by attorneyy Gary Freedmanof Tabas, . One of South Florida’ best-known financial investigators is Lewis Freemam ofLewis B. Freeman & Partners in Miami’d Coconut Grove. Freeman’s biggest case was as receive r inthe E.S. Bankesg fraud case, where he examined money streamsd involving billionsof dollars. He was first appointedf by the court as aneutrao examiner, and then becam e a bankruptcy trustee. In that he was working with federal prosecutores and relied on the supporgt of threelaw “Basically, the prosecutors have to do ‘CSI: Miami’ on the Freeman said.
“So, the plaintiffs which is usually the government have to followthe money, and we are the ones who actuallg go in and do the autopsy.” Freeman worka mostly as an accountant, but is also an attorney. His legal help for E.S. Bankesr came from Paul Battistaat , speciap counsel Steve Thomas and attorneys at Bergert Singerman. Investigating and recovering from real estate fraud has become a cottage industry for some lawyereand accountants. Attorney Mark King of Jones Walker in Miamoi has worked with to try to get a large Bonita Springse condominium project back on its One of their tasks is figuring out if any fraud occurred and how the moneh mightbe recovered.
“Often, a developeer of a troubled project will take out allthe cash, and attemptg to justify it by saying it’ss past-due management fees,” King said. “So, you need someone who understands managing properties and who is strong in numberxs to understand why that isor isn’t so. KW has accountantds who can do that.” The eventual goal, with the help, is to explain what happened to a judge or or to reach a settlement beforethat “At some point, I’mn going into court to try to explain what happened, and tell the judge how we know King said.