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Economic Benefits to Vendor in Conflict of Interest with Global Cosmetic Producer

Accumyn’s expert determined and detailed the economic benefits reported by an employee’s affiliated company during his employment with a global cosmetic producer. In 2010 the cosmetic producer hired a new Vice President of Technology who later secretly formed and operated an IT support company which became a vendor of the cosmetic producer. This employee/vendor relationship violated the cosmetic producer’s employee handbook, which the employee signed, prohibiting conflicts of interest.
The employee utilized his officer position to channel a significant amount of the cosmetic producer’s information technology business to his affiliated company. Accumyn determined that the cosmetic producer made substantial overpayments to the employee’s affiliated company in the form of markups.   Accumyn also prepared a detailed review of the reported assets and business expenses from financial statements, as well as a detailed analysis of bank statements, credit cards, invoices and income tax returns.