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Saturday, June 22, 2024 | Back issues
Courthouse News Service Courthouse News Service

Guess? Founder Says CPAs Cost Him $100M

LOS ANGELES (CN) - A cofounder of Guess? clothing says his accountants cost him more than $100 million by failing to notice more than 200 unauthorized bank accounts opened in his name, unauthorized wire transfers from his accounts, and other blunders. Georges Marciano says his accountants failed to notice the thefts for more than 5 years.

Marciano says he noticed major irregularities in his accounts in 2005 and 2006, and eventually discovered that he had been a victim of identity theft in 2000.

In 2008, Marciano says, CPA Rodney Fingelson revealed that more than 200 bank accounts had been opened in Marciano's name without his knowledge and that Master Agreements for Bank Deposit Accounts had been entered with his signature stamps.

Defendants Fingelson, Gumbiner Savett Inc. and Frank Page told him that nearly $200 million is missing from his accounts, Marciano says.

He seeks at least $100 million in damages, and interest, alleging for negligence and negligent misrepresentation.

(Marciano is no stranger to litigation. An L.A. Superior Court judge in July ordered him to pay five of his former employees $370 million for defaming them, according to press reports. Marciano had sued the five in 2007, accusing them of theft and conspiracy. His lawsuit was thrown out and the workers countersued.

(Marciano has declared that he is running for governor of California as an independent. His Web site criticizes the judge in his defamation of "racism against the Jews.")

Marciano is represented by William Bloch with the Excelus Law Group.

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