Hardman & Co analyst, Steve Clapham, discusses the rise of ‘Accounting Fraud’ at Mello London

29 Nov 2018 / Events News

By Grace Merrall

This week Hardman & Co analyst, Steve Clapham, made a fantastic contribution to Mello London; a unique Investor conference offering access to 50+ high-quality growth companies, outstanding keynote investment industry speakers from whom to learn, and the opportunity to network with fellow private investors.

‘CAKE’ was the order of the day when Steve Clapham participated in a panel discussion regarding the recent near collapse of Patisserie Valerie. He was joined by David Scott, who sold his business to Patisserie Valerie, and an auditor.  Steve explained how the application of the tools and techniques from Behind the Balance Sheet Forensic Accounting Course helped spot Patisserie Valerie was unlikely to be a profitable investment.

The subject of accounting fraud is becoming increasingly topical and this was evident from the jam-packed room for Steve’s presentation: ‘Three Reasons Why a Major Increase in Accounting Fraud is Coming’. Earlier this year Steve published Hardman & Co August Monthly feature article ‘An explosion of accounting fraud’. In which he drew upon examples including Carillion, WorldCom, and HealthSouth to illustrate the extent of the crisis.

More details on the topic can be found in a blog coming soon.

Steve Clapham is responsible for analytical coverage of a number of Support Services clients at Hardman & Co.

He is a founding partner of the Balance Sheet Surgery LLP, a financial analysis and research consultancy. Steve has been an investment analyst for the past 25 years, working on the sell side for a number of investment banks, covering the Transport, Utilities and Conglomerates sectors. In 2005, he moved to the buy side, where he was a partner at Toscafund Asset Management LLP, and then Head of Research at Altima Partners LLP.

Steve was part of the group of investors that acquired Hardman & Co in late 2012. He holds a BA (Hons) in Technology and Business Studies, and is a member of the Institute of Chartered Accountants of Scotland.