UC Santa Barbara Public Affairs and Communications

NEWS RELEASE

UCSB LECTURER TO EXPLAIN COST OF CORPORATE ACCOUNTING FRAUD

January 22, 2003

(Santa Barbara, Calif.) – Fraudulent financial reporting by companies such as Enron and WorldCom has cost Americans billions of dollars in recent years.

Donald Loster, a lecturer in UCSB's Department of Economics, will share the lessons of such corporate crime in "Accounting Scandals: What Happened? Is There a Cure?," an Economics Forum lecture sponsored by the UCSB Affiliates Thursday, Jan. 30. The lecture begins at 5:15 p.m. in the Chase Palm Park Recreation Center, 236 East Cabrillo Blvd. in Santa Barbara.

Cost is $5 for Affiliates and Chancellor's Council members and $8 to the general public. Advance registration is required and can be made by calling the UCSB Office of Community Relations at 893-4388.

Loster will use a variety of examples of corporate fraud, including cases that led to the failure of a savings and loan, to the resignation of a U.S. governor, and to the bankruptcy of a nonprofit organization.

A lecturer in accounting at UCSB since 1979, Loster is a licensed Certified Public Accountant. He is the author of the instructors manual for a prominent accounting textbook. He has also written numerous case studies for accounting textbook publishers and is co-author, with Mary Nisbet, assistant dean of the College of Letters and Science, of a case study of the Lincoln Savings case.

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