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LICFE May 2000 |
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LICFE May 2000 |
SUMMARY
OF LAST Guest Speakers “Securities Fraud & National Trends” The first LICFE meeting of the new millennium was a great success. Our guest speaker for our February 23rd meeting was FBI Supervisory Special Agent, Bruce Brady. Special Agent Brady, who heads the Financial Crimes Section of the Economic Crimes Unit of the FBI, presented a PowerPoint presentation titled “Securities Fraud & National Trends”. Discussed during this presentation were the main differences between the Securities Exchange Commission (SEC) and the National Association of Securities Dealers (NASD). Different types of securities fraud were explained and discussed in depth, including stock manipulation, matched trades, blind pools, arbitrage, insider trading, churning and Ponzi schemes. Special Agent Brady enlightened us all with some of the larger cases he has overseen. Our thanks go out to the FBI and Special Agent Brady for taking time out to make our first meeting of the year truly unforgettable. “Money Laundering: Why should you Care” Our guest speaker for the March 22nd meeting was Dr. Joseph W. Koletar, CFE and Principal at Ernst & Young LLP. Dr. Koletar’s presentation was titled “Money Laundering: Why should you Care”. Dr. Koletar explained the basics of money laundering and discussed the collusion involved within this crime to hide ill-gotten assets. This eye opening presentation kept all who attended on the edge of their seats as Dr. Koletar brought to light “What is money laundering”, Why does it happen”, How does it occur”, “What are the laws” and “ Who is enforcing these laws”. The Long Island Chapter of Certified Fraud Examiners would like to extend our thanks to Dr. Koletar for sharing his valuable time with us. Cases of the Month “Every Case Has a Second Story” On our February 23rd meeting we were all treated to a fantastic case of the month presented by Barry L. Pulchin, CPA, CFE, CVA, DABFA. Mr. Pulchin’s case involved a dishonest electrical contracting corporation that was hiding assets from its year end financial statements. Mr. Pulchin pointed out the problem areas and which documents should be examined side by side to show discrepancies. Overall this eye opening case presentation was well received by the membership. Kudos goes out to Barry for a job well done. “A Little bit of Securities Fraud: Churning and Excessive Commissions” Our case of the month for March 22nd was presented by return speaker Stephen A. Linker, CPA, DABFA. Mr. Linker’s case was titled “A little bit of Securities Fraud: Churning and Excessive Commissions”. Stephen brought to light a dishonest stockbroker working for a major securities firm (undisclosed as the case is still on going) who had brought new meaning to the term churning. Mr. Linker was able to show how he turned a frankly gray case into a black and white outright fraud. The dishonest stockbroker armed with the client’s permission to trade took advantage of the situation by collecting commissions on each and every trade, and churned a total of $152,422.26 in a mere 6 years. Thank you Stephen for your time and effort in putting this very interesting case study together, and please let us know how it turns out. Chapter Dues Structure Chapter
Member: $25 MEMBER PROFILE: Ronald J. Tuting, CFE Mr. Ronald Tuting graduated from Pace University in 1972 with a BBA in Accounting. He is married to Joanne and has a son Jason. Ron’s professional career in accounting began 28 years ago with Chase Manhattan Bank’s internal audit department in the summer of 1972. In 1987 he joined Long Island Savings Bank’s internal audit department. In both financial institutions Ron was responsible for auditing bank operations, in-house training, as well as participating in fraud investigation units of both banks. In 1994, he became a principal of General Ledger, Inc. and utilized his knowledge of internal controls to set up, install and train accounting systems. Presently, Ron serves as Chief Executive Officer of the company. He was one of the first individuals in New York State to receive certification from Intuit as a Certified Professional Quickbooks advisor. As a member of Long Island Association, he represented the Small Business Council in Albany. He also provides consultation to small businesses in setting up controls to mitigate fraud. Mr. Tuting can be contacted at 4250 Veterans Memorial Highway, Suite 270E, Holbrook, NY 11741. (631) 467-0191, www.genledger.com
NEWS UPDATE If you have an announcement on a promotion, appointment, or any other business event, call our chapter office and we will include it in our next issue! CALENDAR UPDATE May
11th, Thursday June 13th , Tuesday Spring Seminar June 12-16,
Monday to Friday July 30 – August 4, Sunday to Friday 11th Annual Fraud Conference RESOURCE CORNER Home Study Courses: · Crossing the Line: Ethical Lessons for
Financial Professionals Contact Chapter office for details. | ||||||||||
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