Sunday, November 20, 2011

Accountant crushed to death by vehicle hired by police - MoneyControl.com

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Mumbai, Nov 3 (PTI) A 47-year-old accountant was today crushed to death by a towing vehicle hired by city police in suburban Ghatkopar, prompting locals to protest against the cops, police said. Imran Baitullah Khan (19), who was behind the wheel of the towing vehicle, and Vikhroli traffic police constable Arun Shankar Kadam (42), seated next to him, were arrested in the case, they said. The incident occurred at a turning on the Damji Samji Chowk located in Pant Nagar area. "The towing vehicle took a left turn at high speed and knocked down the victim Kirit Mehta, who was crossing the road. The vehicle then subsequently hit a parked stationary tempo at high speed," an official said. Police have sent blood samples of the driver and constable for testing after locals alleged that the duo were under the influence of alcohol. A crowd of over 1,500 persons took to the streets seeking strict action against the two accused, police said. PTI VM VKV

Source: http://www.moneycontrol.com/news/wire-news/accountant-crushed-to-death-by-vehicle-hired-by-police_610992.html

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Saturday, November 19, 2011

DiMasi accountant to enter plea

According to defense lawyers and prosecutors, Alford pleas are rarely allowed by judges because there is no admission of guilt. The centerpiece of most pleas is the defendant?s acceptance of responsibility, they said. Ball, according to a Boston defense lawyer who knows her well, is one of the few local judges who will accept such pleas.

Vitale, who was also DiMasi?s longtime financial adviser and campaign treasurer, is accused of secretly lobbying DiMasi and other legislators on behalf of the Massachusetts Association of Ticket Brokers. The group paid Vitale $60,000 to push 2007 legislation that would have lifted the state?s $2 limit on ticket surcharges.

Vitale, and his consulting firm WN Advisors, were charged with failing to register as lobbyists and making political donations beyond the $200 limit for lobbyists.

In addition, Vitale was accused of breaking another section of the lobbying law by signing a contract with the ticket brokers that included a success fee, a bonus that would have been paid only if the legislation the group sought had been signed into law. Success fees are illegal in Massachusetts.

Vitale has argued he was a consultant, not a lobbyist, and did not need to register.

Since the case will not go to trial, many of the details will never be made public, including the ways Vitale sought to influence DiMasi and other key lawmakers on Beacon Hill. Prosecutors had attempted to file statements of their case, but were rebuffed by different Suffolk Superior Court judges.

Last month, Vitale?s lawyer, Martin Weinberg, said his client wanted to resolve the case. But the plea was delayed while the defense and prosecution tried unsuccessfully to reach agreement.

For several weeks, no hearings were scheduled. That ended Monday, when Ball, who has been criticized by prosecutors for lenient sentencing, began sitting in Suffolk Superior Court. On Monday, the change of plea was set for this afternoon.

Neither prosecutors nor Weinberg returned phone calls requesting comment.

Source: http://www.boston.com/news/local/massachusetts/articles/2011/10/07/vitale_to_enter_a_plea_in_ticket_case_without_admitting_guilt

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Wednesday, November 16, 2011

Accountant cheats employers of Rs93 lakh - Daily News and Analysis

Satellite police on Monday received a case of cheating in which an accountant of a company had allegedly siphoned off Rs41 lakh of the company's money in the last six months. The accountant is said to have forged a bank account in the name of the company to encash the signed cheques he allegedly stole.

Ritesh Sharaf, a resident of Someshwar Bungalows near Shyamal crossroads lodged an FIR with Satellite police station stating that one Vimal Sharma, resident of Vasna, had stopped coming to office since Friday last week. Sharma who was working with Sharaf Dyechem Industry as an accountant allegedly stole six to seven signed cheque books worth Rs93 lakh from his employers.

According to police, since Sharma was dealing with the company's banking related works, he had opened a bank account in company's name by forging documents. Cops said that Sharma used the account to withdraw money using the cheques he reportedly stole.

Police said that in the last six months Sharma had siphoned off Rs41 lakh by using this modus operandi and stopped coming to office since last Friday. When the company officials discovered the fraud, they lodged an FIR with the cops.

Source: http://www.dnaindia.com/india/report_accountant-cheats-employers-of-rs93-lakh_1613332

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Monday, November 14, 2011

Accountant sifing through finances of bankrupt 'Mob Experience' - Las Vegas Sun

Thursday, Nov. 3, 2011 | 10:02 p.m.

Accountants studying the finances of the bankrupt Las Vegas Mob Experience at the Tropicana say they need more time to figure out what millions of dollars in Experience funds were spent on.

The organized crime-themed Experience opened this spring, but its parent company Murder Inc. filed for bankruptcy protection Oct. 17 after its finances were hurt by disappointing visitor counts and it was the subject of at least 13 lawsuits involving unpaid bills and infighting among investors. The Experience remains open as it works its way through the Chapter 11 bankruptcy process.

Outside of the bankruptcy case, an attorney for accountant Larry Bertsch, a court-appointed special master in one of the many Mob Experience lawsuits, on Wednesday filed Bertsch?s preliminary report on the Experience?s finances.

The report was filed in a lawsuit pitting Mob Experience creditors against Experience developer Jay Bloom, his wife Carolyn Farkas and three Bloom companies.

Creditors Vion Operations LLC and Strategic Funding Source Inc. charged in their lawsuit that Bloom defrauded them by hiding financial problems at the attraction to induce them to fund $3.1 million for the Experience in a deal in which they would be repaid with future Experience receipts; and that Bloom had looted the Experience of more than $1 million.

Bloom has denied those allegations and says it was his former partner, current Experience manager Louis Ventre, who looted the business ? charges denied by Ventre.

Bertsch, who was appointed by Clark County District Court Judge Gloria Sturman to help sort out the parties? financial claims against each other, raised several red flags in his first report Wednesday. For instance, he said some of the funding for the Experience originated with more than $10 million in promissory notes issued to investors, most paying 18 percent interest. This was part of about $13.559 million in secured and unsecured debt raised by the Experience, records show.

Bertsch raised the possibility that Experience creditors may seek to recover any payments that were made to these investors as "the interests in revenue and personal property of Murder Inc. claimed by most of the note holders do not appear to have been'' documented in financing statements.

He added: "Special master reserves comment on federal and state securities law issues raised by issuance of such notes.??

Attorneys for Vion and Strategic have charged in their lawsuit that the issuance of the notes amounted to the sale of unregistered securities in violation of state and federal law ? charges denied by Bloom, who has been pursuing counterclaims against Vion and Strategic.

In looking at the finances of Murder Inc., Bertsch found that between March 2009 and Sept. 29, 2011, it made "unspecified payments?? of $2.497 million to individuals and $1.018 million to companies "for purposes the special master cannot presently determine.??

Similarly, more than $343,000 was categorized as "unknown expense?? due to lack of proper categorization and documentation. This included more than $218,000 "for ATM withdrawals, house payments, meals and travel.??

Bloom left management of the Experience by July and it wasn?t specified in Wednesday?s report how much of these payments were made before and how much were made after he left.

Murder Inc.?s former parent company, Bloom's Eagle Group Holdings LLC, owns a $1.3 million "residence apparently purchased for Bloom?? and "Bloom states that the operating agreement of Eagle Group Holdings provides that he be furnished a residence,?? the special master reported.

Eagle Group Holdings similarly was identified in the report as making "unspecified payments?? of $607,822 "to individuals for purposes the special master cannot presently determine?? the report said.

Bertsch also reported that Eagle Group Holdings owes $343,104 in payroll taxes.

"Special Master has reason to believe that funds were transferred to Eagle Group Holdings for payroll and payroll taxes; payroll was paid to certain employees by Eagle Group Holdings; but payroll withholding and applicable taxes were not withheld or disbursed,?? his report said.

In looking at deposits and draws made to and from three of the companies by Bloom and Ventre on a cash accounting basis, Bloom?s net withdrawals totaled $466,904 and Ventre?s totaled $476,924. These draws and deposits were made between March 2009 and Sept. 29, 2011, for Murder Inc.; from March 2009 to July 1, 2011, for Eagle Group Holdings; and for Order 66 Productions LLC between March 15, 2011, and July 1, 2011.

Order 66 was a Bloom company that was a vehicle for infusing capital into Murder Inc. and at one point it was trying to bring a Star Wars attraction to the New York-New York hotel-casino, the special master said. Ventre was reported as making no deposits or draws from this company. The report said Bloom contributed $100 to Order 66 and withdrew $203,045 from that firm. The $203,045 is part of his net draws of $466,904.

Besides these three companies, the report covered five more related companies: A.D.D. Productions LLC, a Bloom company that was set up to operate a showroom at the Tropicana; Eagle Group Productions LLC, Eagle Group Marketing LLC, Vegas Con Xpress and Wear LLC and The Mafia Collection LLC, "which purports to have acquired various artifacts from living members of persons alleged to have had associations with organized crime,?? the report said.

In looking at their additions and draws from the businesses on an accrual basis of accounting, relying on books and records rather than cash entries, Bertsch found Bloom had net draws of $218,458 while Ventre?s net draws totaled $396,896.

It?s not known which accounting method is more accurate.

The lack of detailed information about the companies? finances and contradictory information that was discovered caused Bertsch to comment in the report that his team "found substantial discrepancies between the few available legal documents and accounting entries.??

The report concluded, "Bloom and Ventre might have had an interesting and perhaps marketable idea for a unique attraction. They were able to solicit investor/lenders for substantial seed money and, in part, to commence a collection of curiosities from a romanticized period of American and Las Vegas history.??

"At some point, apparently sooner rather than later, at least one promoter believed in his own welfare rather than that of the idea or the business,?? the report said without naming names.

"What was a seemingly cash-rich core, Murder became a spending machine. Murder spent its money on the Mob Experience project and transferred its money to related business entities,?? the report said. "Instead of using the investor/lender funds to further operations, Murder was forced to borrow against future revenue. Then the Experience began to languish as Murder began to collateralize (back up) its other debt obligations with the same collateral: artifacts and future revenue.??

Issuance of the report follows an updated bankruptcy court filing this week in which Murder Inc. reported it has assets of $324,389 against liabilities of $26.643 million.

In the bankruptcy case, Murder Inc. plans to sell its assets to an existing Experience investor, John Vipulis, for about $2 million.

A message for comment was left with Ventre about the Bertsch report showing his draws from the Mob Experience companies exceeded Bloom?s ? an assertion Ventre is expected to deny as his attorneys blame Bloom for spending the unaccounted for funds.

Bloom, in the meantime, said the report confirmed what he has said all along, that "no funds, much less the millions of dollars claimed, are `missing? or `unaccounted for? as alleged by the (lawsuit) plaintiffs.??

Noting Bertsch?s report found Ventre?s draws of $476,924 (by one method of accounting) exceeded Bloom?s draws from Murder Inc. and Eagle Group Holdings by more than $200,000, Bloom said: "Because Ventre's extra $200,000 could only have come over the last several months after his taking control of the checkbook in July 2011, Mr. Bertsch's report appears to bear out the allegations against Ventre.??

Source: http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNFiQM7atGbPCuMs1Rf2cAdcjnDAwQ&url=http://www.lasvegassun.com/news/2011/nov/03/accountant-sifing-through-finances-bankrupt-mob-ex/

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Sunday, November 13, 2011

Town accountant resigns

Team Cohasset is losing its financial quarterback.

Town accountant and finance director John Stanbrook resigned from his post in Cohasset on October 5 after nine months on the job. He will return to his previous position as town accountant in Mansfield on Oct. 31; his last day in Cohasset is Oct. 28.

Town manager Mike Coughlin announced Stanbrook?s departure during the Wednesday, Oct. 5 capital budget meeting; he had received Stanbrook?s resignation letter earlier that day. Since Coughlin started as Cohasset?s new town manager on August 1, he has continually referred to Stanbrook as ?Team Cohasset?s quarterback,? since so much responsibility was heaped onto the one position to reconcile Cohasset?s financial issues.

?He?s a great professional, and he has contributed a lot to the town,? Coughlin said on Friday. ?An indicator for a man is not only how he performs his job, but how he provides for his family.?

Stanbrook, who lives in Halifax, said the reason he is returning to his former post is for family reasons: Mansfield is closer to home, and working in Cohasset was a ?difficult time commitment,? Stanbrook said.

?The person who holds this job needs to put the time in to do it properly,? said Stanbrook. ?I?m passing the baton off to someone who can put in the time needed to right the ship.

?It was a good opportunity for me,? he added, ?but my personal situation has changed.?

For full story, see the Oct. 14 issue of the Cohasset Mariner.

Source: http://www.wickedlocal.com/cohasset/news/x1611318505/Town-accountant-resigns

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Friday, November 11, 2011

NYer Of The Week: Retired Accountant Now A Full-Time Volunteer

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A retired accountant is giving back to the New York community through countless volunteer efforts. NY1?s Jessica Abo filed the following report.

When Sami Steigmann retired from being an accountant, he decided it was time to start giving back.

?I like to do two things. Okay, number one, I like to give tours. The other thing that I like to do is, I have a need, it's not a want, it's a need to share and to teach,? says Steigmann.

At 71 years old. this Manhattan resident volunteers at 18 locations. He's a Big Apple Greeter, gives tours of the Intrepid and at Governor's Island, and he helps at New York Cares and with the Make-A-Wish Foundation.

NY1 joined Steigmann on his tour through The Museum of Jewish Heritage ? A Living Memorial to the Holocaust. He was born in Romania and is a Holocaust survivor himself.

?That he was able, through internal resources, to choose a path to do good in the world and make peoples' lives better is a remarkable story. He's a remarkable man,? says Dr. David Marwell, director of the museum.

?He does more work than I do, and I do a lot, so I'm really impressed that he's able to do all of these things especially for the museum,? says Monica Brandwein, volunteer coordinator.

Steigmann spends about 60 hours a week volunteering, and he says that number is about to increase thanks to a new organization he helped start.

?I am the co-founder of a new organization called ISME ? Initiative for a Sustainable Midtown East ? and they are looking to help the community become more environmentally aware,? says Steigmann.

His friend and fellow volunteer May Shalit says Steigmann is a gift to every institution he supports.

?My husband and I went with our little grandson Shane and followed his tour on the Intrepid and the facts and figures that he just remembers, it was like a brilliant 18-year-old, his mind,? says Shalit.

For giving so much of his time to New York organizations that need him, Sami Steigmann is the latest New Yorker of the Week.

If you'd like to nominate someone to be NY1's New Yorker of the Week, send an email describing their qualifications to: nyer@ny1.com or mail a letter to:

NY1 News
New Yorker of the Week
75 Ninth Avenue, 6th Floor
New York, NY 10011

Source: http://www.ny1.com/content/features/148571/nyer-of-the-week--retired-accountant-now-a-full-time-volunteer

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