What do Nicholas Cosmo in New York, Richard Trabulsy in Michigan, Frederick H.K. Baker in Utah, Mark Alan Helsing in California, and Kapua Keolanui in Hawaii all have in common? Here is a hint: Bernie Madoff in jail.
1910 Mugshot of Charles Ponzi
That’s right, recently they were all convicted or pleaded guilty to a form of financial fraud commonly known as a Ponzi scheme. The prevelence of accounting fraud is understandable in a down economy, as people in all regions of our country are forced to make decisions under unprecedented pressures to succeed in markets that are as competitive and tight as ever.
It is unfortunate that in these famous and not-so-famous cases of financial fraud that many people, from very wealthy professional investors to middle-class friends and family of desperate but otherwise decent people, have lost huge amounts of personal savings and wealth.
Ponzi schemes are an extreme type of financial fraud that make good news headlines, because lots of people, including celebrities on occasion, are affected. However, many of us are subjected to less news-worthy, but equally devastating, fraud in more common ways, such as a contested divorce, a business partnership turned sour, or a mismanaged trust fund.
Regardless of the type of fraud that may have been committed, the primary method to determine the legitimacy of the financial statements in question is to conduct forensic accounting – a thorough examinations of bank and 401(k) accounts, brokerage statements, payroll records and other financial information.
The Law Offices of Connie Yi, P.C. is uniquely qualified to help you with potential forensic accounting needs, because Connie Yi is a San Francisco Bay area tax law and family law attorney, as well as a highly-experienced Certified Public Accountant. Connie can help you determine the best legal strategy and, if needed, also perform the deep financial research required to find hidden assets and other misappropriated funds.
To schedule a free consultation with Connie Yi about performing forensic accounting for your personal or business needs, contact us.
We also provide litigation support services to attorneys and law firms throughout the San Francisco Bay Area.
