Wed Nov 3 2021
chegg drops 45% on 25x normal volume.
Gee the stock reached 115 during the pandemic, the bloom is sure off the rose now
Professor Elam
Accounting & Investing Info for San Antonio A & M
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Professor Elam
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Professor Elam
Wed Nov 3 2021
I saw a Becker rep do a similar presentation and it was very well done.
Take the next step with TXCPA-San Antonio on your path to becoming a CPACPA Exam Update with Becker National Lead Instructor Peter OlintoMonday, November 8, 202112 – 1 PMRSVP to info@sacpasociety.com to confirm your attendanceAmanda Talaat is inviting you to a scheduled Zoom meeting.Topic: Becker CPA Exam Update with Peter OlintoTime: Nov 8, 2021 12:00 PM Central Time (US and Canada)Join Zoom MeetingMeeting ID: 843 5036 1464Passcode: 841689 -
Professor Elam
Wed Nov 3 2021
Ronald Schroeder becomes the fifth and final defendant to plead guilty in a factoring fraud.
Texas Express Funding Factoring was part of the Bank of San Antonio. He took charge in November 2019. but by May 2020 the bank had alerted the FBI about problems. The other four provided fake invoices for Schroeder to 'factor' through the bank. Instead he used the funds to buy an airplane, a boat, automobiles, and a beach house. Living beyond one's means is a classic red flag for fraud.
Factoring involves advancing less than the amount of an account receivable to a firm that needs cash. The factor makes money on the difference in the full amount of the invoice versus what it advanced to the borrower. The bank had a $10 M policy that paid off so most of the loss was covered. It is hard to see how Schroedder thought he could get away with this given the open way he spent the money. A decent internal audit would have revealed the money was not going to the borrower.
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Professor Elam
Tuesday Nov 2 2021
An alert TAMUSA student reports the convicted fraudster Dan Gallagher.
the Fort Worth radio host cloaked himself in the Lord promoting the Gallagher Financial Group. He bilked senior citizens our of their life savings. Many had to take new jobs or borrow from their children to make ends meet.
I am amazed that so many people will invest in an off exchange promotion without hiring third party due diligence. I am seriously considering beginning a Fraud Awareness Campaign See our previous post on the frequency of fraud here just in San Antonio.
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Professor Elam
tuesday Nov 2 2021
San Antonio ChapterAfter an exciting event earlier this month where your chapter hosted a very successful and safe Texas Annual Conference of IMA (with attendees from Dallas, Houston and all over Texas and sponsors and speakers from across North America!) at the scenic Hyatt Hill Country Resort, we have a packed November!Please read below and sign up as fits your schedule on our chapter website (https://SanAntonio.IMAnet.org):Saturday, November 13th we are doing our first-in-memory chapter community service project benefitting Habitat for Humanity! We need A BUNCH of support on this one to meet our commitment. Family members over the age of 14 as well as friends are welcome. There is no cost to attend and breakfast AND lunch will be provided. The full shift is from 7:45am-3:30pm but if you can only come for the morning or only the afternoon, we understand. We are doing this with Accounting Students from UTSA and with the Business & Industry members of the San Antonio CPA Society. It's going to be a great event and you won't want to miss it! Location and other details are on the chapter website.Thursday, November 18th we are back to our regular chapter dinner meetings in person at the Old San Francisco Steakhouse 10223 Sahara Dr., 78216 (although virtual is an option if you are out of town). We have 2 excellent speakers and topics with 2 hours of CPE for those who need it – the value of a CMA in a not for profit presented by our very own chapter Treasurer and Modern Financial Frauds presented by a former county sheriff. In person networking starts at 5:30pm and the presentations are from 6pm-8pm.In addition to a great regular meeting, our chapter Photographer will be taking professional head shots for just $25 each. Put on your Sunday finest (from at least the waist up) and polish those pearly whites for an updated look on your LinkedIn profile!Sincerely,– MikeMike Lovelace, MBA, CMA, CPA, CISAVP of Engagement, San Antonio Chapter of IMACell: 281.216.2493 -
Professor Elam
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Professor Elam
Monday Nov 1 2021
TAMUSA TXCPA Student group will meet Monday Nov 8 2021 at a to be announced location.
Here is the zoom invite.
Topic: General Meeting
Time: Nov 8, 2021 05:15 PM Central Time (US and Canada)Join Zoom Meeting
https://us02web.zoom.us/j/89529495098?pwd=TXF0anh0SWIySDNwUEZvcjNQQkF6QT09Meeting ID: 895 2949 5098
Passcode: 415121The virtual speaker will be Mike Lovelace. Mike has multiple certifications. He will compare the CMA and CPA designations.
Here is his bio.
Since May, 2017, Mike Lovelace has been the VP of Engagement for the San Antonio chapter during which time monthly meeting attendance has increased from 12 to 65+. This year, he was named by IMA Global as 1 of 5 Volunteers of the Year out of a global membership of 140,000. He has been a member of IMA since 1996 and a CMA since 1997. He is also a CPA and a Certified Information Systems Auditor. He has a BBA in Accounting from Baylor University and an MBA from UT Austin.
For the last 4 years, he has been a CFO Advisor with Vaco San Antonio.
He has presented to multiple professional associations and is an active member of the IMA Campus Presentation program. He has been selected to present at the Annual IMA conference the last two years on Business Intelligence and Data Analytics for Small and Medium Sized Businesses.
Prior to joining Vaco, he owned his own Management Consulting firm in Houston for 14 years, was the Executive Director of Corporate Financial Reporting for UT Medical Branch in Galveston (a $1B healthcare enterprise with multiple graduate schools) and was a Manager for Arthur Andersen Business Consulting in Houston.
He has assisted start-ups, family-owned businesses and Fortune 50 companies in industries including financial services, healthcare, manufacturing & distribution, construction and oil field services.
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Professor Elam
Monday November 1 2021
Addison LePere <campusoutreach@sanantonio-ima.org>Mon 11/1/2021 8:37 AMGood Morning and Happy November!
This month the IMA San Antonio Chapter has a few events that we would like you, other faculty, and students to know about.
We are hosting our first chapter Service Project that is joint with the SA CPA Society and the Business & Industry Committee! Please join us in installing sod and putting up walls inside for Habitat for Humanity on the Southwest side of San Antonio on Saturday, November 13th from 7:45am to 3:30pm. Breakfast and lunch will be provided! If you can not be there the entire time, that is fine, we will be happy to take any and all help. This is a family and friend friendly event so please bring them! Children must be 14 years or older to participate for safety reasons. Registration for the event is on our website: https://sanantonio.imanet.org/home?ssopc=1
We have a monthly CPE meeting on Thursday, November 18th from 5:30pm to 8:00pm.This event is in-person or virtual – we would appreciate in-person attendance if you are comfortable and able as we have a minimum number of plates at the Old San Francisco Steakhouse where our event is at. The address of the venue is 10223 Sahara Dr, San Antonio, TX 78216.
We have two presenters at this months meeting after our networking session from 5:30-6:00pm:
- Modern Day Financial Frauds presented by Ronald Long – 6-7pm
- 4x author and former County Sheriff
- CPE Field of Study: Technical, Auditing (Financial Frauds)
- The Value of a CMA in a Not for Profit presented by Torey Reese – 7-8pm
- Controller/Veterinary Emergency Critical Care Society
- CPE Field of Study: Technical, Specialized Knowledge (Not for Profit)
Monthly Meeting Registration is also online at https://sanantonio.imanet.org/home?ssopc=1
We think students would be really interested in this month’s presenting topics, so be sure to pass this along to them! We look forward to meeting some of them soon!
Have a great day,
Addison LePere
VP of Campus Outreach
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Professor Elam
Friday Oct 29 2021
Larry Roberts has pleaded guilty in the Fractac Ponzi factoring scheme.
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Does it not occur to 'investors' to hire a CPA firm to check out who is about to handle their money?
Check this out, a firm in San Antonio claimed to have been in business for thirty years and handle billions of dollars of transactions.
Turns out it was two post office boxes. .Why not hire a CP/a first?
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As per usual he never leased anything but prayed on police officers. Many lost their life savings.
My two cents, I think it has been a mistake for CPAs to become so closely aligned with tax and audit work. If one was going to 'invest' hundreds of thousands in local business, why don't the investor hire a CPA firm for due diligence on the promoter?
I am not sure prison is the right answer here. He will certainly not re pay the lost funds sitting in jail. Better he was supervised in some activity to pay something to his victims.
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Richard Cardenas gets 20 years for bouncing checks.
The checks were written to cover a phony football program. Participants were promised college scouts would recruit the better players. again why didn't the parents check this guy out.
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Good morning. Let's get down to business.
A former head of the Small Business Administration is facing criminal charges in San Antonio that he misappropriated hundreds of thousands of dollars donated to two nonprofits he’s led.
Hector Barreto, who headed the SBA for five years under President George W. Bush, was indicted by a San Antonio federal grand jury on four conspiracy charges, including to commit money laundering and wire fraud.
Barreto, 60, received more than a combined $900,000 from the Latino Coalition Foundation and Hispanic Business Roundtable Institute from 2013 through 2019, according to the indictment. He lives in Orange County, California.
San Antonio health care consultant Miguel Gutierrez, who along with Barreto allegedly had operational control over both nonprofits, was indicted on the same charges. Gutierrez also is charged with four counts of filing false tax returns.
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NFL Players plead guilty to defrauding Health Care Fund
Wed Sept 8, 2021
NFL ringleaders sought players eligible for payments from a special fund.
They then forged fake invoices for equipment and services that never took place.
Gene Upshaw NFL Player Health Reimbursement Account Plan
I thought those guys make pretty good money to start with?
What Clinton Portis and other ex-NFL players allegedly did
In the original indictment, the trio was part of a group of 12 players accused of submitting false claims for reimbursement for expensive medical equipment that was never purchased, such as hyperbaric oxygen chambers, ultrasound machines that are typically used on pregnant women, and electromagnetic therapy devices used on horses.
The ringleaders would allegedly find ex-players eligible for the program and offer to submit claims, fabricating documents and prescriptions in exchange for kickbacks.
Claims would allegedly be for about $40,000 to $50,000 and were submitted between June 2017 and Dec. 2018, eventually adding up to millions of dollars in fraud.
In addition to the three players who pleaded guilty on Tuesday, 12 other players, including former Pro Bowl wide receiver Joe Horn, have been charged and pleaded guilty.
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Well yea just never know. A sure sign of fraud is someone living a high lifestyle they could otherwise not afford. That was the case for Rita Crundwell.
Now we find a hUSAA banker dealing 20 and 50 kilos of cocaine.
Prosecuting attorneys called this living in plain sight. He had expensive homes, guns, jewelry, the works.
And 50 kilos of cocaine is a lot of cocaine. Once again professional skepticism pays off.
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https://www.etownian.com/sports/former-nba-players-charged-in-health-insurance-fraud-scheme/
NBA Player fraud
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Professor Elam
Friday October 29 2021
Almost one of every two dollars spent in the US options market through Wednesday went to Tesl,a even though there are 5,000 other stocks to trade.
Bets on Tesla flood Options Market, WSJ today
We know maximum mood occurs at the end of a mania. Since exchange traded options began in 1973, I have never witnessed such a lop-sided situation. I realize the Options Exchange has rules but one has to wonder that even if Tesla stock rises, will the market makers be positioned to pay off?
$900 B was spent on Tesla options this week. That is five times the value of Tesla stock traded. When derivative trades are 5x the underlying security, we truly have a moment at or approaching maximum mood. Call options have an exercise price. The underlying stock needs to reach this exercise price to have actual intrinsic value. Incredibly on Thursday there was active trading in Tesla calls with an exercise price double the current price, $2,000.
The ratio of Tesla earnings per share to the stock price is 351. Amazon by comparison is 22.
Again this reminds one of Fall 1987, March 2000, or Fall 2007. All of these were market peaks preceding serious falls in price.
If real estate is a first derivative of stock prices, art is surely a second derivative. Art prices tend to soar with stock prices.
This spring an artist named Beepie sold a digital collage at Christie’s for $69 Million.
Beepie will sell his digital and somewhat physical statute of an astronaut for an estimated $15 M. It is covered in LED screens that will vary in content during the day. In the best spirit of imagined currencies, it comes with a corresponding Non Fungible Token.
It has such gravitas and it suck you in, said Noah Davis, Christie’s head of digital art and online sale. I don’t think readers of this column will be ‘sucked in.’
Crude oil prices remain in the mid 80s. The trend must be respected and it is still up. It would take a weekly close under $75 to suggest the trend was neutralized. Natural gas prices remain high. Putin plays his hand against Europe which has shut itself out of reliable coal fired utility plants.
Biden’s shrinking big spending plan keeps getting postponed despite the deadlines he and Nancy set. Perhaps the good news is that the Progressive Caucus, frustrated at not achieving their socialist goals, makes good on their threat to vote against the package. We can only hope.
Professor Elam 