Buena Park – Next in Line of Municipal Fraud Victims
The City of Buena Park takes its turn in the hot seat recently as citizens ask, how could this happen? Former Parks and Recreation Managers Rudolph Juarez and Gabriel Garcia are facing up to 195 and 135 years, respectively, in prison. An investigation of fraud has been going on for 2.5 years, and has now resulted in 2 arrests. It is estimated that the fraud took place over a period of 6-7 years, between 2005-2011, and more than $825,000 was embezzled. The gig was that Juarez negotiated a contract with a landscape contractor on behalf of the city and then…
Proving Hidden Income
For those of you who may have missed the article I wrote “Proving Hidden Income“, I thought it would be beneficial to post a link to it once again as I have had several family law attorneys ask me about this in the past few weeks. If you still have questions, or would like to consult with me regarding a case, please don’t hesitate to call our office at 562-420-3100. Written by Kim Onisko, CPA, Forensic Accountant Kim Onisko is a Partner with Onisko & Scholz, Certified Public Accountants, LLP. He has been in public accounting for over 20 years…
Same-Sex Marriage: Supreme Court Ruling Takes Effect September 16th
The Treasury Department and Internal Revenue Service to now recognize same-sex marriages for federal tax purposes (regardless of what state the couple lives in). The Treasury’s announcement last week comes after the Supreme Court’s ruling back in June and applies to all federal taxes; (including income, gift and estate taxes), personal and dependent exemptions and deductions, employee benefits, IRA contributions and tax credits. Individual state laws still apply though for state filing purposes. There is now a tax exclusion for employer-paid health insurance, which many same-sex couples previously bought on an after-tax basis (a cost upwards of $1,000 per couple)….
Church Embezzlement Orange County
Interim Treasurer Fiatala Manu of the First Samoan Christian Congregational Church in Santa Ana has recently been charged with the embezzlement of upwards of $110,000. It is alleged that Manu wrote checks to himself from church bank accounts to feed a gambling addiction. He was called on the carpet about it when an Assistant Treasurer noticed the funds missing. Subsequently Manu was arrested during a church meeting and now could face more than 11 years in prison. This could have been prevented by strengthening the organization’s internal controls. Reduce your risk and strengthen your internal controls by implementing: …
Divorce Financial Settlements, What You Need to Know
In his article Steering Clear of Financial Landmines Andrew Hoffman lists out some important factors to be aware of when getting divorced. Being knowledgeable about the financial and tax ramifications of your/your spouse’s actions (or inactions) cannot be over emphasized. Like they say in football- “defense, defense, defense”. Take Taxes into Account Review Tax Returns Understand Retirement Plans Short-Sales may Result in Taxable Income Structure Spousal Support Carefully Check your Health Coverage How you decide to respond to your divorce will quintessentially affect its outcome, and ultimately, your future. This is why I stress that it is very important…
Riverside County Real Estate Fraud & Ponzi Scheme
Hendrix Montecastro, Helen Pedrino Convicted in $142 Million Ponzi Scheme in Riverside The Associated Press reported the real estate investment scam to be approximately $142 million in fiscal scope. The defendants used seminars, internet ads, and word of mouth to lure people in Riverside County, California and Arizona to invest in a series of shell companies. The bottom dropped out on their ponzi shceme when the real estate bubble burst. According to the California Real Estate Fraud Report, like all good ponzi schemes, friends and relatives were convinced this was a good real estate investment, and refinanced homes, cashed in…