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Posted by on Jun 11, 2010 in PROTECTING YOUR MONEY | 0 comments

Embezzlement: $4.5M was the biggest loss in 2009

On the Money From the  June 11, 2010 print edition In January, Marquet International Ltd. of Boston – a corporate investigations, due diligence and litigation consulting firm – released its annual Report on Embezzlement. The report, which talks about actions taken against U.S. companies – estimated to be in the nine-figure range – revealed that the average loss was more than $1 million and the median loss was $386,500. More than 60 percent of the incidents involved women. However, male perpetrators embezzled nearly twice as much as females. Nearly 25 percent of all losses occurred in financial institutions, and two-thirds of the incidents were committed by employees who held finance and accounting positions. Embezzlement schemes usually last about four years. Marquet examined 415 major embezzlement cases during 2009. That means there was a major embezzlement case in the news daily. The largest embezzlement case of 2009 happened at Koss Corp., a premier designer of stereophonic headphones, based in Milwaukee. The perpetrator allegedly used interstate wire communications to defraud Koss of...

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Posted by on Apr 2, 2010 in PLAYING WITH MONEY | 0 comments

Inefficiencies in markets present opportunities -Arbitrage!

On the Money From the  April 2, 2010 print edition The R&B singer Billy Preston pined in 1974, “Nothin’ from nothin’ leaves nothin’. You gotta bring me somethin’ if you wanna be with me.” If a person wanted to bring Billy “something,” but had “nothing,” what could they do? Where do any of us turn when we crave “something from nothing”? The answer? Arbitrage. Arbitrage is defined to be the simultaneous purchase and sale of a security (or anything else for that matter) in order to profit from a difference in the price. This usually takes place on separate exchanges or marketplaces. For example, if the price of a stock on the New York Stock Exchange is $10 per share, but is $8 on the Frankfurt exchange, the $2 difference could be an immediate profit requiring zero investment. How it works: The arbitrageur sells on the New York exchange while simultaneously buying on the Frankfurt exchange. Because the transactions theoretically are simultaneous, there’s an immediate gain of $2 per share. Furthermore,...

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Posted by on Feb 5, 2010 in THE INEVITABLE TAXING OF YOUR MONEY | 0 comments

IRS offers surprising bargains at its auctions

On the Money From the  February 5, 2010 print edition This time of year, it’s hard not to think about the government. It’s tax season, and many of us are contemplating our tax situation and probably bemoaning what we have to pay. Who wouldn’t rather spend money on a new house or car than pay taxes? Those two activities may be more closely related than you think. The same agency that accepts our tax dollars also provides potential bargains on everything from real estate to airplanes. The online auction site eBay is well-known. But far fewer have heard about the Treasury Executive Office of Assets Forfeiture. This is the government office that manages auctions and administers the Treasury Forfeiture Fund (TFF). The TFF was established in 1992 as the successor to the Customs Forfeiture Fund. This fund accepts the proceeds from the sale of assets seized by the IRS, Immigration and Customs Enforcement, Department of Homeland Security, Customs and Border Protection, the Secret Service and the Coast Guard. Internal Revenue Code...

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Posted by on Dec 9, 2009 in MOVING MONEY AROUND | 0 comments

Holiday spending can provide trickle-down stimulus

On the Money From the  December 18, 2009 print edition December is filled with magical holiday events – office parties, family gatherings, concerts, annual correspondence with friends, decorating and festive reminiscences of years gone by. But for those of us focused on money, the most important event is shopping. Buying presents, flying cross-country to visit relatives, having special dinners and parties: Consumers spend more money in the three months before the new year than at any other time of the year. In fact, retailers often make about half of their annual profit during this time, according to the National Retail Federation. Deloitte LLP recently published its 2009 Annual Holiday Survey, which gauges consumers’ expectations about the year-end holidays, the economic climate, and related spending and purchase patterns. A total of $810 billion is expected to be spent this year on holiday-related items. The full report may be found at Deloitte.com The average consumer will spend $1,145 on items associated with the holidays. About $452 of that will go to gifts, $102...

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Posted by on Oct 2, 2009 in TIMES OF TOO LITTLE MONEY | 0 comments

How to deal with those aggressive debt collectors

On the Money From the  October 2, 2009 print edition The United States doesn’t have a debtors’ prison. But in the midst of a recession, repeated calls and threats from debt collectors may make consumers feel psychologically trapped. The economic downturn caused many consumers last year to fall behind on bills and other obligations. As a result of the poor economy, debt collectors become more aggressive in their tactics. For individuals, this usually means they can’t make their minimum payments on credit cards. In financial circles, monthly payments are called “debt service.” When debt isn’t serviced, creditors are less than thrilled. Here are some tips, insights and suggestions for successfully handling creditors and collectors: Don’t take it personally. Remember that a collection call, no matter how unpleasant, is a business transaction – not an assault on your personal character. However, collectors may attempt to intimidate and scare you. Remember that many collectors are paid based upon what they collect. Therefore, keep all conversations to the point, professional and focused on the...

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