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advocacy community education
21
You're Invited to the Annual
Employee Benefit Plans Interest Group Social
Thursday, December 15, 2011
4:00 - 6:00 p.m.
Following the 3:00 p.m. Interest Group meeting.
All CSCPA members working in the employee benefit
plans arena are invited to attend.
Please bring along your benefit plan colleagues,
staff, attorneys, third party administrators, etc.
The more, the merrier!
There is no cost to attend.
R.S.V.P. to Lisa Bugryn, lisab@cscpa.org or 860-258-0232.
Join us for wine and beer, appetizers, and good conversation!
be assigned the responsibility of the
Banker for the remainder of the game.
Should any player be found to have
cheated during the game, the player
shall forfeit to the Bank three times the
value of the transaction in which he or
she cheated, if the amount can be
determined. If the amount cannot be
determined, the player shall forfeit all
property and funds to the Bank and be
eliminated from the game. The player's
pawn will go directly to jail and remain
there for the duration of the game as a
reminder to all the other players." That
should keep the players honest, right?
As a forensic accountant, I am often
called in after an abuse of a fiduciary
relationship. I may be asked to help
my clients prove that fraud was
involved. If fraud can be proven, the
victim could be entitled to recover three
times the amount that was lost.
A
common scheme perpetrated
against elderly individuals is for a fam-
ily member or friend to obtain a
durable power of attorney over the
individual's affairs and eventually use
this for his or her personal gain. Once
granted, the designated individual has
full control over the individual's
finances, including bank accounts,
investment accounts, safe deposit box
contents, and all other assets. As a
fiduciary, this person's role is to act in
the best interest of the individual and
ultimately his or her beneficiaries.
This means ensuring the funds are
property maintained and safeguarded
from abuse or theft. Unfortunately,
there are some individuals who abuse
this responsibility. They co-mingle their
own personal funds with the individual's,
ultimately depleting the individual's
funds and assets for their personal
gain. Sadly, this often means there is
little or nothing left for the individual
and his or her beneficiaries. Worst of
all, these crimes often go undetected
because there is no recording or
reporting of durable powers of attorney
in Connecticut. Sometimes they will be
revealed when a family member or
potential beneficiary starts asking
questions, but often they are never
revealed at all.
Investigating, proving, and resolving
embezzlement perpetrated through a
fiduciary relationship can prove diffi-
cult and costly. Often the records
have not been maintained or, worse,
have been intentionally discarded,
requiring subpoenas and court orders
to obtain and reconstruct the activity.
It is not uncommon for cases to take
months if not years to fully determine
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