Recently a hedge fund manager,
Matthew Sample settled a federal lawsuit, where he was accused of defrauding
five investors, two of whom were from New Mexico. The lawsuit accused him of raising $1 million
from the investors over a 3 year period.
Of that million about $500,000 was actually traded, and the remaining
money was used for his personal use, or to pay other investors. The New Mexico investors invested over
$700,000 with Mr. Sample and when they requested to withdraw $500,000 from
their funds, Mr. Sample gave multiple excuses as to why their money was not
available.
Although this news story relates to
defrauded individuals, Albuquerque accounting firms, such as Hinkle + Landers,
pass this news and others like it on to our non-profit organization
clients. Since many of our clients are
involved with financial advisors and Foundations, we cannot over emphasize the
importance of researching who is in charge of investing their money once they
outsource that responsibility. When one of our clients is deciding whether or
not to change financial advisors or Foundations, we encourage them to reach out
to us, and in turn we reach out to other Albuquerque accounting firms, and see
if the potential advisor or Foundation is working with other non-profit
organizations, and what their reputation is.
We strive to work with our clients in order to prevent any misuses of
their money, and stay ahead of anyone trying to defraud them out of their hard
earned assets.
Firm Profile: Hinkle
+ Landers, CPAs is one of Albuquerque New Mexico’s leading accounting
firms. Hinkle + Landers, CPAs has been operating for over 40 years in
Albuquerque as well as all parts of New Mexico. Hinkle + Landers, CPAs
also provides audit, fraud and forensic accounting services as well as
tax preparation and bookkeeping in Albuquerque New Mexico.