The importance of researching, who is in charge of investing your money
Here at Hinkle + Landers, PC, one of
the Albuquerque accounting firms, as a part of our Business
Consulting Service we stay up to date on news that has an impact
on our community. By keeping current on
settlements and awards regarding fraud that affect members of our community, we
are able to remain vigilant regarding potential risks to our clients. Investor
risk is not only relevant to individuals, but also any size organization. Many organizations rely on financial advisors,
investment firms, or Foundations to manage their investments. These investments usually make up a
significant portion of the organizations assets. As a result, due diligence regarding the
person who is in charge of investing the organization’s money, can make all the
difference.
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, our business consulting service, 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 fraud and forensic
accounting services in Albuquerque New Mexico
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