Make sure to do your research, when selecting your financial advisors

 Here at Hinkle + Landers, PC, one of the Albuquerque accounting firms; 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, 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.