Mike Rosten, CPA, CFE Guest Host on Financial Fridays

This week’s Financial Fridays radio show (KLAV-1230 AM) was co-hosted by Mike Rosten, PBTK’s Director of Litigation Support Services, and featured the following guests:
• Bill Winterberg, CFP & Morningstar Columnist (Atlanta) – Bill is a technology and practice management consultant to independent financial advisors. He is also the monthly tech columnist for the Morningstar Advisor; Bill is a previous guest of Financial Friday’s:
• Susan Bruno CPA/PFS/CFP is co-founder of divaCFO.com and Principal at Beacon Wealth Consulting (New York). Susan is an expert in helping individuals, families and businesses with all financial aspects. Her statement to women that she counsels is “Be Prepared, Not Scared” and is her trademark. Susan is also a private wealth specialist creating customized solutions for individuals and families. Her extensive expertise in estate, insurance and tax planning assists with multi-generational plans. Susan is a frequent speaker at industry events because of her certifications, leadership, advocacy and philanthropic efforts. Susan is a regular guest for Financial Friday’s;
•Dan Shaffer is a CPA and advisor with Shaffer Asset Management (New York). Dan is a frequent participant with national business media presentations and author of widely circulated book “Profiting in Economic Storms”. Dan is a regular Fox Business contributor from New York City and experienced specialist within the financial markets. Dan Shaffer is a regular guest to Financial Friday’s.

Tune in live every Friday on KLAV 1230 Las Vegas online, on your radio dial or load the application (free) for your I-phone/smart phone “Tunein Radio”, which easily coordinates all AM radio stations nationwide. All previous shows are posted to PBTK’s website as a podcast.


Utah Company Rallies After CFO’s Theft Comes to Light (SL Tribune)

Pool Cover Specialists learns from the pain

by Paul Beebe of The Salt Lake Tribune

As turnaround stories go, this one is unusual.

Pool Cover Specialists — you can guess what this West Jordan company makes — set a sales record last year. But it did so after climbing out of a hole that someone else dug — one so deep that it could have killed the business.

“We broke a 29-year company record in 2012, even after we caught our CFO (chief financial officer) with her hand in the proverbial cookie jar,” said Bruce Grogg, Pool Cover’s CEO.

Last week, Penny Thurman pleaded guilty in 3rd District Court to one charge of theft by deception and a second charge of unlawful use of a credit card — both second-degree felonies. She admitted stealing $145,000 over a period of more than two years. Gregg said the amount may be a lot more, as much as $750,000 to $1 million.

“That was all we were able to prove,” he said.

The thefts began just four weeks after Thurman was hired in 2009 and continued until March 2012. Grogg said Thurman had complete control over the accounting department. She misused company credit cards, set up double payrolls and paid vendors who didn’t exist.

“She had everybody fooled, including our auditors. We trusted her 100 percent,” Grogg said.

The company was in deep trouble after the thefts were uncovered. Just as the swimming pool season was starting, Grogg discovered Thurman hadn’t been paying the company’s bills. Some suppliers hadn’t been paid in a year. The company faced the prospect of not being able to fill orders for its pool covers.

“It puts you in a position where you have no cash, our credit lines were tapped [out], there was no cash in the bank and we had borrowed all we could borrow. The season was starting, and we didn’t have raw materials to make the covers,” Grogg said.

Continue reading at the Salt Lake Tribune.