the gentleman’s agreement is obsolete jason thomas frost, pllc 501.975.0238 [email protected]...
TRANSCRIPT
THE GENTLEMAN’S AGREEMENT IS OBSOLETE
JASON THOMASFROST, [email protected]
2011 BEEF FINANCIAL MANAGEMENT CONFERENCE
Eastern Livestock: Inflation of A/R
10JASON THOMAS – [email protected]
$32.5MM LOC
AFFILIATED COS
FICTIOUS CATTLE SALES
Eastern Livestock: Check Kiting
11
DRAWS ON $32.5MM LOC BASED ON DAILY BALANCES
NON-FIFTH THIRD BANK ACCOUNT
$20.0MM IN DAILY TRANSFERS
NON-FIFTH THIRD BANK
ACCOUNT
NON-FIFTH THIRD BANK
ACCOUNT
NON-FIFTH THIRD BANK
ACCOUNT
CHECK KITING
JASON THOMAS – [email protected]
Eastern Livestock: 5th 3rd Freeze
12
5th3rd FREEZES ELC ACCOUNTS AND
RETURNS CHECKS DRAWN
NON-FIFTH THIRD BANK
ACCOUNT
NON-FIFTH THIRD BANK
ACCOUNT
NON-FIFTH THIRD BANK
ACCOUNT
CATTLE PRODUCERS
CHECKS RETURNED FOR INSUFFICIENT
FUNDS
JASON THOMAS – [email protected]
Situational Elements of Fraud
17
MOTIVE/PRESSURE
RATIONALIZATIONOPPORTUNITY
JASON THOMAS – [email protected]
An Integrated Approach
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Managing risk requires an integrated approach to balance conflicting
objectives.
PERSONAL GOALS
RELATIONSHIPSTRUSTHISTORY
BUSINESS GOALS
PROFITSECURITY
LONGEVITY
JASON THOMAS – [email protected]
An Integrated Approach
19JASON THOMAS – [email protected]
CATTLE PRODUCER
STATE GOVT
• OKLAHOMA• KENTUCKY
FEDERAL GOVT
• USDA/GIPSA
