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June 9, 2014
On June 4th, an accountant from South Carolina was found guilty of transporting goods across state lines using stolen money. Joseph Folsom Jr. used money from his deceased client’s estate to purchase cars, lakefront property, and an airplane.
On Wednesday, federal prosecutors successfully convicted Joseph Glenn Folsom Jr., age 61, of four counts of Interstate Transportation of Stolen Money. In 2006, Folsom was hired to form a family limited partnership for an elderly couple in poor health. Folsom, who had named himself as executor of their will, began tapping into the hundreds of thousands of dollars under his control when the couple both passed away in 2007.
After hearing testimony from witnesses for the prosecution, including an FBI agent with experience in accounting, and only one witness for the defense, Folsom himself, the jury took just 45 minutes to find the defendant guilty.
Some of the luxury items he purchased with stolen money comprised of a Corvette sports car, private plane, and lake front real estate. U.S. assistant attorneys had jurisdiction in this case because the money had been stolen in South Carolina and used to purchase items out of state – e.g. classic car auctions in Florida and Georgia.
Of the over $580,000 fleeced by Folsom, about $160,000 has been recovered by relatives of the family through civil suits. Folsom faces up to 10 years in prison at an upcoming sentencing hearing.
Recent developments in Accounting: CPE for CPAs
State specific requirements: CPA CPE Requirements