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Federal Jury Convicts South Carolina Accountant Of Stealing $500K

June 9th, 2014 Comments off

private plane
Generic Photo (Photo credit: Wikipedia/FlugKerl2)

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.

Sources: TheState.com

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Clarification for California Ethics CPE

June 18th, 2010 Comments off

The California State Board of Accountancy is phasing in new ethics CPE requirements. Once the transition period is completed the requirements will cause less confusion, but at the moment there are many California CPAs with questions about what they actually need to complete for their ethics requirement. The new requirement is 4 hours of general ethics for every 2 year reporting period plus 2 hours of California specific regulatory ethics every 6 years. The 2 hour regulatory ethics requirement will be due on the same schedule as you currently report California ethics. So if you reported California ethics in 2008, the 2 hour regulatory ethics course does not need to be reported until 2014. The 2 hour course must be formally reviewed and approved by the state board and PES’s course is currently being reviewed and should be approved in the near future. In the meantime, course #4100 Ethics and Professional Conduct for California CPAs, our 8 hour course, satisfies both the 4 hour general and 2 hour regulatory requirement plus provides 2 extra hours of CPE to count towards the total 80 hours. The 4 hours of general ethics is required for every license renewal. PES currently offers 3 courses that fulfill this requirement: #4020 Ethics for California CPAs, #4030 Tax Ethics for California CPAs, #4055 Industry Ethics for California CPAs. For more information on this see the license requirements for California CPAs page on our website.

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Florida Ethics CPE

May 18th, 2010 Comments off

It’s not too early to get your ethics CPE done before the June 30 deadline! Get your CPA CPE done early so there’s no stress at the end of June when others in the industry are cramming to fulfill their requirements. One course you know you need to complete before the deadline if you are a Florida CPA is the required Florida ethics course. Course #4805: Ethics and Conduct for Florida CPAs from PES fulfills this requirement. The course is available in the online, PDF, or hardcopy formats (see the earlier post about the advantages of online and PDF courses). In addition to the ethics requirement, Florida CPA’s are required to complete an additional 76 hours every 2 years, which can all be fulfilled by the wide variety of CPE courses offered by PES.

Click here to purchase the Florida ethics CPE course! 4 hours for $54.50.

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Massachusetts Ethics CPE

April 15th, 2010 Comments off

The June 30 deadline for Massachusetts CPAs to complete their CPE requirements is approaching fast! CPAs registered in Massachusetts must complete 80 hours every 2  years, including the 4 hour Massachusetts ethics CPE requirement. Course #4925 Ethics and Professional Conduct for Massachusetts CPAs from PES fulfills this requirement and is offered in the online, PDF, or hardcopy formats. CPAs licensed in Massachusetts with even-numbered licenses must complete the requirements by June 30, 2010.

Click here to purchase the Massachusetts ethics CPE course! 4 hours for $54.50.

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Importance of California Ethics CPE

December 17th, 2009 Comments off

In most states, CPA’s are required to complete between two and eight hours of board-approved ethics CPE during their renewal period. California is no exception, where eight of hours of CPA continuing education in the field of ethics is required for license renewal. The California ethics CPE course offered by PES allows CPA’s to complete this requirement, and provides a valuable reminder of the duties and responsibilities inherent in being a Certified Public Accountant.

Click here to view the ethics courses available from PES, including 4 different courses for California CPAs. Click here to view the license requirements page for clarification on the changes for the ethics CPE requirement in California.

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Washington Ethics CPE

September 16th, 2009 Comments off

Washington CPAs are required to complete 4 hours of ethics CPE for every CPE reporting period. Course #4300, Ethics and Professional Conduct for Washington CPAs, fulfills the Washington ethics CPE requirement. The course covers the Code of Professional Conduct, the AICPA rules and interpretations, the Washington Board of Accountancy rules, and ethical guidance per the Institute of Management Accountants. The 4-hour ethics course is part of the 120 hours of continuing education the Washington State Board of Accountancy requires CPA’s in this state to complete every 3 years. Washington CPAs must complete their CPE by 12/31 of the year prior to their license renewal.

Click here to purchase the Washington ethics CPE course! 4 hours for $54.50.

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Vermont Ethics CPE

September 16th, 2009 Comments off

Vermont CPAs are required to complete 4 hours of ethics CPE for every CPE reporting period. Course #4725, Ethics and Professional Conduct for Vermont CPAs, fulfills the Vermont ethics CPE requirement. The course covers various ethical pronouncements and rulings, including the Vermont Statutes and Board of Accountancy Rules. The 4-hour ethics course is part of the 80 hours of continuing education the Vermont Board of Accountancy requires CPA’s in this state to complete every 2 years. Vermont CPAs must complete their CPE by June 30th prior to their biennial license renewal. Vermont CPAs must also be sure that they complete a minimum of 40 hours of CPE per year and at least 8 hours of accounting and auditing CPE every 2 years.

Click here to purchase the Vermont ethics CPE course! 4 hours for $54.50.

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Virginia Ethics CPE

September 16th, 2009 Comments off

Virginia CPAs are required to complete 2 hours of ethics CPE for annually. Course #4225, Ethics and Professional Conduct for Virginia CPAs, fulfills the Virginia ethics CPE requirement. The course covers an update on current ethics and regulatory developments, as well as VBOA regulations and AICPA rules relating to accounting principles, responsibilities, public interest, contingent fees, and commissions and referral fees. The 2-hour ethics course is part of the 120 hours of continuing education the Virginia Board for Accountancy requires CPA’s in this state to complete every 3 years (2 years of ethics is required annually, so 6 of the 120 hours for every reporting period must be ethics). Virginia CPAs must complete their CPE prior to their license renewal period.

Click here to purchase the Virginia ethics CPE course! 2 hours for $34.50.

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Texas Ethics CPE

September 16th, 2009 Comments off

Texas CPAs are required to complete 4 hours of ethics CPE for every CPE reporting period. Course #4155, Ethics for Texas CPAs, fulfills the Texas ethics CPE requirement. The course covers standards of professional conduct and business practices adhered to by accountants such as CPAs, CMAs, and CFMs in order to enhance their profession and maximize idealism, justice and fairness when dealing with the public, clients and other members of their profession. The Sarbanes-Oxley Act and its impact on business ethics and the CPA’s responsibilities are summarized. The 4-hour ethics course is part of the 120 hours of continuing education the Texas State Board of Public Accountancy requires CPA’s in this state to complete every 3 years. Texas CPAs must complete their CPE by the end of their birth month in their renewal year. Texas CPAs must also be sure that they complete at least 20 hours annually.

Click here to purchase the Texas ethics CPE course! 4 hours for $54.50.

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Tennessee Ethics CPE

September 16th, 2009 Comments off

Tennessee CPAs are required to complete 4 hours of ethics CPE for every CPE reporting period. Course #4820, Ethics and Professional Conduct for Tennessee CPAs, fulfills the Tennessee ethics CPE requirement. The course covers the ethical Code of Professional Conduct, various ethical pronouncements and rulings, and some of the litigious matters that have occurred due to ethical dilemmas. The 4-hour ethics course is part of the 80 hours of continuing education the Tennessee State Board of Accountancy requires CPA’s in this state to complete every 2 years. Tennessee CPAs must complete their CPE by 12/31 of their renewal year.

Click here to purchase the Tennessee ethics CPE course! 4 hours for $54.50.

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