Thursday, October 14, 2010
Pictures from the Past--Brian Bjella, 1995
Obama Vacation House in Hawaii for Rent
Pictures from the Past
October, 2010: Brian moves his companies Grandview Financial, Quest Resources, HLC Capital, Dakota Capital and become “Specialty Markets Group of Great America.”
March, 2004: Brian Bjella joins Ken Noyes to form Grandview Financial.
April, 2002: Brian Bjella becomes General Manager of Manifest Funding Services.
“For the past four years Brian has helped lead the sales efforts of Manifest as the Executive Director of Sales in the eastern half of the United States. Prior to that, Brian was instrumental in the start-up of’ Stellar Financial Services (currently U.S. Bancorp Portfolio Services) serving as General Manager of that company from 1994 to early 1998."
(These people wished him the best when he left Manifest):
(Mike Rizzo, Brad Peterson, Cindy Fleck have moved on, as have many other executives. Friday, October 15th, announcement of others who will be leaving. Editor)
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Schwartz Indicted for $87 Million Fraud Still in Jail
Charles K. Schwartz
Charles K. Schwartz, 56, of Sparta, N.J., was arrested September 1st by special agents of the FBI at Allied Health Care Services offices in Orange, New Jersey. He was charged with $87 Million Fraud Millions in Loans Based on Phony Medical Equipment Lease Agreements.
September 8th he was granted $2 million bail with a surety bond to be secured by real property with several restrictions, but remains in Essex County Jail, according to the Essex County Corrections Warden’s Office. Most of his real property, except reportedly for his residence, is held as collateral by Sun National Bank, Vineland, New Jersey where he guaranteed over $15 million, as well as 24 bank complaints, including liens, as well as the FBI has testimony from the seller of equipment that the equipment never existed. There are other government entities who also have potential claims.
The ex-employees were surprised by his arrest:
"It's terrible when you give a company your all; you figure if you work hard that there's no reason why you would suddenly be out of a job. Then poof, in comes the SWAT team with machine guns, moving fast, taking over, and life as you know it changes immediately, though no fault of your own. We were all scared to death. "
As the many banks and leasing companies could not find information on the internet, neither could the employees. Allied Health is a very common name and a search at best might bring up Allied Health Care Services, Orange, New Jersey. The company never had a web site. Charles Schwartz is such a common name, a search would have not found any early stories written by Leasing News, let alone all the bogus leasing. It was a major surprise to the ex-employees Leasing News spoke with:
"We still haven't even been paid for the last week of work. I'm not very hopeful, but the trustee does say we will be paid. This situation left all of us in quite a bind. Our medical benefits naturally are gone; it's real scary."
As to the actual number of respirators in use, Leasing News through a broker working on the package in March, 2010, received these answers from Charles K. Schwartz, who relayed them:
“How many Lifecare units do you have on lease and or own outright?
"How many people are using these units and what do they pay each month per unit?
When ex-employees were asked by Leasing News for a guess of how many patients on respirators were being services, it was a far number from what was allegedly leased.
"If I had to guess, I'd say around 50 patients, each with at least 2 units. Certainly, the number of oxygen recipients is way higher, not counting CPAP & BiPAP."
"CPAP is Continuous Positive Airway Pressure device, it's what you sleep with on your face if you’re diagnosed with sleep apnea, keeps the airway open. BiPAP is the same, just with some extra settings. These devices, along with ventilators and oxygen, require constant maintenance and upkeep by licensed respiratory therapists. A second machine is required in case the first fails. They are all rent to purchase.”
“We specialized in respiratory, but dealt with all types of Durable Medical Equipment. Everything from walkers, wheelchairs, hospital beds, adult diapers, and the like. We had 22 employees including customer service, office management, billers, respiratory therapists, file clerks, salespeople and drivers/technicians.”
Another ex-employee told Leasing News: "I believe one of our respiratory therapists has been hired at AtHome. (The trustee had AtHome appointed to take care of Allied customers-editor.) I would assume he should be able to assist them in identifying all the ventilator patients."
The FBI indictment alleges a $67 million fraud, and the inside knowledge from the vendor indicates perhaps all his invoices were fraudulent.
The Allied Health Care Services 2008 Federal Income Tax return (1) shows $349,126 pension fund. In the course of its journalist investigation, creditors told Leasing News they never verified this as pensions were not considered a company asset. Several of the ex-employees were asked if they were aware of its disposition. Here is one reply:
In related news, six of the 19 leasing firms or banks who have filed against Allied Health Care Services have closed their complaint as both the business and personal bankruptcy may precede the action.
In the matter of De Lage Landen vs. Bruce Donner and Donner Medical, the attorney for the defense argues jurisdiction, harm, and other factors that De Lage Landen is in Pennsylvania and Donner is in New Jersey and Donner had an arrangement with Allied Health Care Services.
(1) 2008 Allied Health Care Services Federal Income Tax Return:
FBI Legal Complaint (testimony from vendor included):
Donner Medical Equipment Position to Dismiss Charges:
Top 10 Most Expensive Homes for Sale
www.toptenrealestatedeals.com reports: "It has been a bad month for sales of ultra-pricey fancy mansions. Leona (Queen of Mean) Helmsley's estate in Greenwich, Connecticut that went on the market after her death in 2007 for $125 million has just sold for $35 million. And one of Indiana's most expensive mansions that was built in the early 1990s for an estimated $35 million recently sold for just $3 million."
"A recent sale of a $308 million penthouse in Monaco has shattered the previous record price of $220 million for a London penthouse. This 17,500sf La Belle Epoque estate has everything you might expect in a $308 million home including elaborate roof terraces with 15-foot trees and an infinity-edge pool. It had been the home of billionaire banker Edmund Safra who died in a 1999 fire at the home. The most expensive U.S. home on the market is the late Aaron Spelling home in Los Angeles at $150 million."
Here are the 10 Most Expensive Homes for Sale in the U.S. on Zillow:
1. Spelling Manor
4. Madison Ave Townhouse
5. Champ d’Or
6. Little Jennie Ranch
7. Wehba Mansion
9. Sierra Star
10. Upper East Side Suite
Story with photos by Diane Tuman, Zillow Content Manager:
Leasing Industry Help Wanted
Please see our Job Wanted section for possible new employees.
Alexa Ranks Leasing Media Web Sites
Alexa Ranks Leasing Media Web Sites
David G. Mayer's Business Leasing and Finance News is not included in the Alexa report list as it does not have its own individual site and Alexa finds Patton Boggs, LLP Attorneys at Law. The rating is not valid as it includes all those who visit and communicate with the law firm. When Business Leasing and Finance News has its own individual web site, it will be included in the Alexa survey.
*It should be noted that NAELB web site "list serve" requires logging onto their site, meaing their e-mails are counted as a visit to the site, whereas they are "list serve" communication. These are technically visits to the web site, but primarily to use "list serve."
The Alexa tool bar works on most browsers. They are partnered with Google.
The editor tries to place banner ads where they will be read by those the advertisers want to reach, rather than placed at random. News stories that will have an “ill” effect are avoided as best as possible. Often it is the position of the banner ad that attracts more response. This is at the sole discretion of the editor.
Banner ads may appear under the headlines at the choice of the editor, but are not guaranteed. An attempt is made to share them on a rotation basis with other banner advertisers.
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Click to another page or web site: no charge.
(Cannot be a “help wanted” ad for employment, must advertise company, service or product)
Samples of sizes follows:
October CLP Newsletter highlights Nancy Geary, Spencer Richman
An Interview with Nancy Geary, CLP, CPA, CU--
Nancy Geary, CLP, CPA, CU
How did you get your start in the equipment leasing and finance industry?
Can you tell us about the role of ECS?
I soon found myself taking responsibility for the leasing services group at our firm, which meant developing an expertise in lease accounting, tax rules and regulations, and other technical issues. I was also charged with researching and choosing appropriate software, hiring and training staff, and, the hardest part, building a client base.
Along the road, ECS joined various industry associations, building relationships and establishing a reputation within the industry. Recognizing the importance to be gained from attending the Lease Academy and the credibility afforded those attaining the CLP designation; I obtained my CLP in 1999 along with 3 other members of our firm. I believe that industry training and licensure are important and have supported the Foundation in various capacities throughout my years as a CLP.
What are some of the rewarding challenges at ECS?
How do you enjoy time away from ECS?
What do you enjoy most about your work?
When I started my career in accounting, while I aspired to become a partner in a CPA firm, I didn't really realize what that entailed, or how reaching my goal would include getting so involved in the leasing industry!
An Interview with Spencer Richman, CLP
Spencer Richman, CLP
When did you starting working in the field of equipment leasing and financing?
Can you tell us a little about AFN?
What do you enjoy doing in your spare time?
What is your favorite music?
How does your perfect day start?
What has helped you in business the most?
The second is my local library. Or more specifically, all of the business, sales, motivation and organization books, which they let me use for free! And finally, I joined the Entrepreneur's Organization two years ago and have found that group to be a great forum to help me achieve more with my business.
(NEFA Fall Funding Symposium: October 14-16 at the Ritz-Carlton, Buckhead. CLP President, Chris Walker is chairing the conference “Forging Relationships – Funding the Future”. This is an exceptional opportunity you won’t want to miss for personal and professional growth through networking and educational opportunities.
Full October CLP Newsletter:
To get ahead, read the new CLP Handbook:
Cynthia W. Spurdle
Support Ira in Walk4Hearing
“I have accepted the challenge of participating in the Garden State, NJ Walk4Hearing walkathon.
“Arlene began using hearing aids in the early 1970's. After our children were born with normal hearing we were so thankful that we decided to volunteer on behalf of the deaf and hard of hearing. It became Arlene's life's work.
“Little did we know that her hearing would gradually decrease over the years and eventually leave her profoundly deaf. Miraculously, twelve years ago a cochlear implant enabled her to hear and communicate.
“Now, a second cochlear implant allows her to enjoy conversation, music and the sounds of nature even more. She is bionic!
”The mission of the walk effort is to increase awareness about the causes and consequences of hearing loss and to raise funds to provide information and support for people with hearing loss. I am asking you to help by supporting my fundraising efforts with a donation.
“Your tax-deductible gift will make a difference in the lives of many! It is faster and easier than ever to support this great cause - you can make your donation online by simply clicking on the 'DONATE' sign above the goal thermometer. If you would prefer, you can also send your tax-deductible contribution to the address listed below.
“Any amount, great or small, helps in the fight. I greatly appreciate your support and will keep you posted on my progress.”
Ira Romoff 201 995-9594
Lease/Finance Calculators On Line
Free Lease-vs-Buy Calculator
“Our web-based lease-vs-buy calculator is completely free, provided as a courtesy to the capital equipment leasing community by S.B. Associates, Inc. You can view sophisticated lease-vs-buy analyses right on the web site, or you can print out reports for your customers. You'll appreciate the many sophisticated elements that can reveal the advantages of leasing, such as stepped or skipped rents, alternative minimum tax situations, loss carryforwards, or end of term options.
“We currently offer 5 different lease calculators. In addition to the free lease-vs-buy calculator described above, we offer LeaseMan Express (see below), a lease yield and pricing calculator specifically designed for the needs of the small ticket market and non-tax based leases in the middle market. For tax-based and leveraged leases, we offer the LeaseMan (non-express) version. We also offer two separate calculators specifically designed for consumer vehicle leasing.”
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For instance, on 60 months .025 was 18% or 10% add on ( in advance) and you could then multiply 1.05 ( if you wanted five points) times it and get the retail rate, the selling rate.
A reader asked us for a program that would calculate his commission based on a lease factor. Many founders and equipment leasing companies offer these programs on line, for free. Some allow you to download the program Excel can also do this easily.
Bob Teichman, CLP, sent us the correct formula for HP17BII :
"This is a very difficult formula to copy correctly, whether on paper or on the calculator.
"Thanks for printing the information about on-line calculators. I continually refer people to your list."
In the old days we would take the factor and multiply it by 1.00 with the commission the salesman was seeking. For instance, .0331 and the salesman wanted five points, multiply 1.05 times .0331 and it would be 034755.
Here are some personal financial portals and calculation tools we will be adding to the page:
CNN Money has also a financial calculator and other tools, and it's advantage, it is designed with currency converters, and may other programs at work all over the world:
Here are some simple calculators:
It there is a calculator we have not mentioned on this page, please let us know as we will share with other readers.
Here is one sent in by reader, Emily Hill firstname.lastname@example.org . She says she uses
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Rosanne Wilson, CLP, sent in a company that will add a calculator to your web page for a fee.
Rosanne Wilson, CLP
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### Press Release ############################
5 Years, 10 Months: Filing False Claims/ Identity Theft
Los Angeles, California –Abelardo Argote was sentenced to 5 Years and 10 months (70 Months) before United States District Court Judge A. Howard Matz. He was sentenced for his participation in a scheme to defraud the IRS in which he and others filed tax returns with the IRS that falsely claimed tax refunds. In March 2010, a federal grand jury handed up a Superseding Indictment charging Argote with Aggravated Identity Theft. On June 1, 2010, Argote pled guilty to two counts of Mail Fraud and the count of Aggravated Identity Theft, to which Argote pled guilty to unlawfully using a means of identification of another person to obtain a $10,860 U.S. Treasury Check.
According to the indictment, beginning in early 2002 and continuing through June 2007, the tax returns that Abelardo Argote and others filed with the IRS falsely claimed that they and the individuals whose personal identifying information they obtained were entitled to tax refunds based upon falsified income and withholding amounts.
Abelardo Argote and others falsified IRS Forms W-2 and W-2G, detailing fictitious income and withholdings, in their own names and the names of those whose personal identifying information they had obtained to substantiate the refunds claimed. Typically, the falsified Forms W-2 and W-2G’s were submitted by the Argote’s to return preparers for preparation and filing of tax returns with the IRS. In total, Abelardo Argote caused an actual loss of $839,866.87, which he was ordered to repay as a part of his sentence.
Abelardo Argote has been detained since his arrest in April of 2009.
The investigation and prosecution for Abelardo Argote was conducted by IRS-Criminal Investigation, the Federal Bureau of Investigation, and the United States Secret Service in conjunction with the United States Attorney’s Office in Los Angeles.
#### Press Release #############################
Newark, New Jersey---Adopt a Dog
“Don’t be fooled by Mike’s slim, plush appearance. When this 5 year-old German Spitz mix arrived at the shelter, his fluffy coat with black guard hairs was so matted and dirty that the best solution seemed a hair cut and a shampoo! Check out his name shaved into his flank!!
“This reserved young man is easy to walk on lead, and sits on command, although he graciously declined a treat in the summer heat. Mike is playful and sharing with his toys and proved no problem to hand feed at the dinner bowl. Social with other dogs, Mike is searching for that responsible family who will schedule regular grooming sessions so he need never suffer the indignity of premature hair loss again. If you are looking to add a friendly, medium sized companion (with a fluffy coat) to your family.
“We are open 7 days a week from 12pm-5:30pm; Sat & Sun from 12pm-5:00 for directions call 973-824-7080. There is an adoption donation required. The Society cannot accept personal checks but we do accept Visa, MC, AE, Discover and cash. As part of our adoption process, we must have proof of residency. Homeowners must show proof of ownership; landlord approval is required for renters before an adoption can be approved.”
AHS At Newark, NJ
Click here for a list of pets at this shelter
Adopt-a-Pet by Leasing Co. State/City
Adopt a Pet
Dogs and Pumpkins
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All 33 Miners Pulled to Safety in Chile
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First Star Capital Brandon Burg sells 4BD in Magnolia
CalFirst Leasing Numbers Year-end 6/30/2010
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Unemployment rate by county--US Map Chart
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India Becomes Destination of Choice for World’s Investors
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Subsidized day care ends for 575 kids in Sonoma alone
Wines of the Times Zinfandel---Eric Asimov
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Five years of screw caps prove their value
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Leasing News Wine & Spirits Page
This Day in American History
1644-Birthday of William Penn, founder of Pennsylvania, born at London, England. Penn died July 30, 1718, at Buckinghamshire, England. President Proclamation 5284, of November 28, 1984, conferred honorary citizenship of the USA upon William Penn and his second wife, Hannah Callowhill Penn. They were the third and fourth persons to received honorary Citizenship, including Winston Churchill and Raoul Wallengber”
World Series Champions This Date
1905 New York Giants
From the book
by Paul B. Janeczko, Carole Katchen (Illustrator)
The shortstop and second baseman
Moving before the pitch,
Resting in air
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