In the June 2010 issue of the Journal of Accountancy the “News Digest” reports that yet another scam is being perpetrated against unsuspecting small business owners, this time under the guise of securing funds from the U. S. Small Business Administration (SBA).
Clearly the criminal mind, whether operating on Wall Street, inside the worlds largest commercial banks, or at a local level all have the same purpose in mind; separate you from your money. Case in point, a headline on yesterday morning’s Detroit News read “Mortgage fraud ring hit $100m, FBI says.” This of course reminds me of a very old quote (the original version of which is supposedly linked to a Mr. T. Tusser in the year 1573) “A fool and his money are soon parted.”
The News Digest does a very nice job of summarizing the “abusive marketing practices” being used to prey on unsuspecting small business owners. Beware!
To read the entire article please click the following link Small Business
This article was written by Gary Field, CPA at Numerico, PC. Click here to view Numerico’s website.
