Finance
Ex-Phoenixville schools finance chief gets 14 months in prison for embezzling $94,000
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PHILADELPHIA — The previous finance director who pleaded responsible to embezzling cash from the Phoenixville Space College District was sentenced in federal court docket to 1 yr and two months in jail.
Moreover, in accordance with info offered by the U.S. Lawyer’s Workplace, Christopher Gehris, 47, will likely be required to pay again the greater than $94,000 he stole. Gehris will even be topic to 3 years of probation, or “supervised launch,” after he serves his jail time period.
Gehris, a resident of Phoenixville, pleaded responsible in early February and the sentence was imposed by United States District Court docket Choose Mitchell S. Goldberg.
In response to a report in The Philadelphia Inquirer, protection legal professional Stephen I. Baer requested the choose for probation, however Goldberg refused.
Within the wake of the sentence announcement, the college district posted a press release on its web site which learn: “The Phoenixville Space College District is happy that the investigation and prosecution of Mr. Gehris has concluded. Regardless of the challenges of COVID-19, the case was totally investigated. At present’s ruling permits all events to start shifting ahead. Mr. Gehris’s actions negatively impacted, the scholars, dad and mom, group and district.”
The assertion additional famous, “the district thanks the Phoenixville Police Division, Federal Bureau of Investigation, the U.S. Lawyer and the Federal Courts for his or her work and considerate deliberations. As at all times, our ideas exit to Mr. Gehris’s household.”
In response to the U.S. Lawyer’s Workplace, “Gehris cashed checks made payable to himself and to ‘money,’ obtained checks and direct deposits into his private checking account for ‘start-up cash’ for pupil actions, stole money from college packages, and obtained reward playing cards for private expenditures – all in furtherance of his embezzlement scheme from 2013 to 2019.”
The Inquirer article gave the next instance: “after $10,849 in checks and money was collected from seventh-grade college students happening a category journey, Gehris modified the information of the totals collected to quick the fund practically $800 that he deposited into his account.”
Gehris additionally admitted that he hid his thefts by altering receipts and falsifying studies submitted to the college board.
Among the cash was stolen from a program funded with federal funds, which is why the U.S. Lawyer’s Workplace for the Jap District dealt with the prosecution. The case was investigated by the Federal Bureau of Investigation and the Phoenixville Police Division and was prosecuted by Assistant United States Lawyer Terri A. Marinari.
“The defendant stole practically $100,000 from a public college district, cash, a few of which was particularly allotted for pupil actions meant to reinforce their academic expertise,” stated U.S. Lawyer Jennifer Arbittier Williams. “Criminals that embezzle public cash from faculties are ripping off tons of of scholars whereas additionally ripping off all taxpayers who fund them.”
Gehris’ actions additionally ended up in a 2021 report from the state Auditor Basic’s workplace that highlighted a number of the irregularities and the district’s failure to catch them till 2019.
The “discrepancies” within the books have been first introduced in September 2019, two weeks after Gehris resigned his submit on the district within the wake of an inside audit wherein a number of the discrepancies first appeared.
By the point the auditor common’s report was launched, it included responses from the district indicating the management deficiencies had already been addressed. For months, members of the general public repeatedly requested concerning the progress of the investigation and have been advised by the board and administration there was nothing they might say till the investigation was accomplished by regulation enforcement.
Gehris was first employed in 2006 employed as a controller for the district’s enterprise workplace and later promoted to enterprise supervisor. In 2018, he was appointed to function the director of finance.
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Finance
Harris's proposed unrealized capital gains tax is unlikely to pass: CIO
Unrealized capital gains tax proposals may be floating back into the zeitgeist as the Harris presidential campaign marches on, but for some, the noise around it is much ado about nothing.
“I don’t think this unrealized thing is going to have much momentum because it is a very onerous process to come up with those numbers,” Raymond James chief investment officer Larry Adam told Yahoo Finance Executive Editor Brian Sozzi on Yahoo Finance’s Opening Bid podcast (see video above or listen here).
“You start putting biases of what you think [something] is worth versus the reality,” said Adam. “That becomes a very difficult equation to really put into a place.”
We’ve seen unrealized capital gains tax proposals before, but they’ve met plenty of resistance.
Most recently, the Biden administration proposed an unrealized capital gains tax for those with a net worth of over $100 million. The proposal could affect more than 10,600 people in the US, according to estimates.
But, unlike a capital gains tax, which is imposed on a sold item, deploying an unrealized capital gains tax is a trickier move.
Stifel chief Washington strategist Brian Gardner said in a recent client note that under an unrealized capital gains tax system, “ranking illiquid assets would not only be complicated but controversial,” adding that there would also need to be a way to provide taxpayers with “rebates for future losses.”
While analysts scratch their heads about the subject, an unrealized capital gains tax also has plenty of tomato throwers. Donald Trump called it “beyond socialism,” telling a crowd of small-business owners, “You will be forced to sell your restaurant immediately.”
Trump’s onetime US Commerce Secretary, Wilbur Ross, concurred.
“Frankly, I think it’s a ridiculous proposal,” Ross said on Opening Bid.
Tesla (TSLA) CEO Elon Musk also had negative statements to share on the topic, proclaiming an unrealized capital gains tax would lead to “bread lines and ugly shoes.”
While Trump and Musk might deliver their messages to pack a wallop and make voters think, concerns aren’t necessarily unfounded.
Raymond James’s Adam has considered tax proposals made by both candidates, and thinks that regardless of the administration in office, higher taxes could impact households by almost $2,000. “[It] could be a big impact and a drag on the economy,” he said.
Both Harris and Trump face challenges given the expiration of a significant portion of the 2017 tax cuts at the end of 2025. Trump has proposed an additional extension of provisions from 2017 and potentially more tax cuts.
Harris proposed expanding the child tax credit and supported no increase in the capital gains tax, while taxing those making over $400,000 annually more.
While the presidential race is anyone’s game at this point, Adam isn’t that worried about an unrealized capital gains tax and the potential market losses. “[There’s] a low probability of it passing,” he said. “It’s pretty hard to mark to market every single year for your taxes.”
Three times each week, Yahoo Finance Executive Editor Brian Sozzi fields insight-filled conversations and chats with the biggest names in business and markets on Opening Bid. You can find more episodes on our video hub or watch on your preferred streaming service.
In the below Opening Bid episode, former Trump nominee to the Federal Reserve Judy Shelton shares her outlook for the economy.
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Finance
Insider Sale: President Brian Hole Sells Shares of Willis Lease Finance Corp (WLFC)
On August 30, 2024, President Brian Hole sold 1,187 shares of Willis Lease Finance Corp (NASDAQ:WLFC), as reported in a recent SEC Filing. Following this transaction, the insider now owns 96,589 shares of the company.
Willis Lease Finance Corp specializes in the leasing of spare commercial aircraft engines, aircraft, and other aircraft-related equipment to airlines, aircraft engine manufacturers, and maintenance, repair, and overhaul providers worldwide.
Over the past year, Brian Hole has engaged in multiple transactions involving the company’s stock, selling a total of 24,570 shares and purchasing none. This recent sale is part of a broader trend observed within the company, where there have been 82 insider sells and no insider buys over the past year.
Shares of Willis Lease Finance Corp were priced at $106.17 on the day of the transaction. The company currently holds a market cap of approximately $772.655 million. The price-earnings ratio stands at 8.41, which is below the industry median of 17.98.
According to the GF Value, the intrinsic value estimate for Willis Lease Finance Corp is $63.35 per share, making the stock significantly overvalued with a price-to-GF-Value ratio of 1.68.
The GF Value is calculated based on historical trading multiples, a GuruFocus adjustment factor, and future business performance estimates provided by Morningstar analysts.
This sale by the insider might be of interest to current and potential investors, providing insight into insider confidence and valuation perspectives at Willis Lease Finance Corp.
This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein.
This article first appeared on GuruFocus.
Finance
Super Micro Confirms It Will Delay Annual Financial Filings
(Bloomberg) — Super Micro Computer Inc. said that it won’t file its annual financial report while a special board committee reviews internal controls, confirming a statement earlier this week that sent the shares on their worst drop in almost six years.
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The maker of computer servers said it would take “unreasonable effort or expense” to file on time its annual 10-K financial disclosures for the quarter and fiscal year ended June 30.
Super Micro first announced on Aug. 28 that it would delay the financial documents and confirmed its decision Friday in a regulatory filing. The San Jose, California-based company said a special committee is working diligently to assess the effectiveness of its internal controls over financial reporting.
Earlier this week, short-seller Hindenburg Research released a critical report alleging “glaring accounting red flags, evidence of undisclosed related party transactions, sanctions and export control failures, and customer issues.”
Super Micro repeated its assertion that it doesn’t expect the annual financial filing to contain any material changes to its results announced on Aug. 6.
After Friday’s filing, the shares gained about 2% in extended trading. Earlier, the stock suffered its worst week since October 2018, dropping 29% to $437.70 at the close in New York.
The company sells high-powered servers for data centers and has experienced an explosion in demand for its wares amid the artificial intelligence boom, making its shares a proxy for enthusiasm in the technology. Super Micro’s stock more than tripled last year.
–With assistance from Brody Ford.
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