NOVEMBER 2015 FREE EVENT – The Shadow Industry of Captive Insurers

Event Phone: 804.389.2609

  • Shadow Industry of Captive Insurers
    November 12, 2015
    1:00 pm - 3:00 pm


ACFE-SealTHE SHADOW INDUSTRY OF CAPTIVE INSURERS
November 12, 2015 – 1:00 – 2:00 pm
Virginia State Police Training Academy – Room 335
7700 Midlothian Turnpike – West Chesterfield, Va. 23235
2 CPE CREDITS!
 

When the majority of mutual life insurance companies became for-profit, publicly traded entities, they were suddenly faced with new pressures to perform and report profits to boost their stock prices and related executive bonuses. These previously nonexistent motivations led to a level of ever-higher risk taking never before seen in a historically conservative industry.  But when premiums could be raised no higher, claims paid at no lower levels, and the industry’s investments paying low returns during the Asset-Backed Securities debacle they were suddenly faced with two options: confess to the reality of their non-compliant, hazardous financial condition or hide liabilities.

How do you go about hiding more than $400 billion in liabilities?  You shove the liabilities into black holes associated with exotic financial locations like Barbados or the Channel Islands.  Now there are a number of U.S. states that have permitted certain re-insurance entities to be formed in their state in absolute secrecy.  They file no public financial statements.  Those same states forbid these schemes on the books of insurance companies themselves but allow them in their wholly-owned subsidiaries. But how do you uncover the accounting scheme if you can only see one end of the transaction?  Please join your fellow Chapter members to learn how … professionals in fraud examination or anyone involved in financial statement assurance and financial fraud examination will want to attend this important training to learn how important accounting standards are being ignored in a major financial industry.

SPEAKER BIO

Thomas Dye Gober is the President and Owner of Thomas Gober Forensic Accounting Services, Inc. specializing in fraud investigations and forensic accounting. He maintains an extensive consulting practice to the insurance and health care industries, is a published author and is considered one of America’s principal authorities on financial fraud prevention control issues stemming from the use of captives and other off books accounting structures.

Tom has served as a consultant to the Federal Bureau of Investigation and the United States Attorney’s Office in connection with insurance industry criminal investigations, primarily reviewing and analyzing documents and preparing reports to show evidence of false statutory financial statement reporting and other criminal wrongdoing.  He has offered considerable expert testimony in Federal Criminal Courts including Federal Grand Jury, pre‐trial and trial testimony regarding mail fraud, wire fraud, money laundering and asset forfeiture.

In addition, Tom has performed comprehensive and intensive insurance statutory auditing assignments, including asset valuation, insurance ratio analysis, compliance, and market conduct review and examination report preparation (as state Examiner‐In‐Charge the last three years).

Venue:  

Venue Phone: 804-389-2609

Venue Website:

Address:
7700 Midlothian Turnpike, Training Room 335, West Chesterfield, Virginia, 23235, United States