Executive Conference on Employee Fraud Huge Success 

by Richard Franzi Monday, September 17, 2012
ORANGE COUNTY, Calif. Critical Mass for Business, a firm committed to helping Orange County business owners and entrepreneurs improve their performance and results, hosted its 7th bi-annual executive conference Thursday September 13 at the Center Club in Costa Mesa. The gathering began at 7:30 am and was titled, Internal Controls and Employee Fraud: What Every CEO Must Know.

The conference included a welcome breakfast and introductory speech by Critical Mass founder Richard Franzi, followed by a panel discussion from three experts in the field of employee fraud, and concluding with an educational question-and-answer opportunity for guests.

The panel speakers, which included Vic Hausmaninger, CEO of HBLA Public Accountants, Grace Horoupian, Partner at Fisher & Phillips, LLP, and Mark Simmons, President and CEO of Commerce National Bank, brought a variety of perspectives on the topic. "I scoured Orange County to find these speakers," Franzi said, "I wanted to offer a wide range of insights by including someone from the banking industry, the legal profession and the field of public accounting."

The speakers stressed the importance of internal controls to combat employee fraud, citing multiple examples of how businesses have been blindsided by this problem.

"You would be astounded how often this does happen," said Simmons in discussing the denial surrounding employee fraud. "It usually starts something like, 'I can't believe it. I loved that employee and I thought they loved me.' Well, $300,000 later, they find out it was an expensive love affair."

Horoupian, whose area of legal expertise deals largely with the misappropriation of trade secrets, discussed intellectual property theft - a form of fraud is often overlooked by CEOs. Horoupian drove home the importance of protecting the company from this type of fraud by announcing that intellectual property theft cost American companies over $150 billion in losses last year alone.

The speakers all agreed that technology is imperative to combat employee fraud, strongly suggesting the installation of programs to detect and prevent theft.

Hausmaninger noted in his speech the difficulties involved in detecting and preventing employee fraud without some type of internal controls, saying, "The bottom line is: You can't legislate integrity."

Attendees found the conference to be highly beneficial, agreeing that the information provided was both eye opening and informative. Energetic Solutions President Sheevaun Moran said, Richard Franzi's educational conferences are always educational as he consistently brings the most authentic business leaders in Orange County."

About Critical Mass for Business

Critical Mass for Business is a thought leader in the rapidly expanding field of business coaches for executives. Richard’s firm leads CEO Peer Groups and maintains a vibrant community of business leaders who share a common belief in the positive power of peer learning. Richard hosts three internet-based business talk radio shows and a TV show focused on topics of interest to Orange County business executives. Critical Mass for Business regularly publishes information about the latest breakthroughs in field of peer learning. Learn more at www.CriticalMassforBusiness.com

Richard is the author of two books: CRITICAL MASS: The 10 Explosive Powers of CEO Peer Groups and CRITICAL MASS: The Power of CEO Guiding Principles. He hosts business talk shows on www.OCTalkRadio.net. He is a sought after speaker on topics of interests to CEOs and business owners of mid-market companies.

0    submitted by Richard Franzi
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