Michael G. Kessler
 | This article needs to be updated. The reason given is: no major update since 2010. (August 2021) |
Michael G. Kessler | |
|---|---|
| Born | December 31, 1951 Ridgewood, NY |
| Died | June 6, 2017 (aged 65) Port Jefferson, NY |
| Nationality | American |
| Occupation | Businessman |
Michael G. Kessler was the founder and CEO of Kessler International, a United States-based forensic accounting, computer forensics and corporate investigations firm.
Kessler's credentials included Cr.FA (Certified Forensic Accountant), CFE (Certified Fraud Examiner), CICA (Certified Internal Controls Auditor), DABFA (Diplomate with the American Board of Forensic Accountants), and FABFE (Fellow status with the American Board of Forensic Examiners).[1]
In January 2006 Kessler was elected chairman of the American Board of Forensic Accounting, an advisory board of the American College of Forensic Examiners.[citation needed]
Kessler died in June 2017.[2]
Notable investigations
[edit]In early 2008, Kessler investigated an alleged Long Island-based Ponzi scheme masquerading as a legitimate bridge loan company, called Agape World. He alerted the FBI and other law enforcement agencies after finding evidence of a Ponzi scheme.
Shortly thereafter, the FBI and the USPIS launched their own investigation. Agape World continued to operate, but after the collapse of the Bernard Madoff Ponzi scheme, Agape World came under increased scrutiny and suspicion by investors.
In December 2008 and January 2009, Kessler received numerous reports from investors in Agape World that the payout dates for various bridge loans were being extended or not paid at all, signs that are usually indicative of a collapsing Ponzi scheme. In January 2009, Nicholas Cosmo, founder of Agape World, was arrested by authorities and is alleged to have defrauded investors of an approximate total of $370 million.[3][4]
In January 2010, Kessler was hired by the city of Fort Pierce, Florida, to audit the city's Community Services Department. As a result of their work, Kessler recommended the city turn over its findings to the U.S. Attorney's Office to determine whether criminal charges should be filed.[5]
In March 2010, the city of Deerfield Beach, Florida, hired Kessler International to audit the city's Community Grant department.[6] Kessler’s objective was to conduct a review of a sampling of case files to verify that the process of application and awarding of grants and loans to the applicants were in compliance with guidelines.[7] Kessler's investigation uncovered cases where city employees in the housing division did not adequately verify the eligibility of recipients for public housing funds. Additionally, these employees neglected to disclose potential conflicts of interest when awarding funds to family members. Further issues were identified with the nonprofit organizations managing the public housing programs, as Kessler noted that none of the agencies examined in the audit had maintained proper documentation of their expenditures of public housing funds.[8]
References
[edit]- ^ About Michael Kessler Archived 2001-07-11 at the Wayback Machine
- ^ "Obituary of Michael G. Kessler | McManus Lorey Funeral Home". mcmanuslorey.com. Retrieved 2023-06-12.
- ^ David Winzelberg. "LI investment firm halts payouts, under investigation". Long Island Business News. Retrieved 20 May 2015.
- ^ "Long Island". Newsday. Retrieved 20 May 2015.
- ^ Alexi Howk. "Audit: Fort Pierce department is "corrupt"". TCP. Retrieved 20 May 2015.
- ^ "City's spending audit begins". tribunedigital-sunsentinel. Archived from the original on July 25, 2011. Retrieved 20 May 2015.
- ^ "Internal Control Review of The Community Development Division (City of Deerfield Beach) | PDF | Community Development Block Grant | Internal Control". Scribd. Retrieved 2024-12-18.
- ^ Francis, Thomas. "Auditor Unloads on Deerfield Beach Housing Programs; Finds Evidence of Favoritism, Fraud". New Times Broward-Palm Beach. Retrieved 2024-12-18.