Embed Size (px)
Citation preview
Dear Orange County FEI Members and Sponsors, Welcome back! I hope you were able to keep cool through our recent heat waves and are ready for another great year with FEI. Hopefully you had the opportunity to participate in some of our Affinity Group activities this summer- Cigars and BS, Golf, Hiking, Scotch & Bourbon Tasting, and Wine Tasting. This year we are looking to kick off a few more groups to keep the merriment going! We are always looking for volunteers to lead new groups, and the Board welcomes your ideas. First, I would like to welcome our new Sponsors: Marcum LLP and Snell & Wilmer. Without your partnership, we would not have FEI. Wednesday, September 12th we will start the program year with our annual Wine Tasting and Networking event. Our very own Brian Ruttencutter has graciously volunteered yet again to share his knowledge and love for wines by pairing wines of Paso Robles with various dishes. Wednesday, October 10th our dinner speaker will be Lori Torres, CEO of Parcel Pending, giving us some insight to an OC Company’s success.
Saturday, December 1st, our Holiday Party will be at the Bahia Corinthian Yacht Club in Corona del Mar. BCYC features breathtaking views of the Balboa Bay. Great food, dancing, networking, and plenty of holiday merriment will be featured that evening. We hope you will join in the festivities!
Wednesday, January 9, 2019 we will have our annual Chapman Economic Forecast. We are lucky to have Dr. James Doti, Chapman University President Emeritus, presenting again. This event fills up fast so be sure to register early. Friday, April 12, 2019 will be our dinner and theater spouse event night. This year we will be enjoying a rendition of Cats at Segerstrom Center for the Arts. Mark your calendar!
Be sure to look for the complete calendar of events within the newsletter. If you should ever have any suggestions or comments, reach out to any of the FEI OC Board members. We are all committed to making FEI the best experience it can be for you.
I look forward to seeing you on September 12th!
Rebecca Covarrubias President, FEI – Orange County Chapter
PRESIDENT
REBECCA COVARRUBIAS
FIRST VICE PRESIDENT
JAMES KLINGLER
TREASURER
CHRIS WELLER & STEVE WALENTA
SECRETARY
HEATHER BAUGH & WENDY DARMS
VP PROGRAMS
JAMES KLINGLER, BOB BRUNING &
DAVE QUIMBY
MEMBERSHIP CHAIRS
TODD AMY & HEATHER BAUGH
VP STRATEGIC PARTNER RELATIONS
SUE REILLY & ERIC ROARK
ACADEMIC RELATIONS
MOHSEN SHARIFI & CHRIS BURNS
ARRANGEMENTS
SEAN NGUYEN
CAREER MANAGEMENT SERVICES
SCOTT PARTRIDGE, & ANDRE AFSHAR
DIVERSITY CHAIR
IRENE KLEPP
NATIONAL LIAISON
BRIAN RUTTENCUTTER
NEWSLETTER EDITOR
REBECCA COVARRUBIAS
PROFESSIONAL DEVELOPMENT
MARK BELZOWSKI
RETIREE LIAISON
SONNY DIMASCIO
DIRECTORS
FERNANDO SAUCEDA, JANE ROTH, STEVE
KASPRISIN, STEPHEN JARDON,
BILL CREELMAN, BRUCE MCCALLUM
CHAPTER ADMINISTRATOR
KATE AUGUSTA
O R A N G E C O U N T Y C H A P T E R — S E P T E M B E R 2 0 1 8
MESSAGE FROM THE CHAPTER PRESIDENT
2018/2019 Save the Date
Wednesday, September 12, 2018
Event Professional Development Session Event Dinner Meeting
Location Pacific Club (Newport Room) Location Pacific Club (La Jolla Room)
Topic What’s the impact of the new Lease Accounting Standard on your Financials
Topic Wine Tasting and Networking Event
Speaker Medi Abbis, Squar Milner Speaker Brian Ruttencutter
Wednesday, October 10, 2018
Event Professional Development Session Event Dinner Meeting
Location Pacific Club (Newport Room) Location Pacific Club (La Jolla Room)
Topic TBD Topic OC Company Success
Speaker Jeff Manley, Savills Studley Speaker Lori Torres, CEO of Parcel Pending
Wednesday, November 14, 2018
Event Professional Development Session Event Dinner Meeting
Location Pacific Club (Newport Room) Location Pacific Club (La Jolla Room)
Topic TBD Topic Analysis of the 2018 election
Speaker Matt Gauen, Woodruff Sawyer Speaker TBD
Saturday, December 1, 2018
Event Holiday Party and Spouse Event
Location Bahia Corinthian Yacht Club
Wednesday, January 9, 2019
Event Professional Development Session Event Dinner Meeting
Location Pacific Club (Newport Room) Location Pacific Club (La Jolla Room)
Topic TBD Topic Economic Forecast
Speaker Mark Cook, Singer Lewak Speaker Dr. Doti, Chapman University
Wednesday, February 13, 2019
Event Professional Development Session Event Dinner Meeting
Location Pacific Club (Newport Room) Location Pacific Club (La Jolla Room)
Topic TBD Topic The Internet of Things
Speaker Brett Souza, Bryan Cave Leighton Paisner
Speaker Hunter Jensen, CEO of Barefoot So-lutions
Wednesday, March 13, 2019
Event Professional Development Session Event Dinner Meeting
Location Pacific Club (Newport Room) Location Pacific Club (La Jolla Room)
Topic TBD Topic Impact of Blockchain on Business
Speaker Steve Flynn, Marsh Speaker Mac McGary, CEO of Sweetbridge
Friday, April 12, 2019
Event Dinner and Theater Spouse Event- "Cats"
Location Leatherby's/Segerstrom Hall
Wednesday, May 8, 2019
Event Professional Development Session Event Dinner Meeting
Location Pacific Club (Newport Room) Location Pacific Club (La Jolla Room)
Topic TBD Topic Millenials - Topic TBD
Speaker Eric Stone, Grant Thornton Speaker Dr. Chip Espinoza
DINNER MEETING AT THE PACIFIC CLUB
SEPTEMBER 12, 2018
Annual Networking and Wine Tasting Event! "Discovering
the Wines of Paso Robles"
Please join us for a wonderful evening of meeting other members, and also enjoying good food and wine.
Our annual kickoff meeting is formulated to allow time for members to get to know each other, as well as the participating Sponsors who will host each table. Between each course, you’ll be asked to move to your next assigned table so you can meet another group of members. Then the sponsor and each member can give a brief introduction about themselves so the other members will know more than just your name and company.
Adding to the lively evening will be an introduction of the wine that has been selected to pair with the food in that course. Brian Ruttencutter has volunteered to describe these pairings. He worked with the Pacific Club to select the wines and food to highlight the best of both.
Master of Ceremonies: Brian Ruttencutter is a former National Chair of FEI and Past President of the Chapter and is currently actively representing our Chapter on various FEI National committees. Brian has formally studied wine and achieved the Level II and Level III certifications as a wine specialist by the WSET, an international wine expert accreditation program.
Register Here
Programs
PD SESSION AT THE PACIFIC CLUB
SEPTEMBER 12, 2018
PD Session: “ What’s the Impact of the New Lease Accounting
Standard on Your Financials”
Presented By: Squar Milner—Medi Abbis
What You Will Learn:
Help understand the key provisions in the new lease guidance, ASC 842
Help understand the impact of these provisions on your company’s financial statement
Help understand the implementation process and its challenges
Register Here
Programs
Welcome New Members!
Jolene Myers
Lance Lenhert
Michael Richard
Raj Patel
Michael Costa
Natalie Nichols
CAREER SERVICES at your service “A QUICK NOTE FROM THE CAREER SERVICES CHAIR”
Committee Members
CAREER SERVICES
C0-CHAIRS
SCOTT PARTRIDGE
ANDRE AFSHAR
Effective Relationship Building for Leaders in Transition
Resources Global Professionals cordially invites you to attend this powerful
event. Creating, maintaining and serving a wide network will lead to great busi-
ness and personal rewards. And it really is all about building and valuing long
term relationships and delivering value. But who is in your network? Who
do you already know and how do you add to it?
When it comes to networking, the adage "build it before you need it" couldn't be
truer. But the good news is you already have built it! Now learn how to uncover
it! This meeting will help you understand what Networking really is, how to iden-
tify or uncover your own, already existing network, how to continually build on it
and then how to nurture and maintain it.
Date: September 21, 2018
Time: 8:15 AM Registration and Refreshments
8:30— 1:00 PM Program and Networking Lunch
Location: Resources Global
17101 Armstrong Ave. Suite 201
Irvine, CA 92614
Dress: Business Casual
Please RSVP by September 19, 2018 to Diana Hall 714.430.6525 or
Technology Text!
Follow FEI OC on
Twitter!
@OCChapterFEI
Scholarship Night!
Gary Peacock Scholarship Recipients 2018
The FEI – Orange County Chapter continues to support the outstanding students who intent to pursue a career in ac-counting and corporate finance. The scholarship awardees were invited to the Students Night which was held on May 9, 2018 at the Pacific Club.
The students who received the FEI’s Gary Peacock Scholarships were from the Chapman University, California State Uni-versity-Long Beach, California State University-Fullerton and the University of California – Irvine. The guests of stu-dents and the faculty/staff members from each of the universities were also invited to celebrate the students’ achieve-ments.
In addition to the cash award of $2000, each student received a one-year electronic subscription to FERF publications; a digital subscription to Financial Executives magazine and FEI Daily; and a certificate of academic excellence from the President and CEO of the Financial Executive International. The sources of the fund are the Chapter’s General Fund and the members’ contribution through the auction conducted during the annual Christmas party.
Fernando Sauceda, then President of OC Chapter, Chris Burns and Mo Sharifi the Co-Chairs of Academic Relations Com-mittee assisted Nancy Peacock (Gary Peacock’s widow) in presenting the checks and certificates.
The scholarships are helpful to the students by allowing them to pursue their academic and professional goals with slightly less stress for financing their educational needs. The recipients of 2017-2018 scholarships are: Jessica Lam and Michael Lopez of CSU-LB, Tiffanie Bui, and Nolan Thompson of CSU-Fullerton, Christian Carnehan and Sterling Swift of Chapman University, and Jessica Chan and Carina Chou of the University of California-Irvine.
Scholarship Night!
Gary Peacock Scholarship Recipients 2018 Below are the short bios submitted for by each candidate for their introduction at the Students Night:
Jessica Lam - CSULB I am currently a junior at California State University, Long Beach (CSULB) majoring in Business Administration with Options in Accountancy and Finance. Upon graduating from high school, I was offered the President’s Scholarship at CSULB. Gratefully accepting the award, I have gained many opportunities that have helped my personal and professional growth. In addition to working part-time and maintaining a strong GPA every semester for the past three years, I have been involved with an on-campus organization, Beta Alpha Psi & Accounting Society. Joining a community of hard-working, knowledgeable individuals has allowed me to understand my possible career options and assisted me in developing my soft skills. As Vice President for the organization this past semester and being elected as President for
this upcoming semester, I am thankful for the chance to build my leadership skills. With regards to my career aspirations, I interned at Northrop Grumman Corporation this past summer, and I have accepted an internship with Deloitte & Touche LLP for this summer. I look forward to using both of these experiences to determine the route that I want to pursue towards entering the corporate finance world. Outside of school, work, and involvement, I enjoy visiting new places and completing jigsaw puzzles! I am extremely grateful to be granted a scholarship from FEI this year, and I intend to use it to finance necessary textbooks and supplies for my senior year at CSULB. I greatly look forward to what new opportunities the future holds for me! Thank you again for this award!
Nolan Thompson – CSUF
I am a junior at Cal State Fullerton working very hard to graduate with honors. Recently, I was accepted into the Applied Statistical Analysis Program at CSUF, and I am a level 1 CFA candidate set to take my exam in December. When I am not working on homework or studying for exams, I also like to play baseball, football, golf, and snowboard. Once I graduate, I would like to be a financial analyst at an investment firm where I can continue to learn about investment strategies. My long-term professional goal is to become a portfolio manager, and then eventually open my own investment firm to help people grow their wealth and save for retirement.
Scholarship Night!
Michael Lopez – CSULB I am currently a full-time undergraduate student at California State University, Long Beach transferring from El Camino College in Torrance. A first-generation college student, majoring in Business Administration with an emphasis in Finance.
Academic and Social Accomplishments: ● Associates Science Degree- Business Administration ● Associates Arts Degree ● Pelican Products Intern - Summer 2017 Incoming Northrop Grumman Business Management Intern- Summer 2018 ● Corporate Mentoring Program Retreat (2017-2018) -Best Group Presentation ● FEI Orange County: Scholarship Recipient
After graduation I hope to be employed at Northrop Grumman full-time. During my time there I plan to experience and move up in different areas of the business field such as Finance, Supply Chain, Procurement, etc. After working in the field for several years I plan to return to CSULB for my MBA. I also aspire to be an entrepreneur, one day opening a restaurant or automotive performance shop. Attending car shows, going to the race track, going to the movie theater, experiencing new food, and spending quality time with friends and loved ones. This scholarship is an amazing gift and I appreciate it so much. I plan to utilize it for my school expenses such as commute, supplies, and to pay part of my school loans. Since this scholarship will help alleviate some of my debt, it gives me the opportunity to save some of my income for investments and future expenses. I would like to be able to learn how to allocate my finances appropriately; so that one day I can assist friends and family become financially independent.
Scholarship Night!
Tiffanie Bui - CSUF My family is from Northern California, but my entire undergraduate career has been spent at Cal State Fullerton. During my time at Cal State Fullerton, I discovered my love for accounting in my first financial accounting class. Since then I have made it my goal to excel in all of my accounting classes while actively participating in Accounting Society. Not only have I been able to maintain a 4.0 accounting GPA, but I have also held executive board positions with the organization. My goals for the next year is that I hope to graduate from CSUF with honors in 3 1/2 years while doing an exceptional job at my Deloitte audit internship this summer. Overall, I hope that I will become a successful CPA that can hold high ethical standards. Outside of accounting one of my favorite things to do is snowboarding, even though I am not very good at it. This scholarship will help me tremendously accomplish my goal of graduating in 3 1/2 years because I will be able to use the finances towards my summer tuition and textbooks. Since I am graduating earlier, this gives me more flexibility and freedom to study for my CPA exams. I am so grateful and honored to be receiving this scholarship! Thank you.
Christian Carnehan – Chapman I grew up in San Clemente, the youngest of four boys. In my senior year in high school, I chose for my Independent Senior Project to work for 40 hours at the accounting firm KPMG, LLP. This experience convinced me that I wanted to study accounting in college. Academic Achievements: • Presidential Scholar • Chancellor’s List, every semester • California CPA Society Award for Outstanding Scholarship • Member of the Honor Society of Beta Gamma Sigma • Member of the Accounting Society • Supplemental Instructor for Introduction to Accounting I plan on graduating in four years, completing 150 units, which is required for me to sit for the Certified Public Accounting (CPA) exam. I plan to graduate with dual de-grees in Accounting and Business Finance, and possibly a minor in Economics. Also, I plan on receiving a Certificate in Applied Statistical Analysis. Last summer I was an intern at the firm Financial Advocates, LLP, which specializes in tax preparation and financial planning and this upcoming summer I will be an intern at KPMG, LLP in Orange County. After graduation, in the fall of 2019 I will begin my fulltime career in Public Accounting. I hope to have passed the CPA exam and be ready to apply my education towards work. Lastly, I look forward to learning
more about business and accounting while working in Public Accounting. I believe that I will use this scholarship to purchase review information for the CPA exam and update my college wardrobe to a professional one.
Affinity Program Contact Info Affinity
Program Program Description Next Meeting
Date Meeting
Place Leader Name Preferred
Contact Method
Contact Information
Cigars and Bullshit
Meets occasionally for social conversation, drinks, cigars
and bullshit
10/2/2018 Bistango Steve Kasprisin
Email [email protected] Work: (949) 858-5900 Cell: (949) 459-3910
Golf Meets for golf and social inter-action at golf courses in
Orange County, generally o n a weekend day.
9/23/2018 Varies Jane Roth Email [email protected] Work: (714) 229-3356 Cell: (909) 208-4964
Hiking Meets for hiking and social interaction at hiking trails in and around Orange County
9/15/2018 Varies Scott Partridge
Mobile [email protected] Cell: (949) 439-8385
Investment (Retirees)
Meet to discuss investment ideas, market conditions, allo-cation approaches and alter-natives for individual inves-tors. The group is limited to
members and guests that are retired or soon to retire only.
9/26/2018 Strawberry Farms Golf
Club
Bill Pavony Email [email protected] Work: (949) 497-8026 Cell: (949) 338-8615
Investment
Meet to discuss investment ideas, market conditions,
allocation approaches and alternatives for individual
investors.
TBD Varies Pratik Zaveri Email [email protected]
March Madness
A virtual group that meets online each March to compete
against each other in a fun competition in connection
with the NCAA Men's Division I Bracket Basketball
Tournament
March/April 2019
Virtual Sean Nguyen Email [email protected]
Scotch & Bourbon Tasting
Meets to sample a variety of premier Scotch or Bourbon
and learn their story and origins
10/4/2018
Meets every other month
TBD Todd Amy Email [email protected]
Retirees Meet for day trips to events and locations in and around LA and OC. The group is limited to members and guests that are retired or soon to retire only.
TBD Varies Sonny Dimascio
Email [email protected]
Wine Tasting
Meet for wine and appetizers or dinner at select locations in
and around Orange County. Each event headcount will be restricted in number, when
necessary, on a first come first registered basis.
TBD
Meets every third month
Varies Brian Ruttencutter
Email [email protected]
Affinity Group Photos!
Details below:
TAKE A HIKE!
We are hoping for another beautiful day with ocean and inland views as we head back to the top of Crystal Cove State Park in Newport Coast. Afterwards, there is a Starbucks nearby, where we can hang out for coffee or a cool drink. As many of you know, parking may be a little tight there, so please plan on parking at about 8:20, so you can arrive at the meeting point by 8:30.
Please bring water, sunscreen, lip balm, sunglasses, hat, and sturdy hiking shoes (hiking poles are optional).
Location Details:
Take Newport Coast Drive to Ridge Park Road
Take Ridge Park all the way up the hill until the end of the cul-de-sac. Park along Ridge Park
Meet at the “Pacific Ridge Trailhead” column at the end of the cul-de-sac.
Date Saturday, September 15 (shooting for the 2nd Saturday of each month, but allowing for Labor Day weekend this month)
Time 8:30AM – 10:00AM
Location Crystal Cove State Park (top of Newport Coast)
20403 E. Coastal Peak
Terrain Uneven/some steep hills
Distance Approx. 4 miles. We will do a loop hike, starting and ending at the trailhead
Level Intermediate. Adults only, no pets
RSVP By September 12, 2018 to Scott Partridge, FEI member and hiking group veteran
949-439-8385
Retired Members—Calendar
Wednesday, September 26, 2018
Event Investment Management Group Meeting
Location Strawberry Farms Golf Club
Wednesday, October 17, 2018
Event Retiree Lunch Meeting
Location Strawberry Farms Golf Club
Wednesday, November 28, 2018
Event Investment Management Group Meeting
Location Strawberry Farms Golf Club
Wednesday, January 23, 2019
Event Investment Management Group Meeting
Location Strawberry Farms Golf Club
Thursday, March 7, 2019
Event Retiree Lunch Meeting
Location Strawberry Farms Golf Club
Thursday, April 25, 2019
Event Investment Management Group Meeting
Location Strawberry Farms Golf Club
SPONSOR highlight SUBMITTED BY: GLOBALVIEW ADVISORS
AICPA Releases Working Draft of Valuation Guide for PE and VC Funds
By Raymond Rath, ASA, CEIV, CFA
On May 15, 2018, the AICPA’s Financial Reporting Executive Committee (FinREC) issued a Working Draft of the AICPA Accounting and Valuation Guide: Valuation of Portfolio Company Investments of Venture Capital and Private Equity Funds and Other Investment Companies. FinREC is requesting feedback from interested parties. I’ve been a member of the Task Force working on the development of this guide since its inception approximately five years ago.
The guide provides nonauthoritative guidance for preparers of financial statements, independent auditors, and valua-tion specialists for accounting and valuation of portfolio company investments held by investment companies (private equity, venture capital and hedge funds) within the scope of FASB ASC 946, Investment Companies. Corporate ven-ture capital groups or pension funds that make investments in similar types of portfolio companies may also find use-ful insights. Valuation issues where there is divergence in practice are discussed to assist users in estimating fair val-ues for these investments.
The working draft of the guide is almost 650 pages. Despite the length, the guide is not as overwhelming as the page count suggests. The guide is very well structured and readers looking for insights in a specific area will be able to find relevant section(s) and examples quickly. A significant share of the guide ties to 15 extremely robust examples for esti-mating the value of a PE or VC investment over the period from initial investment to the end of the holding period. Changes in the subject firm, industry and economy and their implications for the valuation are presented in the exam-ples. The examples are intended to capture a variety of different investment situations, industries and stages of devel-opment. Readers with a specific question in mind can find the most relevant example(s) and consult those to help de-velop valuation insights. Chapters 1 through 12 provide detailed discussions of a variety of important topics. Chapter 1 provides an Overview of the Private Equity and Venture Capital Industry and Its Investment Strategies. Chapter 2 discusses key elements of the accounting guidance on Fair Value and Related Concepts. The development of Market Participant Assumptions is covered in Chapter 3 and Determining the Unit of Account and Assumed Transaction for Measuring the Fair Value of Investment issues are covered in Chapter 4. Chapter 5 discusses the three valuation approaches in Overview of Valua-tion Approaches. The Valuation of Debt Instruments is covered in Chapter 6. Valuations of Equity Interests in Simple and Complex Capital Structures are discussed in Chapters 7 and 8, respectively. Control and Marketability issues are presented in Chapter 9. Chapters 10, 11 and 12 discuss Calibration, Backtesting, and Factors to Consider At or Near a Transaction Date, respectively.
SPONSOR highlight SUBMITTED BY: GLOBALVIEW ADVISORS
Chapter 13, Special Topics, covers a variety of specific situations that frequently challenge those involved in fair value estimates. Chapter 14, Frequently Asked Questions, and Appendix A, Valuation Process and Documentation Consider-ations, and Appendix B, Valuation Reference Guide, provide further technical insights that are readily accessible to in-terested users. Appendix C provides Valuation Case Studies, and the guide closes with an extensive Glossary of valua-tion and industry terms.
The targeted date for issuance of the final guide is May 2019. A link to the AICPA website and the two documents follows: https://www.aicpa.org/interestareas/frc/accountingfinancialreporting/working-draft-of-pe-vc-guide.html. Those interested in providing comments can submit those to Yelena Mishkevich at [email protected].
We are pleased to answer any questions pertaining to the guide. For more information, please contact Ray Rath at [email protected], (323) 229-9447 or Michael Haghighat at [email protected], (949) 475-2801.
ABOUT THE AUTHOR
Ray Rath has valued businesses, securities interests and intangible assets for over 35 years. He is a member of the AICPA Task Force Determining Fair Value of Portfolio Company Investments of Venture Capital and Private Equity Firms and other Investment Companies. He has organized and moderated 13 annual conferences for the American So-ciety of Appraisers on fair value issues. Speakers have included staff of the SEC, PCAOB, FASB and IASB.
SPONSOR highlight SUBMITTED BY: BRYAN CAVE LEIGHTON PAISNER
Wire Transfer Fraud: a How-To Guide
Businesses are increasingly falling victim to wire fraud scams – sometimes referred to as “man-in-the-email” or “business email compromise” scams. Although there are multiple variants, a common situation involves an attacker gaining access to the email system of a company, or the company’s vendor, and monitoring email traffic about an upcoming transaction. When it comes time to submit an invoice or a payment, the attacker impersonates one of the parties and sends wire instruc-tions asking that payment be sent to the attacker’s bank account.
Wire fraud scams often victimize two businesses – the business that expected to receive payment, and the business that thought that they had made payment. The scam can cause significant contractual disputes between the victims as to who should bear the loss. The following is a snapshot of information concerning wire transfer fraud
22,143 The number of busi-nesses victimized by wire transfer fraud.1
$3 Billion The amount of money lost in the US due to wire transfer fraud.2
270% Increase in identified victims and exposed
loss from January 2015 to April 2016.3
SPONSOR highlight SUBMITTED BY: BRYAN CAVE LEIGHTON PAISNER
Wire Transfer Fraud: a How-To Guide
Steps to help avoid wire fraud scams:
1. Avoid free web-based email systems to transact business.
2. Enable multi-factor authentication to log into all email systems.
3. Require employees to select unique and strong passwords or pass phrases.
4. Require employees to change email passwords frequently
5. Require multi-factor authentication (e.g., email and telephone call) when receiving initial payment information.
6. Require multi-factor authentication when receiving a request to change payment information.
7. Send a confirmatory letter or email (not using the “reply” feature in email) concerning any request to change pay-ment information.
8. Delay payment in connection with any request to change payment accounts or a request to make payment to a foreign bank account.
9. Review any request received by email to change payment accounts for signs that the email may be from a third party.
Provide clear instructions to business partners concerning how payment information should be communicated.
If you are victimized by wire fraud, consider:
1. Notifying the receiving bank and request that a freeze be placed on any remaining funds.
2. Notifying law enforcement.
3. Investigating whether your email system may have been compromised.
Asking business partners to investigate whether their email systems may have been compromised.
1. Federal Bureau of Investigation, Alert No. I-061416-PSA (June 14, 2016), https://www.ic3.gov/media/2016/160614.aspx..
2. Id.
3. Federal Bureau of Investigation, FBI Warns of Dramatic Increase in Business E-Mail Scams(April 2016), https://www.fbi.gov/phoenix/press-releases/2016/fbi-warns-of-dramatic-increase-in-business-e-mail-scams.
SPONSOR highlight SUBMITTED BY: MARSH
SPONSOR highlight SUBMITTED BY: MARSH
SPONSOR highlight SUBMITTED BY: MARSH
SPONSOR highlight SUBMITTED BY: MARSH
CHAPTER sponsors WE EXPRESS GRATEFUL ACKNOWLEDGEMENT TO OUR
STRATEGIC PARTNERS
PLATINUM LEVEL
GOLD LEVEL
