Skip to content

TRACY ROSENBERG AND ACCOUNTING FRAUD AT PACIFICA: PART I

April 4, 2014

TRACY ROSENBERG AND ACCOUNTING FRAUD AT PACIFICA

 

Tracy Rosenberg believes that the accounting standards of a fruit stand are the accounting standards, which Pacifica should follow.  I should know.  I wrote to the Internal Revenue Service about accounting fraud at WBAI and Pacifica- but only after being taunted by Carolyn Birden and R Paul Martin to report accounting fraud.  Birden even taunted me and said that I would be legally liable if I did not report violations of federal law.

 

Tracy Rosenberg has provided much illumination concerning current accounting problems at KPFA.  Unfortunately, Tracy Rosenberg, as a member of the Pacifica National Finance Committee, had covered up massive accounting fraud at Pacifica- and WBAI.  Rosenberg gave a false impression of the Internal Revenue Service’s audit of Pacifica.  While Rosenberg stated that Pacifica had passed the audit and had not been fined, the truth is that major financial fraud (here called accounting irregularities) was discovered.  The cost of the accounting services for the audit was between $80,000-$100,000.  As far as I know, the audit cost has not been broken out from the total accounting cost.

 

As usual I was correct.  There was massive fraud at Pacifica and WBAI- only some of which was uncovered.

 

Pacifica was required to make adjustments of approximately $500,000 to Pacifica’s financial statements.  These adjustments included a change in the depreciation schedule and accrued accounting for legal expenses.  These changes will result in greater losses on Pacifica’s financial statements over the coming years. 

 

As I had been told by Mitchel Cohen, former Chair of the WBAI Local Station Board, Pacifica and WBAI  had not entered the cost of Bernard White’s lawsuit on the financial statements.  Pacifica’s legal expenses have to be entered as they are incurred- and not when they are paid.  The legal expenses are an expense and are recorded on the balance sheet, if not paid, as a liability.  This was not done.  Pacifica entered the legal expenses, not when the legal expenses were incurred, but as Pacifica paid the legal expenses.  This accounting fraud, treating Pacifica as a fruit stand in Queens, minimized via its fraudulent precept the expenses and thus increased the profit (actually decreased the loss) of Pacifica.  Thus, Pacifica’s defense of Bernard White’s lawsuit  was not entered into the records. 

 

Currently Tracy Rosenberg, currently a member of the Pacifica National Finance Committee,  is ringing the claxon on accounting fraud at KPFA.  But Tracy Rosenberg, a member of the Pacifica National Finance Committee, has said nothing, except offering platitudes, about major accounting fraud at Pacifica and WBAI.  Why?  Because Tracy Rosenberg’s friends perpetrated the accounting fraud. 

 

And this is where it becomes interesting.  This accounting fraud will be discussed in a future e-mail, which I suggest everyone read. 

Advertisements

From → Uncategorized

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: