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THE GENTLEMAN’S AGREEMENT IS OBSOLETE JASON THOMAS FROST, PLLC 501.975.0238 2011 BEEF FINANCIAL MANAGEMENT CONFERENCE.

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Presentation on theme: "THE GENTLEMAN’S AGREEMENT IS OBSOLETE JASON THOMAS FROST, PLLC 501.975.0238 2011 BEEF FINANCIAL MANAGEMENT CONFERENCE."— Presentation transcript:

1 THE GENTLEMAN’S AGREEMENT IS OBSOLETE JASON THOMAS FROST, PLLC 501.975.0238 JTHOMAS@FROSTPLLC.COM 2011 BEEF FINANCIAL MANAGEMENT CONFERENCE

2 2JASON THOMAS – JTHOMAS@FROSTPLLC.COM INTRODUCTION

3 Introduction 3JASON THOMAS – JTHOMAS@FROSTPLLC.COM 2010 BFMC 11.09.10 11.03.10 ELC Crisis Begins 2011 BFMC 10.06.11

4 4JASON THOMAS – JTHOMAS@FROSTPLLC.COM THE PAST

5 The Past 5JASON THOMAS – JTHOMAS@FROSTPLLC.COM Bernie Ebbers, CEO, WorldCom

6 The Past 6JASON THOMAS – JTHOMAS@FROSTPLLC.COM Ken Lay, CEO, Enron

7 The Past 7JASON THOMAS – JTHOMAS@FROSTPLLC.COM Dennis Kozlowski, CEO, Tyco

8 The Past: US Govt’s Answer 8JASON THOMAS – JTHOMAS@FROSTPLLC.COM

9 9 EASTERN LIVESTOCK CO., LLC

10 Eastern Livestock: Inflation of A/R 10JASON THOMAS – JTHOMAS@FROSTPLLC.COM $32.5MM LOC AFFILIATED COS FICTIOUS CATTLE SALES

11 Eastern Livestock: Check Kiting 11 DRAWS ON $32.5MM LOC BASED ON DAILY BALANCES NON-FIFTH THIRD BANK ACCOUNT $20.0MM IN DAILY TRANSFERS NON-FIFTH THIRD BANK ACCOUNT CHECK KITING JASON THOMAS – JTHOMAS@FROSTPLLC.COM

12 Eastern Livestock: 5 th 3 rd Freeze 12 5 th 3 rd FREEZES ELC ACCOUNTS AND RETURNS CHECKS DRAWN NON-FIFTH THIRD BANK ACCOUNT CATTLE PRODUCERS CHECKS RETURNED FOR INSUFFICIENT FUNDS JASON THOMAS – JTHOMAS@FROSTPLLC.COM

13 Eastern Livestock: Scope 13JASON THOMAS – JTHOMAS@FROSTPLLC.COM

14 Madoff 14JASON THOMAS – JTHOMAS@FROSTPLLC.COM Bernie Madoff, Madoff Investment Securities

15 Eastern Livestock: v Madoff 15JASON THOMAS – JTHOMAS@FROSTPLLC.COM

16 16 PREVENTION JASON THOMAS – JTHOMAS@FROSTPLLC.COM

17 Situational Elements of Fraud 17 MOTIVE/PRESSURE RATIONALIZATIONOPPORTUNITY JASON THOMAS – JTHOMAS@FROSTPLLC.COM

18 An Integrated Approach 18 Personal Objectives Business Objectives Managing risk requires an integrated approach to balance conflicting objectives. PERSONAL GOALS RELATIONSHIPS TRUST HISTORY BUSINESS GOALS PROFIT SECURITY LONGEVITY JASON THOMAS – JTHOMAS@FROSTPLLC.COM

19 An Integrated Approach 19JASON THOMAS – JTHOMAS@FROSTPLLC.COM LETTER OF CREDIT IN WRITING PARTNER INFO RECORD RETENTION BINDING CONTRACTS CATTLE PRODUCER STATE GOVT OKLAHOMA KENTUCKY FEDERAL GOVT USDA/GIPSA

20 20JASON THOMAS – JTHOMAS@FROSTPLLC.COM JASON THOMAS FROST, PLLC 501.975.0238 JTHOMAS@FROSTPLLC.COM

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