Larry Weltman: A Fraudster? (2024)

Originally Syndicated on May 10, 2024 @ 8:39 am

Larry Weltman asserts that he is committed to providing his clients with the most comprehensive real estate sales and brokerage consulting services possible through his company, Weltman Consulting. One of the things that he highlights is the fact that Weltman Consulting is an industry leader in market consulting and real estate sales for brokerages and real estate agents. Additionally, Larry asserts that he offers consulting services to clients to assist them with the development and adjustment of corporate plans, marketing, brokerage administration, and managing their cash flow.

In addition, Larry Weltman asserts that he established Weltman Consulting when he observed that the real estate sales market was undergoing substantial changes. These changes included a shift toward a greater number of independent realtors responsible for most of the business expenses on their own and who work independently. As a consequence of these regulatory regulations, brokerage firms have been forced to pay more costs. 

As a consequence, their commissions have significantly fallen as a result of increased competition. The consulting services that Weltman Consulting provides to real estate brokerages and real estate agents are designed to ensure that these individuals are adequately prepared to meet the requirements and fulfill the commitments that are associated with operating a real estate sales firm. 

Larry Weltman: A Fraud Conviction 

Larry Harry Weltman, a resident of Thornhill, was found guilty of a charge under Rule 201.1 of failing to uphold the good name of the profession and its capacity to serve the public interest due to his criminal conviction for fraud in the Supreme Court of the State of New York, County of New York. This charge was brought about as a result of his conviction for fraud. Mr. Larry Weltman served as the executive vice president and director of a publicly traded company that conducted a transaction to acquire a company operating in the highly regulated gaming industry. In addition, Mr. Weltman was in charge of control management.

Although Mr. Weltman’s company was completely conscious that the necessary gaming license of the company that was going to be purchased would be provided null and void upon the completion of the transaction involving the purchase, it still proceeded to close the deal, but it did so without obtaining a license and without informing the gaming authority of the purchase. 

Following the discovery by gaming authorities that Mr. Weltman’s company was unlawfully conducting business, he was charged with fraud and found guilty of the crime. The Institute imposed a punishment of three thousand dollars on Mr. Weltman and expelled him from the institution. 

Allegations made against Larry Weltman

Claims have been made against Larry Weltman, a Certified Public Accountant, about his failure to protect the integrity of his profession and serve the public interest. These claims arise from a conviction for fraud that was handed down by the Supreme Court of the State of New York on September 27, 2000.  the Rules of Professional Conduct, Rule 201.1, the Professional Conduct Committee determined that he had committed a violation.

Findings: 

After a careful analysis of the available data, Larry Harry Weltman was judged guilty of the charge.

When all of the evidence was considered, it was determined that Larry Harry Weltman was responsible for the crime that was committed against him.

Directives:

1. It is intended that Weltman be given a written reprimand to emphasize the gravity of the offense that he committed.
2. The Institute is required to receive payment of a fine of three thousand dollars within three months.
3. It has been decided that Weltman will no longer be a member of the Institute.
4. The public will be informed of this judgment through the dissemination of the notice.
5. Within the next 10 days, Weltman is required to immediately hand over his membership certificate.

Arguments in Support of the Decision:

It was established through the evidence that Weltman was involved in misconduct relating to his role at GalaxiWorld.com Limited. The evidence that was provided included official papers and a statement of claims. Legal repercussions resulted from his deliberate operation of the business without the necessary license. The committee concluded that his conduct was irreparable to the reputation of the profession and the public interest.

Because Weltman had intentionally broken the law and failed to protect the interests of shareholders, the proper sanctions were a fine and expulsion from the organization. The seriousness of Weltman’s activities indicated that he should be expelled from the Institute, even though attempts were made to advocate for pardon.

Conclusion

In conclusion, Larry Weltman has been subject to severe accusations and subsequent disciplinary action because of his involvement in fraudulent operations, even though he has claimed to offer complete real estate consulting services through Weltman Consulting. His dismissal from the Institute resulted from his fraud conviction in the State of New York’s Supreme Court as well as proof of misbehavior in his professional position.

The conclusions against Weltman emphasize how crucial it is for accountants to follow moral principles and advance the public good. His actions jeopardized the interests of shareholders in addition to undermining the integrity of his profession.

As a reminder of the repercussions of immoral conduct in the professional sphere and light of the gravity of Weltman’s crimes, the Institute decided to censure him, impose a fine, and deport him. Going forward, it emphasizes how important it is for people working in the accounting industry to uphold the greatest standards of honesty in their conduct and to strictly abide by ethical norms.