Larry Weltman says he is committed to giving his clients the most comprehensive real estate sales and brokerage consulting services possible through Weltman Consulting. He brags about Weltman Consulting’s expertise in real estate sales and market consulting for realtors and brokerages. In addition, Larry states that he offers advisory services to help customers with cash flow management, marketing, brokerage administration, and the development and revision of business strategies.
Furthermore, according to what Larry Weltman claims and describes, he started Weltman Consulting upon realizing that the real estate sales market was undergoing considerable change and was shifting toward a greater number of independent realtors who work independently and bear the majority of the business expenses. Regulations have forced brokerages to pay additional costs; consequently, there is now much greater competition, which has caused their commissions to drop dramatically. Weltman Consulting provides real estate brokerages and realtors with consulting services to ensure they are completely equipped for the requirements and responsibilities of operating a real estate sales company.Â
Larry Weltman: A Fraud ConvictionÂ
Larry Harry Weltman of Thornhill was found guilty of violating Rule 201.1 of the Code of Civil Discipline for failing to maintain the profession’s good reputation and ability to serve the public interest, after his felony conviction for fraud in the Supreme Court of the State of New York, County of New York. In a transaction involving the acquisition of a company in the tightly regulated gaming sector, Mr. Larry Weltman served as executive vice president and director of a publicly listed company.
Mr. Weltman’s company proceeded with the purchase transaction, functioning the business without a license and without notifying the gaming authority of the acquisition, despite knowing full well that the company’s required gaming license would be nullified upon closing. When the gaming authorities found out that Mr. Weltman’s company was operating illegally, he was charged with fraud and convicted guilty. After imposing a $3,000 fine, the Institute expelled Mr. Weltman.Â
Allegations made against Larry Weltman
The charges against Larry Weltman, CA, are related to his alleged failure to protect the public interest and the integrity of his profession following his conviction for fraud on September 27, 2000, in the State of New York’s Supreme Court. He was judged to have broken Rule 201.1 of the Rules of Professional Conduct by the Professional Conduct Committee.
Findings:Â
After a careful analysis of the available data, Larry Harry Weltman was judged guilty of the charge.
Instructions:
- To emphasize the gravity of his transgression, Weltman will receive a formal censure in writing.
- There’s a $3,000 fine that needs to be paid to the Institute in three months.
- Weltman loses his privilege to join the Institute.
- Public notification of this decision will be given.
- Within ten days, Weltman has to turn in his membership certificate.
Justifications for the Choice:
Official records and a statement of claims were among the evidence that showed Weltman was involved in misbehavior in his position at GalaxiWorld.com Limited. He ran the business without the necessary license, which put him in legal hot water. The committee concluded that his acts were against the public interest and the repute of the profession.
In light of Weltman’s deliberate breaking of the law and disregard for the interests of shareholders, the fine and expulsion were considered reasonable penalties. Despite appeals for sympathy, Weltman’s acts were so serious that he should have been expelled from the Institute.
Conclusion
Since Larry Weltman has been involved in fraudulent activities, he has been subjected to significant accusations and subsequent disciplinary action. This is even though he claims to offer full real estate consulting services through his company, Weltman Consulting. The grounds for his expulsion from the Institute included the fact that he was found guilty of fraud in the Supreme Court of the State of New York, as well as proof of wrongdoing in his professional position.
As a result of the verdicts against Weltman, the accounting profession is reminded of the significance of maintaining ethical standards and serving the public good. Both the integrity of his profession and the interests of shareholders were put in jeopardy as a result of his activities of misconduct.
The decision to reprimand Weltman, impose a fine on him, and expel him from the Institute is a reflection of the seriousness of his crimes and serves as a reminder of the consequences that can result from unethical activity in the professional sphere. In the future, it highlights the need for individuals working in the accounting industry to adhere rigorously to ethical norms and maintain the highest possible levels of integrity in their behavior within the profession.
