David Friehling's office

Bernard Madoff’s accountant, David Friehling, has been arrested in relation to the Ponzi scheme that bilked billions out of clients and landed Madoff in jail.

Friehling, sole proprietor of the Friehling & Horowitz, is being charged with securities fraud. He turned himself in to authorities today.

Unwitting participant

Authorities do not accuse Friehling of knowing about the scheme. Rather, they say he certified Madoff’s firm’s financial statements without completing an audit. Accusers say this deceived investors and allowed the scheme to continue undetected because he “rubber stamped” Madoff’s falsified numbers.

A lengthy tenure

Friehling has served as Madoff’s auditor since 1991. Over the past few months a Ponzi scheme that swindled $65 billion out of money manager Madoff’s clients surfaced. Madoff has been convicted on 11 charges, including fraud.

Hefty charges

It’s unknown what kind of bail Friehling is facing, but if it’s anything like the $10 million Madoff is being held on until his sentencing trial, Friehling might have to pay it off in installment loans.

Friehling’s charges include securities fraud, aiding and abetting investment adviser fraud and four counts of filing false audit reports to the Securities and Exchange Commission, according to the U.S. Attorney for the Southern District and the Federal Bureau of Investigation.

Not getting off easy

Madoff, 70, essentially is facing life in jail for his crimes. His sentencing is scheduled for June, and he could get up to 150 years in prison.

If convicted, Friehling could face a similar fate. His charges could earn him up to 105 years in jail. Friehling, 49, would stay in prison for the rest of his life if he is found guilty and given the maximum sentence.

More on Madoff

Madoff

Madoff is locked up in the Metropolitan Correctional center in Manhattan. He is scheduled to remain there until his sentencing, June 16. But he’s not waiting quietly. He has a hearing tomorrow to appeal his $10 million bail. He says he should be released until his sentencing.

Heath, Adolph and Deborah

Can’t take a hint

The Campbells have called the same grocery store every year to request a “Happy Birthday Adolph Hilter” cake. They’ve also made requests for swastikas to be included on the cake. Each year their request is denied.

Why do they keep calling the same grocery store and making the same request? Are they trying to make a point? I think the grocery store is making the better point: Change your kid’s name. Being denied birthday cake is going to be the easiest thing your child ever has to go through because of his name.

Conflicting stories

With the national spotlight firmly focused on them, the Campbells have defended themselves and their son’s name. The boy’s father, Heath Campbell, says in several articles that he only chose the name because no one else would have it. “They need to accept a name. A name’s a name,” he said to the Associated Press.

Heath says he believes the Nazis were bad people. I find that a little hard to believe. The family’s home is reportedly decorated with swastikas. Adoph’s sisters are named JoyceLynn Aryan Nation and Honszlynn Hinler Jeannie.

What’s the catch?

So Heath is apparently smart enough not to reveal his true feelings on Nazis to the nation. His family is already under enough fire (rightfully so, I think) for their son’s name; imagine if Heath admitted to being a white supremacist. So he keeps his mouth shut.

Heath is smart enough to protect himself from the wrath of a nation, but what about poor Adolph?

Bad parenting 101: Setting your child up for a world of pain

Children make fun of perfectly normal names in school. They mercilessly and cruelly tease kids with names that are unusual. Just imagine what this kid will have to go through. And though the emotional scars inflicted in grade school often don’t heal for decades, it will only get worse for this kid.

He didn’t choose his name. But people will take it out on him. I’ll admit flat out, if I met someone named Adolph Hitler I’d certainly think twice before associating with him. Think about what will happen when he applies for jobs, college, installment loans or an apartment. A lot of the people reading those applications will never see his face or get to hear him say, “I didn’t choose this name. I’m not a Nazi.”

Advice for Adolph 15  years from now

My hope is that this kid will at least be educated enough by the time he is 18 to know he can change his own name. It would be better if his parents would wake up to reality and change it for him before then, but this would be a good last resort.

Then again, maybe he WILL grow  up to be a white supremacist. Maybe his parents will brainwash him into thinking that he, too, should defend his name and ask people to accept it. Either way, I sure feel sorry for this kid.

Let the poor kid eat cake

The New Jersey Wal-Mart filled the order for Adolph’s birthday cake, just as it has twice before. I don’t have an opinion about either store’s decision to print or not print the kid’s name on a cake. I think there is only one villain in this story, and it’s the person who announced to the doctor that it would be on a birth certificate.

I’m sure Adolph will be able to secure installment loans without changing his name; it just might go more smoothly if he does.

Related Articles

• How twisted is this: Naming your child after Hitler
• ShopRite Refuses to make a Cake…for Adolf Hitler [Nazi Drama]

Today we will talk about the main characteristics the credit bureau’s themselves are looking at on your credit report before passing judgment on your credit worthiness. Knowing these criteria are essential to finding favor in the eyes of the those by who’s judgment in many respects, opens or closes doors of financial opportunity in your life.

When credit bureaus are determining your credit score, they tend to do so by looking at the following characteristics evidenced on your credit report.

1. Late Payments

Are you headed down the right road when it comes to your credit?

This is an obvious one but it cannot be stressed enough. If you have delinquent payments on your report, lenders of whom you wish to do business with will harbor some fear of you repeating this bad behavior. Remember, late payments will plague your report for three years before eventually getting cycled off.

Avoid late payments to your creditors any way that you can. As a last resort, you can always get a payday loan to avoid a late fee or delinquent payment from being reported to the credit bureaus. This is a far less costly solution to you in the long run as the interest rates that you will have to pay over the next three years with any new lenders will be higher due to the reported delinquency. DO NOT MAKE LATE PAYMENTS!

2. Spending Habits

How you tend to use your credit is also a criteria examined by the credit bureaus. When looking at your credit accounts and account balances they are able to determine just how conservative you are as a consumer spender. If your credit lines are maxed out or close to you available credit limit, you would be considered much more of a risk.

In contrast, avoiding a revolving credit balance by paying your consumer credit cards off at the end of each month or billing period will show you to be a far more conservative spender and therefore less of a risk to lenders.

Just because you make your payments on time does not mean you will have good credit. Your spending habits can byte you in more ways then one

3. Age of credit

There is know way to say exactly what model the credit bureau’s use to score your credit as this information is proprietary and confidential. However, the length of time over which you have established positive credit history is likely a key factor in your score as well. Establishing good credit is a lifestyle of financial responsibility as your score is factored over many criteria including your time of good standing.

4. Number And Frequency Of Creditor Inquiries

Every time you apply for a consumer credit card, car loan, home mortgage etc., you incur a credit inquiry on your report. A credit inquiry is a creditor obtaining your credit information via your consent and social security number. The more inquiries that you have over a give period of time can greatly effect your credit scored as new lenders see a barrage of financial responsibilities that you may be responsible. This makes you seem a little more risky as lenders may believe your overextending yourself.

5. Credit Variety.

There is different types of credit that you can be approved for. Credit bureaus look for a variety of installment loans and revolving loans. These would be as mixture of auto, credit cards, retail and etc. Installment loans are loans that a person borrows once and makes payments until the balance is payed in full. Revolving credit are credit loans that has a revolving balance where regular payments are made which each frees up more access to money.

Maintaining your credit is an area of your life that you cannot afford to disregard. On your mortgage alone you can save ten of thousands of dollars on a thirty year fixed mortgage by having a fair credit scored over a poor one or an exceptional credit score over a fair one.

Bad credit is a bleeding would in your financial affairs and because it takes time to heal your credit, now is the best time to apply the dressing.

Unfortunately with all your well doing, the credit bureau’s themselves can sometimes make a mistake on your credit report. Stay tuned to blog to find out how you can clean up discrepancies which have been made on your credit report as well as how you can combat your creditors judgments against you.