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Big Money Landed in UCAN Misspelled Accounts

Watchdog Utility Consumers' Action Network says it will initiate a court-supervised dissolution. This announcement followed immediately on the organization's receipt of a subpoena from the U.S. Attorney's office, demanding financial records dating back to 2004.

One of the key questions in this investigation will almost certainly be about funds that landed in accounts in which the organization's name was misspelled: Utility Comsumers' Action Network..."m" instead of "n" in the second name.

On June 8 of last year, attorney Paul Dostart filed a report about various questionable activities at UCAN. He mentioned the "Comsumer" accounts, but could only find relatively small sums in them. But attorney Michael Aguirre has come up with a transaction notification indicating that Utility Comsumers' Action Network was transferring the hefty sum of $262,761.24 out of the brokerage house Morgan Stanley Smith Barney.

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That's a lot of money for the UCAN organization, that had gross income of around $2 million a year. Aguirre found six accounts under the misspelled name -- with Wall Street firms such as Goldman Sachs, and with Red Rock Capital, a hedge fund that UCAN was supposed to have lost money investing in, and other financial institutions.

One typo can be forgiven. But six? I could not reach Dostart or Kendall Squires, who heads the UCAN board.

For more blogs and articles on UCAN, click on the links below

July 21, 2011

July 27, 2011

August 13, 2011

August 24, 2011

September 13, 2011

October 12, 2011

December 6, 2011

February 20, 2012

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Watchdog Utility Consumers' Action Network says it will initiate a court-supervised dissolution. This announcement followed immediately on the organization's receipt of a subpoena from the U.S. Attorney's office, demanding financial records dating back to 2004.

One of the key questions in this investigation will almost certainly be about funds that landed in accounts in which the organization's name was misspelled: Utility Comsumers' Action Network..."m" instead of "n" in the second name.

On June 8 of last year, attorney Paul Dostart filed a report about various questionable activities at UCAN. He mentioned the "Comsumer" accounts, but could only find relatively small sums in them. But attorney Michael Aguirre has come up with a transaction notification indicating that Utility Comsumers' Action Network was transferring the hefty sum of $262,761.24 out of the brokerage house Morgan Stanley Smith Barney.

<

That's a lot of money for the UCAN organization, that had gross income of around $2 million a year. Aguirre found six accounts under the misspelled name -- with Wall Street firms such as Goldman Sachs, and with Red Rock Capital, a hedge fund that UCAN was supposed to have lost money investing in, and other financial institutions.

One typo can be forgiven. But six? I could not reach Dostart or Kendall Squires, who heads the UCAN board.

For more blogs and articles on UCAN, click on the links below

July 21, 2011

July 27, 2011

August 13, 2011

August 24, 2011

September 13, 2011

October 12, 2011

December 6, 2011

February 20, 2012

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4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
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