8:09 p.m., July 28
Accountant Klingensmith loses license
The California Board of Accountancy officially announced today (Oct. 29) that Escondido accountant Ronald Klingensmith has admitted the accuracy of charges filed by the board and has lost his license. The accounting firm of Ron Klingensmith & Associates will cease practicing, its website will be shut down, and Klingensmith will pay the board costs. In 1997, Klingensmith had become sole trustee of a charitable remainder trust. But in certain years, the trustors did not receive quarterly distributions, weren't provided annual accountings, and weren't provided schedules for tax purposes. The board attempted to contact Klingensmith by letters, by fax, and by telephone and received no response.