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HOMETOWN BOY MAKES MESS

November 26, 2004

The Tax Update's roving correspondent is on his annual Thanksgiving pilgrimage home to see his family. Looking at the local paper, he finds this:

Gurnee accountant pleads guilty in client theft

   Michael Wright of Gurnee pleaded guilty
   Wednesday in Lake County Circuit Court
   to stealing more than $2.6 million from
   four of his business clients, and was 
   sentenced by Judge James Booras to 
   eight years in prison.

   The plea and sentence were conditional, 
   pending complete resolution of 
   restitution, at least agreements for a 
   repayment plan, and Booras set a Jan. 28
   date for finalizing the action.

   Wright, 41, was an accountant and 
   investment counselor, and worked with 
   the Cote and Wright firm in Gurnee.

   Victims included Grand Appliance Co., 
   Susman Linoleum and Rug Co. of Gurnee, 
   and two elderly women.

Now that's a full-service accountant: invest client money and squander it on high living for them too - so they don't have to. What a considerate felon.

The Tax Update didn't grow up with the thief or go to school with him, but the business victims were around when the correspondent was young. The elderly victims may be parents of his classmates.

Much more of this and CPAs will start getting Fact Sheets from the State's Attorney's office.

The Cote & Wright website is down, but a Google cache of it is still up. Here is the "mission statement" from the cached site:

It's not clear how well the mission statement was fulfilled. Given the embezzlement, the "trusted partner" statement takes on a sinister tone. As for the promised "peace of mind," if the client subscribes to the "no money, no worries" investment philosophy, Mr. Wright was just the man.

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