TEXAS ThugsPCAOBGovernor Mario CuomoSEC CCOPWC CrookPaulson / GeorgeTEXAS CrooksSENATOR NELSONR. Larry Johnson CPAGov. SebeliusSEC'S LawyersGov. PatakiBush / Pitt
 
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William D. Duhnke III, Chairman PCAOB

 
 
                                                                                   HONESTY AND INTEGRITY ARE ALWAYS NEGOTIABLE!
 
Ben Lewis
Senior Counsel
PCAOB

Dear Mr. Lewis,

It has now been 6 months since we last talked about the massive accounting fraud and Ponzi by PricewaterhouseCoopers LLP.  I can not find anything that you or the  PCAOB did! I am now assuming that you were being less than truthful about all that integrity of you and your organization. 
R. Dale Abshire
2606 Twelve Oaks
Colleyville, TX 76034 
 
 
 

 
Melissa Handrigan  |  Senior Counsel, Division of Enforcement and Investigations
Public Company Accounting Oversight Board
1666 K Street NW, Suite 1024, Washington, DC  20006 
Office:
 202.591.4442  |  Mobile: 202.257-7574 | handriganm@pcaobus.org
 
Info Sent to PCAOB that caused the current investigation!
 
Gregory K. Palm
General Counsel
Executive Vice President
Goldman Sachs
09/14/2017 
 
Dear Mr. Palm,
 
You may recall that I contacted your office during 1998 concerning the fraudulent financial statements that PricewaterhouseCoopers LLP had prepared for the IPO of the Mutual of New York (MONY).  Your office reviewed the information and told me Goldman Sachs had no concerns and were relying on PricewaterhouseCoopers LLP unqualified opinions of the financials and actuarial reports.  GS had no problem with PricewaterhouseCoopers LLP standing on both sides of the transaction and was fully aware of MONY's failure to disclose the massive Ponzi against policyholders of the company.  The Ponzi is ongoing.
 
 
I want to give you an opportunity to clarify any misinformation that I may have posted on the http://www.pwcsucks.com/ and http://www.monybush.com/ web sites. Please review them and let me know of any changes that you feel need to be made.  If I do not hear from you, I will assume you are in agreement with the content. You may want to review the 3700 Buffalo Speedway transaction and the Florida / Bill Nelson letter cited below.
 
Enclosed is the letter to the TSBPA and the AICPA concerning their part in this cabal.  Please do not hesitate to contact me with any questions or documentation.
 
R. Dale Abshire
2606 Twelve Oaks
Colleyville, TX 76034                  817 946-8097
 
 
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 William Treacy, Executive Director
Texas State Board of Public Accountancy
August 25, 2017
 
Dear Mr. Treacy,
 
During 1998 I provided you, Paul Gavia and AICPA President and CEO Barry Melancon information concerning the lack of independence by Coopers & Lybrand / PricewaterhouseCoopers LLP on the financial statements of the Mutual Life Insurance Company of New York, commonly and hereafter referred to as MONY. I also provided the sworn affidavit of CPA R. Larry Johnson detailing the results of NAIC examinations of MONY's financial statements. You also later received the December 2, 1998 letter from the Arizona Department of Insurance detailing the non-audit related financial transactions between Coopers & Lybrand and MONY that ....... according to your own Enforcement Office.... resulted in the loss of "Independence". 
 
You also have the April 21, 1994 letter from the Florida Office of the Treasurer Bill Nelson to MONY Chairman Michael I. Roth detailing illegal investments and violations of over 1.3 billion dollars. You may find a copy of this letter on my http://www.monybush.com/ web site along with other information on the http://www.pwcsucks.com/ site..
 
I also confirmed with TSBPA Enforcement that MONY's financial statements lack of the certification of an "Independent Auditor" will continue until they are  audited by someone other than PricewaterhouseCoopers LLP.
 
MONY was taken public in 1998 by PricewaterhouseCoopers LLP with the fraudulent financials and actuarial reports.  Five years later PricewaterhouseCoopers LLP stood on both side of the MONY/AXA sale that resulted in the comingling of assets that in turn caused AXA's financial statements to be conflicted and lack the proper certification which would later cause the same problem with Protective Life's financials and possibly the Japanese company that now owns Protective Life. 
 
I have noted that Paris-based AXA aims to raise billions of dollars in the first half of next year by selling a minority stake in the combined life-insurance and asset-management company in the U.S.  
 
Your failure to adhere to the most basic standards of conduct as set forth by the AICPA and the TSBPA are astounding!  You have knowingly sheltered what is possibly the longest (35yrs) and largest accounting fraud in American history. Enron and Madoff ............ 
 
Please tell me what you plan to do about this matter.  I would like to tell my children what happened to their money.
 
Respectfully
 
R. Dale Abshire
2606 Twelve Oaks
Colleyville, TX 76034
 
Office of the Treasurer (now US Senator Bill Nelson)
Department of Insurance
State of Florida

April 21, 1994
 
Mr. Michael Isor Roth, President,
Chairman of the Board and CEO
The Mutual Life Insurance Company of New York
1740 Broadway New York, NY 10019

Dear Mr. Roth:

Based upon a review of Mutual Life Insurance Company of New York's 1993 Annual Statement, it appears that the company is in non-compliance with the following Florida Statutes:

1. Pursuant to Section 625.333(2)(a), Florida Statutes, an insurer's limitation in real estate for investment purposes (including joint ventures and participations) is 5% of admitted assets. The company's investment of $1,636,633,686, which included joint ventures, exceeds the company's limitation of $484,879,721 by $1,151,753,965, which is therefore non-admitted.

2. Pursuant to Section 625.031(2), Florida Statutes, loans to officers and directors are not allowed. Therefore, the company's loans of $75,382, General Interrogatories, item 17b., is non-admitted.

3. Pursuant to Section 625.305(4)(d), Florida Statutes, the company's limitation in bond obligations which have been given a rating of 6 by the Securities Valuation Office (SVO) of the NAIC is 1/2% of the insurer's admitted assets. The company's investment of $62,281,579 exceeds the company's limitation of $48,487,972 by $13,793,607.

4. Pursuant to Section 625.327(3)(a), Florida Statutes, an insurer's limitation in a mortgage loan (other than mortgages on dwellings not intended for occupancy by not more than four families, if it is Insured up to 95%) shall not exceed 75% of the value of the property. Schedule B-Part 2-Sections 1A and 1B reports 44 mortgages which exceed the loan to value limitation by an aggregate amount of $37,426,073, which is non-admitted.

5. Section 625.141(2), Florida Statutes, requires methods valuing bonds to be consistent with the method formulated or approved by the National Association of Insurance Commissioners (NAIC) or its successor organization, and as set forth in the latest edition of its publication "Valuation of Securities." The company has reported bonds acquired prior to 1993 in the aggregate amount of $14,227,655 with a designation of "Z" which indicates an obligation with a designation not such bonds is a standard industry practice and is required in Florida under Rule 4-137.001(4), F.A.C. These bonds have been non-admitted. Provide to the Department evidence of submission to the NAIC Securities Valuation Office of all bonds designated as Z.

6. Pursuant to Section 625.031(6), Florida Statutes, an insurer may not allow as assets, securities which are in default. The company's investment of $31,004,423 in mortgages of which interest is overdue more than 1 year, per Item 2(a), Notes to Financial Statements, is non-admitted.

7. Pursuant to Section 624.408(4), Florida Statutes, the company's required policyholder surplus is $100,000,000. The company's adjusted surplus after non-admitting the amounts in items 1 through 6 above is negative $648,106,483, which is deficient of the above stated requirement by $748,106,483.

A summary of surplus as to policyholders is as follows:
Reported Surplus: $600,174,622
Less Adjustments:
Item 1-Investment Real Estate:
Section 625.333(2)(a) -1,151,753,965
Item 2-Loans to Officers & Directors:
Section 625.031(2) -75,382

tem 3-Investment in Bonds Rated 6:
Section 625.305(4)(d) -13,793,607

Item 4-Investment in Mortgages:
Section 625.327(3)(a) -37,426,073

Item 5-Investment Non-Designated Bonds:
Section 625.141(2) -14,227,655
Item 6-Investment in Mortgages in Default.
Section 625.031(6) -31,004,423
Adjusted Surplus: $-648,106,483
Less Required Surplus as to Policyholders: -100,000,000
Total Surplus Deficiency: $-748,106,483

Please provide to the Department within fifteen (15) days, the company's plan to attain compliance with Florida Statutes. Failure to respond within a timely manner will result in administrative action by the Department.

Your response may be forwarded to my attention.

Sincerely,

Leslie Blank
Financial Examiner

cc: John C. Woods, CFE, Financial Examiner / Analyst Supervisor
                               




Subj: att: William J. McDonough
Date: 04/29/2003
To: info@pcaobus.org
CC: CutlerS@sec.govCarlinW@sec.govRashkoverB@sec.gov, foia/pa@sec.gov


William J. McDonough, Chairman
Public Company Accounting Oversight Board
1666 K Street, NW
Washington, DC 20006-2803

Dear Mr. McDonough:

As a 30+ year member of the insurance and securities industry I was pleased to see your appointment as Chair of the PCAOB and applaud your willingness to accept the job of cleaning up the accounting industry. Restoring consumer confidence in our markets and the folks that regulate it are a most important factor in restarting the economy.

I would like to call your attention to a matter involving PricewaterhouseCoopers and the fraudulent financial statements of MONY Group, Inc. and ask your help in obtaining information that the SEC has refused under Freedom of Information. I am a former 19 yr employee that successfully sued MONY in the early 90s over my termination. As a result of discovery in that case I became aware of serious criminal acts by MONY's Senior Officers and BoD members. I obtained a copy of an N.A.I.C. examination of the company that revealed over $600,000,000 in illegal transactions on their financial statements. I later obtained a copy of an investigation by the Florida Department of Insurance that revealed a $1.3 billion discrepancy in the surplus account. I also obtained a copy of the "Secret Phantom Stock Plan" that paid 10s of millions of dollars to officers of the company as a result of the false claims on the financial statements. Those false statements were also used to illustrate dividends on the ponzi contracts that were sold to the public as "investment grade" life insurance contracts.

According to the sworn affidavit of "Bush Team" endorsed CPA, R. Larry Johnson, MONY first started cooking their books in 1982. Coopers & Lybrand / PricewaterhouseCoopers has issued unqualified opinions falsely claiming to be independent on financial statements with hundreds of millions of dollars in illegal transactions. MONY's Chairman, Michael I. Roth, is a former Coopers & Lybrand partner. Mr. Johnson, whose affidavit is available on the http://www.PWCSUCKS.com/ site, was unaware of the Florida Department of Insurance letter to Mr. Roth at the time of his affidavit and did not know of the outside financial dealings between MONY and Coopers & Lybrand that violated the auditor independence rules.

Prior to MONY's IPO in November of 1998 the SEC first confirmed (Joseph Dimaria) that MONY had filed fraudulent financial statements with the SEC and then denied that they ever filed any statements with the SEC (Carmen J. Lawrence). MONY has filed with the SEC since at least the early 70s! You may read the SEC letters on the http://www.MONYINTERNATIONAL.com/ site along with the WSJ article that was written after MONY's IPO. The SEC claimed they were investigating MONY and couldn't talk about it. Three years later they admitted that there had never been an investigation and now refuses to answer FOI requests.

Attached below are copies of a couple of FOI requests that the SEC has refused to answer. Can you help me obtain these documents along with a copy of an accurate financial statement that contains the opinion of an independent accountant?

Your help will be greatly appreciated. Please do not hesitate to contact me at 817 267-2020 if you have any questions or need documentation.

Respectfully,

R. Dale Abshire
3308 Pin Oak Ln.
Bedford, Texas 76021

To                          executive@tsbpa.state.tx.us, bmelancon@aicpa.org
Cc                         dave.hattem@axa-financial.com, mark.drew@protective.com
 
 
William Treacy, Executive Director
Texas State Board of Public Accountancy
August 25, 2017
 
Dear Mr. Treacy,
 
During 1998 I provided you, Paul Gavia and AICPA President and CEO Barry Melancon information concerning the lack of independence by Coopers & Lybrand / PricewaterhouseCoopers LLP on the financial statements of the Mutual Life Insurance Company of New York, commonly and hereafter referred to as MONY. I also provided the sworn affidavit of CPA R. Larry Johnson detailing the results of NAIC examinations of MONY's financial statements. You also later received the December 2, 1998 letter from the Arizona Department of Insurance detailing the non-audit related financial transactions between Coopers & Lybrand and MONY that ....... according to your own Enforcement Office.... resulted in the loss of "Independence". 
 
You also have the April 21, 1994 letter from the Florida Office of the Treasurer Bill Nelson to MONY Chairman Michael I. Roth detailing illegal investments and violations of over 1.3 billion dollars. You may find a copy of this letter on my www.MONYBUSH.com web site along with other information on the www.pwcsucks.com site..
 
I also confirmed with TSBPA Enforcement that MONY's financial statements lack of the certification of an "Independent Auditor" will continue until they are  audited by someone other than PricewaterhouseCoopers LLP.
 
MONY was taken public in 1998 by PricewaterhouseCoopers LLP with the fraudulent financials and actuarial reports.  Five years later PricewaterhouseCoopers LLP stood on both side of the MONY/AXA sale that resulted in the comingling of assets that in turn caused AXA's financial statements to be conflicted and lack the proper certification which would later cause the same problem with Protective Life's financials and possibly the Japanese company that now owns Protective Life. 
 
I have noted that Paris-based AXA aims to raise billions of dollars in the first half of next year by selling a minority stake in the combined life-insurance and asset-management company in the U.S.  
 
Your failure to adhere to the most basic standards of conduct as set forth by the AICPA and the TSBPA are astounding!  You have knowingly sheltered what is possibly the longest (35yrs) and largest accounting fraud in American history. Enron and Madoff ............ 
 
Please tell me what you plan to do about this matter.  I would like to tell my children what happened to their money.
 
Respectfully
 
R. Dale Abshire
2606 Twelve Oaks
Colleyville, TX 76034
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