UCHB's Financial Fraud

See if you can find the discrepancies (Fraud) in UC HUB Group's (UCHB) Financial Statements. Please post what find in the comment section at the bottom or email it to lastchance24@ymail.com (Ask your accountant friend to have a look at it.)

Saturday, December 12, 2009

Financial Filings for UCHB

FIND THE FRAUD IN UC HUB'S (UCHB) SEC FILINGS
(DISCREPANCIES LISTED UNDER EACH YEAR'S 10-K DATA)

BACKGROUND MATERIAL:
SEC Provided Data:

2009 -  SEC Financial Filing for UCHB
ASSETS


LIABILITIES

NET LOSS


2009 DISCREPANCIES

#1. Larry Wilcox pockets an Extra $237,218.
- UCHB only has ONE Employee – Larry Wilcox.
- Larry Wilcox is the only officer of UCHB (that draws a salary).
- Larry Wilcox’s salary is $360,000/year
- 2008 Accrued Officer Salary: $466,282
- 2009 Accrued Officer Salary: $1,063,500
-  So Wilcox was paid $597,218 in 2009 ($1.063,500 -$466,282)
- That’s $237,218 more than his salary of $360K










#2. $297,000 - just moved?

- In 2008, $297,000 was listed for “Licenses and Software”
- In 2009, that $297,000 was listed under “Computer and Equipment”
- No explanation of this in the SEC filed report (just clever accounting I guess?)








# 3. UCHB Hides $251,893?

- UCHB’s “Computers & Equipment” goes from $297,000 to $45,105 in ONE YEAR.
- I’ve never seen a depreciation schedule like that? (a quarter million dollars)
- No Revenue to support the sale of “Computers & Equipment”?



#4. How can you call an increase in expenses a reduction?



#5. This was actually Filed with the SEC:


#6. How is losing more money in 2009 then 2008 an improvement?


#7. Who's Larry Wilcox's accountant - Anthony Mellone?


- Why is the $29,844 negative?


#8. Is Larry Wilcox Serious – When he submits a 10- K with this?


Source for data/images: http://www.sec.gov/Archives/edgar/data/1072935/000127100809000009/f10kuc73109.htm
http://www.sec.gov/Archives/edgar/data/1072935/000127100808000019/f10k7312008final.htm



2008 - SEC Financial Filing for UCHB
ASSETS

LIABILITIES

NET LOSS

2007 - SEC Financial Filing for UCHB
ASSETS

LIABILITIES

NET LOSS


2006 - SEC Financial Filing for UCHB

LIABILITIES

NET LOSS

2005 - SEC Financial Filing for UCHB
ASSETS

LIABILITIES

NET LOSS

2004 - SEC Financial Filing for UCHB
ASSETS

LIABILITIES

NET LOSS


Source of Data:
UCHB(UC HUB) Year End Statemets Files with SEC:

2009:  http://www.sec.gov/Archives/edgar/data/1072935/000127100809000009/f10kuc73109.htm
2008: http://www.sec.gov/Archives/edgar/data/1072935/000127100808000019/f10k7312008final.htm
2007: http://www.sec.gov/Archives/edgar/data/1072935/000114420407060416/v093741_10ksb.htm
2006: http://www.sec.gov/Archives/edgar/data/1072935/000114036106016106/form10ksb.txt
2005: http://www.sec.gov/Archives/edgar/data/1072935/000114036105011148/doc1.txt
2004: http://www.sec.gov/Archives/edgar/data/1072935/000101540205000120/doc1.txt

All of SEC Filings for UCHB:
http://www.sec.gov/cgi-bin/browse-edgar?company=uc+hub&match=&CIK=&filenum=&State=&Country=&SIC=&owner=exclude&Find=Find+Companies&action=getcompany

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