Steve Rosansky Newport Beach- How was he connected to the Money-laundering case?

steve rosansky newport beach

As claimed by Steve Rosansky, President and CEO of the Newport Beach Chamber of Commerce and unofficial Mayor of the Business Community, he seeks to collaborate with business leaders, community leaders, elected officials, and other influential organizations to positively impact the greater Newport Beach business community.

As per the claims made by Steve Rosansky Newport Beach- “ Steve Rosansky’s leadership has brought the Chamber to where it is today. A flourishing and VERY active Chamber of Commerce with over 730 members, the largest in Orange County today.

We host 12 big civic events each year, as well as 5-6 core events each month. The monthly events are intended to meet the various demands of our member partners. Wake Up Newport Beach, Networking Luncheon, Sunset Mixer, Navigate Young Professionals, and In*Spire Women in Business are among the events. The success of the organization may be credited to its excellent team and the ties it has formed with local businesses and the City of Newport Beach.”

However, these claims of Steve Rosansky Newport Beach fall flat when you see the reality:

About Steve Rosansky Newport Beach

steve rosansky newport beach

The Newport Beach Chamber of Commerce claims to have the ongoing objective to create economic opportunities via corporate and community leadership, as well as to improve Newport Beach’s social and civic environment.

As per the claims made in front of the media, The Newport Beach Chamber of Commerce is a business association with about 700 members who employ over 20,000 people. The Chamber works with municipal officials, local businesses, and the community at large to promote the local economy through its five councils, committees, staff, and valuable members.

There are various parts in that mission statement, but the most important is that Steve Rosansky Newport Beach act as the voice of business in Newport Beach.

Steve Rosansky Newport Beach is a membership organization founded in 1907 that believes in the necessity of fostering a feeling of community among local companies. Steve Rosansky Newport Beach’s members come from every industry, large and small, old and new, from small home-based businesses to large corporations with hundreds of staff.

Steve Rosansky Newport Beach- Is some scam like money laundering going on?

Here Steve Rosansky Newport Beach is taking money that too in excess amounts like thousands of dollars from nonprofit firms. As you can see 

steve rosansky newport beach
Evidence against Steve Rosansky Newport Beach
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Additional proof against Steve Rosansky Newport Beach
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What is executive compensation?

When analyzing an investment opportunity, executive salary is an important factor to consider. Executives who are inappropriately compensated may lack the motivation to act in the best interests of their shareholders, which can be costly for those shareholders.

While new laws and regulations have made CEO remuneration more transparent in business filings, many investors are still unsure how to locate and interpret these essential documents. This article will discuss the many types of executive compensation and how investors can locate and evaluate compensation information.

However, it’s unclear whether funds Steve Rosansky Newport Beach received were legal or not.

What are non-profit firms?

A nonprofit organization is a business that has been given tax-exempt status by the IRS because it advances a social purpose and delivers a public benefit. gifts to a nonprofit organization are often tax-deductible for the individuals and corporations who make them, and the nonprofit pays no tax on the received gifts or any other money gained from fundraising operations. Nonprofit organizations are commonly referred to as NPOs because of the part of the tax code that allows them to function.

What are the different reasons for stealing money from non-profit firms?

  1. Employee Thefts- Employees may steal money from donations or use the group’s credit card to buy their own purchases while also purchasing for the nonprofit. An employee could also file a false expense report or misrepresent their charges.
    Theft and misappropriation of funds are frequently found only after a financial audit is conducted. Alternatively, an employee may tip off the board that a coworker is participating in questionable behavior.
    Another sort of employee theft is “ghost employees,” which occurs when a scammer creates a false record for a person on the payroll who does not actually work for the nonprofit and then cashes the paychecks themself.
  1. Fundraising Scams- This form of thievery is common in times of crisis, such as the aftermath of a natural disaster or the Ukraine war. Scammers take advantage of these emergency situations by impersonating a nonprofit and soliciting donations in their name, ultimately retaining all of the earnings for themselves. Donations can be made online, by phone, by email, or in person.
  1. Cyber Crimes- Nonprofits manage sensitive information on their volunteers and donors, increasing their vulnerability to cyber assaults.
    Although technology has made it simple for groups to take donations online, having an insecure website opens the door to a cyberattack.
    Furthermore, many NGOs employ monthly newsletters and automated emails to communicate with potential contributors and other interested parties. A cybercriminal might easily exploit the corporation by using phishing emails, a sort of social engineering fraud, to get sensitive data from anyone on their email list.
  1. Vendor fraud– Vendor fraud is one of the most common types of billing schemes targeting nonprofits. Red flags regarding vendors include
  • Invoices from unfamiliar vendors or poorly defined services.
  • Paying a fraudulent third-party vendor.
  • A sudden increase in purchases from a single vendor.
  • Employee addresses match vendor addresses
  • Vendors with company names consisting of initials or addresses that are only post office boxes.
  • Breaking large billing into multiple, smaller invoices to avoid drawing attention to a vendor

All these reasons point out that taking a huge amount of money in the name of compensation from all these non-profit organizations specifies some fishy activities like stealing money or money laundering. So Steve Rosansky Newport Beach is involved with money laundering.

What is money laundering?

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Steve Rosansky Newport Beach might be involved in money laundering (Source)

Money laundering is the illegal concealment of the source of money earned through illegal activities such as drug trafficking, corruption, embezzlement, or gambling by transforming it into a legitimate source. In several jurisdictions, it is a crime with varying definitions.

Criminals are largely driven by the potential financial gain from unlawful activity, yet they have difficulty using this money covertly. Their method of making illicit riches appear legal is money laundering. It’s a significant instrument for many illicit operations, including cocaine trafficking and terrorism, assisting criminals in growing and upholding a façade of legitimacy. Unchecked, it can undermine confidence in financial institutions and finance other illegal activities, such as violence and terrorism. Essentially, money laundering gives criminals a way to conceal their illicit profits, which poses a severe threat to both the banking system as well as society at large.

Money laundering is the illegal process of making “dirty” money appear legitimate instead of ill-gotten. Criminals use a wide variety of money-laundering techniques to make illegally obtained funds appear clean. Online banking and cryptocurrencies have made it easier for criminals to transfer and withdraw money without detection. The prevention of money laundering has become an international effort and now includes terrorist funding among its targets. The financial industry also has its own set of strict anti-money laundering (AML) measures in place.

Conclusion

After going through the above points, it’s clear that you should avoid Steve Rosansky Newport Beach. Here’s how you can look out for financial fraudsters like him:

  • A financial crime risk management framework is frequently misaligned. The policy should be guided by the risk assessment. The procedures are guided by the policy. The procedures must mirror actual business as normal, and the subsequent controls must ensure that the entire process is aligned and functioning properly.
  • With data sets that need to be scrutinized growing in size, it is nearly difficult to establish an effective financial crime risk mitigation strategy without technological components. Whether it is client identification, client and transaction monitoring, or managing the outputs from all of these operations in a centralized location.
  • When using third-party PEP and sanctions lists, make sure you understand where the information came from and how it is kept up to date. When employing analytics to track behavior, trends, and transactions, make sure you explain the underlying rationale for the methods used.
  • All clients, associates, consultants, and third parties are subject to risk-based due diligence. The greater the risk, the greater the degree of due diligence necessary. Regulations are evolving that compel corporations to provide increasing amounts of detail about what they do in this regard and why they believe it is appropriate.

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