Larry Weltman Fraud Allegations Fact-checked (2024)

Originally Syndicated on June 14, 2024 @ 3:55 pm

According to Larry Weltman, the mission of Weltman Consulting is to give his clients the most comprehensive real estate sales and brokerage consulting services possible. He flaunts the fact that Weltman Consulting is an expert in market consulting and real estate sales for realtors and brokerages. Larry also states that he offers advisory services to help businesses with cash flow management, marketing, brokerage administration, and the development and revision of business strategies.

Larry Weltman goes on to say that he created Weltman Consulting after observing that the real estate sales industry was changing significantly and that more independent realtors were taking on the majority of the costs of running their businesses on their own. Regulations have forced brokers to pay additional costs, and as a result of increased competition, their commissions have substantially fallen.

Weltman Consulting provides consulting services to realtors and real estate brokerages to ensure they are completely equipped for the requirements and responsibilities connected with operating a real estate sales firm. 

Larry Weltman Found Guilty of Fraud

Larry Harry Weltman of Thornhill was found guilty of violating Rule 201.1 of the law after being found guilty of fraud in the Supreme Court of the State of New York, County of New York. He was also found guilty of failing to uphold the good name of the profession and its ability to serve the public interest. 

Mr. Larry Weltman was an executive vice president and director of a publicly traded company that agreed to acquire a company in the highly regulated gaming sector. He also served in a control management capacity.

Mr. Weltman’s company closed the deal, operating the business without a license and without notifying the gaming authority of the purchase, despite having full knowledge that the required gaming license of the company to be purchased would be nullified upon the closing of the purchase transaction. 

As soon as the gaming authorities discovered that Mr. Weltman’s organization was conducting business unlawfully, he was charged with fraud and convicted guilty. Mr. Weltman was expelled and fined $3,000 by the Institute. 

Larry Weltman: The allegations made against him 

The Professional Conduct Committee has leveled the following accusations against Institute member Larry Weltman, CA:

1. When the Supreme Court of the State of New York, County of New York, found the aforementioned Larry Weltman guilty of a fraud offense on or about September 27, 2000, in violation of Rule 201.1 of the rules of professional conduct, he did not act in a manner that would uphold the profession’s good name and its capacity to serve the public interest.  

Larry Weltman- Decisions and Orders

A member of the Institute named LARRY HARRY WELTMAN, CA, was accused of breaking Rule 201.1 of the Rules of Professional Conduct in a letter dated August 15, 2002.

After reviewing and assessing the evidence, the discipline committee finds Larry Harry Weltman guilty of the charge. 

Larry Weltman- Order

It is ordered in respect of the charges:

THAT Mr. Larry Weltman should receive a formal censure from the hearing’s chair.

THAT Mr. Weltman is now fined $3,000 and issued such an order. Within three (3) months after the day these Decisions and Orders become enforceable under the bylaws, the funds must be transferred to the Institute.

THEREFORE, Mr. Weltman is officially removed from the Institute’s membership.

THAT, upon this Decision and Order becoming final under the bylaws, notice of it in the form and manner decided by the discipline committee, revealing the identity of Mr. Weltman:

The Ontario Province’s Public Accountants Council

The Institute of Chartered Accountants of South Africa and The Canadian Institute of Chartered Accountants

Through CheckMark Publication

Published by The Globe and M

Although Mr. Weltman turned in his Institute membership certificate to the  

discipline committee secretary within ten (10) days from the date this Decision and Order becomes final under the bylaws. 

Larry Weltman: Justifications for the August 15, 2002, Decision and Order 

1. The discipline committee of the Institute of Chartered Accountants of Ontario convened on August 15, 2002, to hear testimony concerning the complaint lodged against Mr. Larry Harry Weltman by the professional conduct committee.
2. The representative of the professional conduct committee, Barbara Glendinning, was in attendance. Mr. Weltman was represented at the hearing by Richard Auger, his lawyer.
3. The official decision and order were signed, dated, and given to Mr. Weltman on August 22, 2002. The discipline committee’s decision and order were revealed during the hearing on August 15, 2002. Bylaw 574 provides written reasons that incorporate the committee’s justifications in addition to the charge, decision, and order. 

Larry Weltman- Reprimand

The committee felt that the member would be more aware of the gravity of his transgression and the wrongness of his actions if he received a formal reprimand. 

Larry Weltman- Fine

• The committee determined that, in this case, a $3,000 fine was appropriate.
• The court agreed that, in the majority of circumstances, a more severe penalty like the $10,000 punishment in the Rapier case, which Ms. Glendinning specifically mentioned would be more appropriate. On the other hand, the committee reduced Mr. Weltman’s sentence because it considered that he had already paid the US$500,000 court in New York.
• The committee anticipates that Mr. Weltman will be particularly discouraged by the fine in addition to being generally discouraged. 

Conclusion

To sum up, Mr. Auger’s attempt to minimize Mr. Weltman’s role in the events that led to his conviction has been categorically rejected. One cannot minimize the importance of Mr. Weltman’s involvement in these incidents to a simple error of judgment.

The self-signed letter dated September 27, 2000, is indisputable proof of Mr. Weltman’s involvement in the illegal activities. This document and his testimony together verify that he was fully aware that the license that Mr. Larry Weltman’s company-owned would soon become invalid as a direct result of the acquisition agreement closing. Because the gaming industry is highly regulated, Mr. Larry Weltman’s willful failure to operate his business without a license puts the stockholders at serious risk of financial loss.

It is clear from the committee’s thorough investigation that Mr. Larry Weltman intentionally broke the law, going beyond the possibility of a brief error of judgment. The shareholders lost faith in his leadership as a result of his premeditated actions.