This post is part of a virtual book tour organized by Goddess Fish Promotions. Al Rosen will be awarding a $10 Amazon or B/N GC to a randomly drawn winner via rafflecopter during the tour. Click on the tour banner to see the other stops on the tour.
The book deals with actual situations that resulted in investors losing multi-millions of dollars to financial tricksters. Emphasis is placed upon learning how to detect early warning signs. Financial exposure can be minimized prior to situations deteriorating into bankruptcies. However, individual investors have to take specific actions after doing some homework. Otherwise, the alternative is to lose money by listening to “hot tips,” often involving publicly traded securities.
Some types of commonly seen but inappropriate financial reporting are permitted in certain countries (including parts of North America), even though they deeply aid the financial tricksters. Governments are seriously neglecting investors by not prohibiting certain reporting trickery. Overall, in some regions, investor protection is simply archaic (including allowing false advertising). Currently, investors face serious risks.
The book attempts to minimize technical language. Stress is placed upon encouraging investors to look for specific warning signs before opening their purses and wallets to the growing group of tricksters.
“Avoiding Swindlers” will change the way you look at Canadian investments.
This book was featured on Publisher Newswire’s 2022, “10 Books to Bookmark” list.
The book also received a glowing review from ReaderViews.
Read an Excerpt
IFRS’ Prime Deficiencies Strangely, IFRS was somehow brought to Canada by a surprise group, being our external financial statement auditors. IFRS was portrayed at the outset by many auditors as merely being a “continuation” of, or very similar to, its predecessor, Canadian “generally accepted accounting principles, or GAAP.” Such a comment is disturbingly false, in crucial ways. Canadian GAAP and IFRS are almost Al Rosen 22 opposites. For instance, the concepts of what constitutes, or qualifies as being called “net income” often are totally different, and are material dollars apart. Considerable attention has to be paid to the major differences between the two. Most investors seem to be unaware of the huge dollar differences between the two and their consequences for their loss of savings. Supporters of IFRS claim that IFRS is “principles” based, and not “rules-based.” Unfortunately, aside from adopting some U.S. GAAP-based “concepts,” the IFRS “principles” are difficult to ascertain. Why? IFRS gives extensive freedom to individual managers to choose their own methods of accounting and reporting. Unknown “principles” are well beyond scary. Clearly such management freedom of choice prevents, or destroys, comparability among companies in the same industry. Accordingly, IFRS-supporters themes about IFRS being a universal, across-the-world, basis of reporting is much more than a huge fiction. This fiction point merits considerable emphasis, Chapter after Chapter in this book. Yet, IFRS supporters seem to cling to the absurd idea that Canada is a member of a new universal group of countries (that are “building one worldwide basis of reporting,” for investor comparability purposes). Not so; nowhere close. IFRS allows extensive management Avoiding Swindlers 23 choice of alleged “principles.” Comparability is automatically destroyed. Somehow, in our world, the fact that more than one language, one culture, and various religions, as well as multiple heights and weights of people exist, and have not been standardized, after all of these years, seems to have gone unnoticed by IFRS accountants.
About the Author L.S. (Al) Rosen has combined being a university professor (holding a PhD) with several qualifications in the fields of investigative accounting and reporting (such as acting as a fraud examiner) for over 35 years. He has authored many reports for court cases, and has testified in courts in various countries in many large-dollar cases. Often the allegations are that investors have been deceived by materially misleading financial reports. He has co-authored two previous books, and articles, with his son Mark. They address how and why multi-million dollars of investor money essentially, and often quickly, vanished. Real situations are the subject of these writings. Money was stolen and hardships resulted.