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December 16, 2011
Around Town - By Neal Tepel

Armao, Costa & Ricciardi, CPAs, P.C., has earned the distinction of being named by Accounting Today, one of the '2011 Best Accounting Firms to Work for'. The complete list of top firms will be published in the December issue of Accounting Today.

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November 30, 2011
By Bendix Anderson

Melissa King plead guilty in Manhattan federal court October 21 to embezzling from “the Sandhogs Union,” Local 147 of the Laborers International Union of North America. However, she denies stealing the full $42 million claimed by prosecutors. “I plead guilty, but I don’t plead guilty to millions of dollars,” she told the Court.

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November 7, 2011
By Salvatore Armao

The hard-working people who belong to labor organizations trust their union officials with the moneys they contribute — from membership dues to payments to union benefit plans. Unions owe it to their members to minimize opportunities for waste, fraud and abuse and keep these dollars safe. Here are a few things that unions can do:

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September 26, 2011
By Salvatore Armao

In July the Financial Accounting Standards Board (FASB) approved a revised accounting standard for employers that contribute to multi-employer pension plans. Employers previously were required to disclose only their total contributions to the multi-employer plans in which they participated. The new standard requires them to provide much more information about their financial obligations to the plans.

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August 24, 2011
By Salvatore Armao

Over a seven-year period, a 58-year-old woman embezzled almost $43 million from her union.
She was the Funds Administrator of the Sandhogs Union Local 147 of the Laborers International Union of North America. It was the largest case of fraud in 2010.

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August 1, 2011

For over twenty-five years, Salvatore J. Armao has provided accounting, auditing and consulting services to labor unions and Taft-Hartley employee benefit plans.  

The son of a union official, Mr. Armao learned from his father how important unions are to the workers they represent. His father taught him that unions give workers job security, retirement income, and medical benefits. That’s why Mr. Armao works so hard today to help keep the unions that he serves on sound financial footing — so that they can continue to protect the rights of workers.

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