Greg Junek: Sunday Briefing

East Texas business people will have a chance to "catch" an appearance by a man who spent some of his earlier years engaged in fraud and deception.

Frank W. Abagnale, was known 30 years ago as one of the world's most famous confidence men. His best-selling book, "Catch Me If You Can," depicted his exploits.

Abagnale will be the guest speaker at the Central East Texas Better Business Bureau's 2008 Torch Awards for Marketplace Ethics, 6:30 p.m. April 29 at Villa Di Felicita.

The life of deception turned into one of cooperation with authorities, after Abagnale cashed $2.5 million in fraudulent checks in every state and 26 foreign countries over a five-year period, as indicated in BBB information. Between the ages of 16 and 21, Abagnale posed as an attorney, a college professor, a pediatrician and an airline pilot.

The French police caught him at age 21 and for five years he served time in French, Swedish and U.S. prison systems. He was released on the condition that he would help the government, without pay, by teaching and helping federal law enforcement agencies.

Now one of the world's most respected authorities on the subjects of forgery, embezzlement and secure documents, for the past 25 years he has lectured to and consulted with hundreds of financial institutions, corporations and government agencies worldwide.

Abagnale lectures at the FBI Academy and its field offices. More than 14,000 financial institutions, companies and law enforcement agencies use his fraud prevention programs. His latest book, available through Random House/Broadway Books, is titled "The Art of the Steal."

"Mr. Abagnale believes that punishment for fraud and recovery of stolen funds are so rare, prevention is the only viable course of action," according to information from the BBB.

Tickets to the invitation event are $45 per seat, $500 per table, and the deadline to reserve a space is April 10. Instructions on how to make reservations are included with the invitation.

Essentials

H&R Block reported last week that a survey it indicated nearly 70 percent of American taxpayers plan to use their rebates to pay bills or buy necessities. And 65 percent said they would use their tax refunds the same way.

Results from the online survey appear to verify what economic authorities have said in previous news wire stories - that a greater percentage of people are now putting more emphasis on purchasing the essentials with the additional money than splurging it on things that are not must-have items.

H&R Block asked 1,001 taxpayers about their plans for their rebate checks, part of the government's economic stimulus plan, as well as questions about other tax-related issues. Breaking down the numbers, 45 percent of respondents said they would use the rebate to pay bills; 21 percent said they planned to spend it on something they need, such as groceries or car repairs; 18 percent said they would invest the money; and 16 percent said they would use the rebate to splurge on something they want, such as jewelry, electronics or a vacation.

Taxpayers' plans for their refunds were nearly identical. Again, 45 percent planned to use the money to pay bills, while 17 percent planned to use their refunds for groceries, home repairs or other needed items. Fifteen percent said they planned to invest the money and 7 percent said they would spend it on something they want.

"The survey feedback clearly indicates that American taxpayers are counting on their rebates and refunds to help make ends meet this year," Tim Gokey, H&R Block's president of tax services, said. "It's important for Americans to remember that the only way to receive a rebate is to file a tax return this year."

H&R Block's survey also revealed some taxpayer uncertainty surrounding the economic stimulus package, with 36 percent of the respondents unsure whether they qualified for the rebate. In addition, 75 percent of the survey participants did not expect or were unsure if the rebate would be calculated as part of their 2008 tax return next year.

"The rebate is an advance credit that taxpayers will receive in 2008 as long as they file a return and meet the eligibility standards," Gokey said. "Most single taxpayers are eligible to receive a rebate of $600, with $1,200 for married couples. If you're due a higher payment, you'll get the remainder next year when you file your taxes."

Gokey said the good news is that taxpayers who receive a larger rebate than they should do not have to pay it back.

While Americans will find their rebates helpful, the survey indicated more than 40 percent would prefer the government use the money from the $168 billion economic stimulus program elsewhere, such as reducing the national debt (37 percent), improving health care services (32 percent), shoring up Social Security (17 percent) or improving education (15 percent).

Business Editor Greg Junek may be reached at 903-596-6280, or by e-mail at business@tylerpaper.com.

Greg Junek
()