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Written by Chris Gleason   
Wednesday, 16 June 2010 16:13

Call it the necessity of Big Brother. In accordance with licensing and regulatory statutes, MMG Capital is currently undergoing a self-imposed, or voluntary, audit of its accounting figures for the year 2009. Although California does not require an audited financial statement in order to be licensed as a lender, states such as Florida and New York do.

 

The firm performing the audit is Goldstein, Schechter, Koch in Coral Gables, Florida. The firm is well established and is also responsible for the final year end accounting of all MMG Capital entities and trusts.

 

More and more regulatory agencies are beginning to require audited financial statements from firms that have any type of fiduciary responsibility, lenders included. It’s yet another layer of oversight that is becoming more and more common since fraudulent financial schemes have begun to surface throughout the country and even around the world – many of which have had to do with some form of investing or mortgage fraud.

 

“We’re more than happy to have separate sets of eyes looking at our books on an annual basis,” says Managing Director Chris Gleason. “We always talk about how we’re dedicated to complete transparency as it is, so it’s really just an opportunity for us to show our investors that we practice what we preach. Their safety is our top priority, and we mean that.”