Hey folks, didnt realize it was since mid July since I last posted to my blog. Time flies when you are having fun. Spent parts of August getting my grandchildren around from camp drop off to home, driving has not gotten any better but seeing my grandchildren growing I have hope in the future. They have so much energy, our family is truly blessed with their health and vitility. My sons and daughters in law are also a big part of our world, staying connected keeps you young and strong.We would all be lost if not for my wife their MomMom, she is the anchor that keeps sanity in check.
Sitting here listening to Richie Havens singing about the Klan, wow brings tears to my eyes. Also just saw the news on Joan Rivers, so sad. She was such a talent, humor keeps all the world balanced. We will all miss her,but we still have You Tube!
Listening to Richie Havens as I mentioned, he is singing "What About Me" in it one verse goes, "If you stand up for what you believe in, be prepared to be shot down". Man, so inspired by Richie, sad day when he died last year. Brings to mind the Abraham Lincoln Brigade, they were Americans who fought against Franco in Spain's civil war in 1936. Brave men and women, fighting for freedom, can't go wrong there.
As I mentioned in my last entry, I will continue to publish my book on Aqua America and its evil sister the Pennsylvania Public Utility Commission.
VOLUME I - 1994 TO 2005 - "THE GOOD YEARS"
Today's entry is the crowning of Nick DeBenedictis by 'The Wall Street Transcript", dated December 30, 1996. WST crowned Nicky the Gold award winner in the water utility industry. Its test of a great CEO is "To what extent he or she has taken in enhancing the overall value of the enterprise for the benefit of the STOCKHOLDERS!
I was an employee of Aqua America, looks like I was on the inside ah.... outside looking in. Man it must have been great being a shareholder of Aqua America stock, several insider people were very much interested in Aqua America stock.
Some quotes from their article:
The CEO made the tough calls, states a specialist, "Certainly DeBenedictis at Philadelphia Suburban (Aqua America) should be cited".
DeBenedictis' experience and expertise have had a dramatic impact on Philadelphia Suburban's performance and potential.
He has done magic with Philadelphia Suburban.He's focused the company on growth through acquisition.
That last quote is the real kicker, growth through acquisition, why in the last 4 years old nicky boy has sold three major water companies. It might be because he is cashing out for his July 2015 retirement. Hustlers usually lie about little things such as this. Only I was fortunate enough to keep a book on Nick. The very essence of his strategy to grow Aqua America was TO BUY water companies, NOT SELL THEM! Oh well the little details can get in the way of a hustler.
More tomorrow.
Good Night All,
Michael Duffy
Thursday, September 4, 2014
Friday, July 11, 2014
Wendell Holland Elected To Aqua America Board of Directors
In my previous blogs I explained the role Mr. Wendell Holland, Chairman of the Pa. PUC in 2006,
Wendell Holland was Mr. Clista's boss and proded him for more information on the fraudulent documents I provided. The decision was made by Mr. Holland to contact Nick DeBenedicitis and inform him about my whistleblowing.
Funny thing happened in 2011, Mr. Wendell Holland was elected to the Board of Directors at Aqua America and remains there to this day.
Later,
Michael Duffy
Wendell Holland was Mr. Clista's boss and proded him for more information on the fraudulent documents I provided. The decision was made by Mr. Holland to contact Nick DeBenedicitis and inform him about my whistleblowing.
Funny thing happened in 2011, Mr. Wendell Holland was elected to the Board of Directors at Aqua America and remains there to this day.
Later,
Michael Duffy
Thursday, July 10, 2014
Aqua America & Pa. PUC Conspiracy Cover-Up
Welcome To All,
As I continue to blog "My Story" of the inner workings of the privatization of our water supply
( Aqua America ) and the Pennsylvania Public Utility Commission and the conspiracy cover up perpetrated against me I realized some details were not reported on. My contention is that Aqua America and the Pa. PUC conspired to cover up the whistleblowing on my part in bringing documents to Mr. John Clista and Mr. Dennis Hoesler which clearly showed fraud in the reporting of capital expenditures as expensed items thus giving Aqua America the ability to write off in one year the full cost of a capital project rather than spread out over 100 years ( The lifetime of a water pipeline ) as required under IRS law.
Mr. Bill Miller, Manager Springfield Operations and Mr. Michael Fili, Construction Superintendent of the Springfield Operations Department in Springfield, Pa. were the two Aqua America employees I discovered reporting the use of expensed accounting numbers instead of using capital project accounting numbers in billing invoices.
Two of the vendors in which this practice was used on were Delmont Construction Company and Trec Drafting Services. These were the examples of billing invoice documents I turned over to the Pa. PUC.
As I mentioned I was fired by Aqua America on Jan. 4, 2006 two months after I gave these documents to Mr. Clista and Mr. Hoesler of the Pa. PUC.
I immediately filed a wrongful termination lawsuit against Aqua America, hiring attorney Mr. David L. Deratzian. Although no mention of me turning over drawings or documents to the Pa. PUC are mentioned in my termination letter, my attorney knew of the documents because I told him so. Supposedly Aqua America never saw these documents as per Mr. Clista, I believe they did. Why would their stock price drop 6% in 2 days in March 2006 unless they were aware I had leaked them to the PUC, stopping this accounting practice I believe deflated Aqua America's stock price to its proper value, eventually bottoming out at $12 bucks a share in 2009.
Also of note here is a Pa. PUC allowance for a water utility not to have to fund their pension fund if they maintained a certain high stock price. I need to mention that I am a member of that pension plan and wonder how much bigger my current monthly pension checks would be had Aqua America properly funded their pension plan all those years of inflated stock prices.
As I mentioned Mr. Clista who said,( "I Would Not Want To Be In Your Shoes Mike") in referencing the fraudulent documents I turned over to him, told my attorney that there was nothing found in the documents after all. Thus believing this, my attorney advised me to settle the lawsuit which I did. As I write this I have reservations about my own attorney telling me the truth. I went to my attorney in January 2006 to file a wrongful termination lawsuit which I recently found out he did not officially file it until July 2007, that's like 19 months after I hired him. This matter I am currently investigating as a new wrinkle in "My Story".
Anyway I agreed to settle my lawsuit, not realizing at the time how important it was for the Aqua America attorneys to document through my deposition every document I turned over during discovery. If there was no fraud why would they have me sign an agreement not to disclose those items. I have decided that the conspiracy cover up trumps any agreement I signed with Aqua America. I settled my lawsuit against Aqua America in March 2008, not realizing I was never afforded my rights under the Pa. stature in whistleblowing cases. Where a employee of the Commonwealth (Mr. Clista) was to direct me to seek a whistleblower attorney and contact the FBI for immediate investigation.
I know I started to write about the political connections at Aqua America, I needed to include the details in my lawsuit. Not to get to far out of ourselves, but I need to also write about when it was I fully realized Aqua America was reporting capital expenditures as expensed items in 2005.
Fast forward to February 2013. I'm reading the Philly Inquirer and Aqua America reports fantastic news, for fiscal year 2012 they literally exploded in revenue's, stock price was back up over $30 bucks a share ( First time in 6 Years) there was a 5 for 4 stock split, ( First One in 6 Years) all due to a tax loop hole discovered by the Pa. PUC. It was a ruling won by FEDEX Corp. in 2003, vs. the IRS. In it FEDEX contended that the repair parts they purchased to repair their jet engines should be expensed and not itemized as a capital expenditure, thus allowing FEDEX to write off in the year the parts were purchased thus reducing their tax bill.
Aqua America used this same logic in filing their 2012 income taxes. The result was an immediate savings to Aqua America in their federal taxes owed by $33 million bucks. They actually expensed capital project expenditures, same as I discovered and blew the whistle on in 2005. Only this time it appears to be legal, I disagree. I'll prove it right here. My position at Aqua America in 2005 was "Construction/Maintenance Analyst". I was supposed to be analyzing capital projects, their costs vs. projected costs, etc... In my job title it has "Construction" - capital expenditures, "Maintenance"- expense costs. Construction meant NEW material. Maintenance meant REPAIR material. These two distinctively different items are as explained, DIFFERENT FROM EACH OTHER.
I will tell you I can support my synopsis by telling you in detail at a later writing of the loss in Aqua America stock value from March 2006 until 2011. The loss amounted to a 40% drop. Market Capitalization dropped from 3.5 billion dollars to 2.3 billion dollars. That totals 1 billion 200 million dollars, thats BIG COIN! Why Jim Cramer of "Mad Money" tried to figure out what happened to Aqua America in those years (2006 - 2011) and had Nick DeBenedicitis on to explain only to say I still don't know what that man said, and dropped Aqua America from his charitable stock portfolio, you can GOOGLE it.
OK, enough for one writing. My next blog I will revert back to the beginning days of the Nick DeBenedicitis rein at Aqua America, back to 1996 and how Wall Street crowned old Nicky boy, King of water privatization. Stay tuned.
Thank you and good night.
Later, Peace.
Michael Duffy
"americaduff"
As I continue to blog "My Story" of the inner workings of the privatization of our water supply
( Aqua America ) and the Pennsylvania Public Utility Commission and the conspiracy cover up perpetrated against me I realized some details were not reported on. My contention is that Aqua America and the Pa. PUC conspired to cover up the whistleblowing on my part in bringing documents to Mr. John Clista and Mr. Dennis Hoesler which clearly showed fraud in the reporting of capital expenditures as expensed items thus giving Aqua America the ability to write off in one year the full cost of a capital project rather than spread out over 100 years ( The lifetime of a water pipeline ) as required under IRS law.
Mr. Bill Miller, Manager Springfield Operations and Mr. Michael Fili, Construction Superintendent of the Springfield Operations Department in Springfield, Pa. were the two Aqua America employees I discovered reporting the use of expensed accounting numbers instead of using capital project accounting numbers in billing invoices.
Two of the vendors in which this practice was used on were Delmont Construction Company and Trec Drafting Services. These were the examples of billing invoice documents I turned over to the Pa. PUC.
As I mentioned I was fired by Aqua America on Jan. 4, 2006 two months after I gave these documents to Mr. Clista and Mr. Hoesler of the Pa. PUC.
I immediately filed a wrongful termination lawsuit against Aqua America, hiring attorney Mr. David L. Deratzian. Although no mention of me turning over drawings or documents to the Pa. PUC are mentioned in my termination letter, my attorney knew of the documents because I told him so. Supposedly Aqua America never saw these documents as per Mr. Clista, I believe they did. Why would their stock price drop 6% in 2 days in March 2006 unless they were aware I had leaked them to the PUC, stopping this accounting practice I believe deflated Aqua America's stock price to its proper value, eventually bottoming out at $12 bucks a share in 2009.
Also of note here is a Pa. PUC allowance for a water utility not to have to fund their pension fund if they maintained a certain high stock price. I need to mention that I am a member of that pension plan and wonder how much bigger my current monthly pension checks would be had Aqua America properly funded their pension plan all those years of inflated stock prices.
As I mentioned Mr. Clista who said,( "I Would Not Want To Be In Your Shoes Mike") in referencing the fraudulent documents I turned over to him, told my attorney that there was nothing found in the documents after all. Thus believing this, my attorney advised me to settle the lawsuit which I did. As I write this I have reservations about my own attorney telling me the truth. I went to my attorney in January 2006 to file a wrongful termination lawsuit which I recently found out he did not officially file it until July 2007, that's like 19 months after I hired him. This matter I am currently investigating as a new wrinkle in "My Story".
Anyway I agreed to settle my lawsuit, not realizing at the time how important it was for the Aqua America attorneys to document through my deposition every document I turned over during discovery. If there was no fraud why would they have me sign an agreement not to disclose those items. I have decided that the conspiracy cover up trumps any agreement I signed with Aqua America. I settled my lawsuit against Aqua America in March 2008, not realizing I was never afforded my rights under the Pa. stature in whistleblowing cases. Where a employee of the Commonwealth (Mr. Clista) was to direct me to seek a whistleblower attorney and contact the FBI for immediate investigation.
I know I started to write about the political connections at Aqua America, I needed to include the details in my lawsuit. Not to get to far out of ourselves, but I need to also write about when it was I fully realized Aqua America was reporting capital expenditures as expensed items in 2005.
Fast forward to February 2013. I'm reading the Philly Inquirer and Aqua America reports fantastic news, for fiscal year 2012 they literally exploded in revenue's, stock price was back up over $30 bucks a share ( First time in 6 Years) there was a 5 for 4 stock split, ( First One in 6 Years) all due to a tax loop hole discovered by the Pa. PUC. It was a ruling won by FEDEX Corp. in 2003, vs. the IRS. In it FEDEX contended that the repair parts they purchased to repair their jet engines should be expensed and not itemized as a capital expenditure, thus allowing FEDEX to write off in the year the parts were purchased thus reducing their tax bill.
Aqua America used this same logic in filing their 2012 income taxes. The result was an immediate savings to Aqua America in their federal taxes owed by $33 million bucks. They actually expensed capital project expenditures, same as I discovered and blew the whistle on in 2005. Only this time it appears to be legal, I disagree. I'll prove it right here. My position at Aqua America in 2005 was "Construction/Maintenance Analyst". I was supposed to be analyzing capital projects, their costs vs. projected costs, etc... In my job title it has "Construction" - capital expenditures, "Maintenance"- expense costs. Construction meant NEW material. Maintenance meant REPAIR material. These two distinctively different items are as explained, DIFFERENT FROM EACH OTHER.
I will tell you I can support my synopsis by telling you in detail at a later writing of the loss in Aqua America stock value from March 2006 until 2011. The loss amounted to a 40% drop. Market Capitalization dropped from 3.5 billion dollars to 2.3 billion dollars. That totals 1 billion 200 million dollars, thats BIG COIN! Why Jim Cramer of "Mad Money" tried to figure out what happened to Aqua America in those years (2006 - 2011) and had Nick DeBenedicitis on to explain only to say I still don't know what that man said, and dropped Aqua America from his charitable stock portfolio, you can GOOGLE it.
OK, enough for one writing. My next blog I will revert back to the beginning days of the Nick DeBenedicitis rein at Aqua America, back to 1996 and how Wall Street crowned old Nicky boy, King of water privatization. Stay tuned.
Thank you and good night.
Later, Peace.
Michael Duffy
"americaduff"
Tuesday, July 8, 2014
My Fellow Americans,
My Story is describing the nasty Capitalism saga. Allow me to take you on a journey of a hustler. His name Nick DeBenedicitis. A draft dodger during the Vietnam war, he preferred the Army Corp of Engineers. His cup of tea was and is "Hustling". As I left you I explained my story of blowing the whistle on the Hustler. Now I take you to 1886, Swarthmore, Pennsylvania. The Swarthmore College professors thought it be a good idea to utilize water in their everyday living. What they designed was a water supply system on campus linking buildings on campus to a common well. Well fast forward to 1989, the little water company that could spread throughout Delaware County. Now allow me to introduce the hustler, for 103 years the little Swarthmore College water company became the Philadelphia Suburban Water Company. Have I mentioned the hustler?
I'll get back to him later.
I need to concentrate on "A Tradition Of Integrity". This is the title of the handbook printed by the Philadelphia Suburban Water Company in 1989.
It was published with the authority of the officers and board members.
In it PSC spells out ethical and legal standards which PSC has lived by since its inception in 1886.
Allow me to highlight some of the most important items from their "Bylaws".
To follow the Anti-Trust Laws of The United States Of America, laws to produce a healthy, competitive marketplace, and to comply with:
NO ATTEMPTS TO MONOPOLIZE.
NO ACQUISITIONS OR JOINT VENTURES WHICH WILL SUBSTANTIALLY REDUCE COMPETITION.
PSC POLICY TO NOT MAKE CONTRIBUTIONS AS A COMPANY TO ANY POLITICAL CANDIDATE FOR FEDERAL, STATE OR LOCAL OFFICE, ALTHOUGH PSC DOES ENCOURAGE ITS EMPLOYEES TO CONTRIBUTE TO A CANDIDATE OF THEIR CHOICE.
Nick DeBenedictis threw all of these fine company policies (Bylaws) into the dumpster for greed, money and power. Nicky likes to include those 106 years in his press releases stating that Aqua America is a 128 year old water company who has been acquiring water companies all along. Those 106 years are very important to me because knowing the true history of a great little water company who started out on a great American College campus, Swarthmore, is not being hijacked by a narrow minded person who believes in money rather than in the United States Of America as I do.
Good night to all,
Peace,
Michael Duffy
"americaduff"
My Story is describing the nasty Capitalism saga. Allow me to take you on a journey of a hustler. His name Nick DeBenedicitis. A draft dodger during the Vietnam war, he preferred the Army Corp of Engineers. His cup of tea was and is "Hustling". As I left you I explained my story of blowing the whistle on the Hustler. Now I take you to 1886, Swarthmore, Pennsylvania. The Swarthmore College professors thought it be a good idea to utilize water in their everyday living. What they designed was a water supply system on campus linking buildings on campus to a common well. Well fast forward to 1989, the little water company that could spread throughout Delaware County. Now allow me to introduce the hustler, for 103 years the little Swarthmore College water company became the Philadelphia Suburban Water Company. Have I mentioned the hustler?
I'll get back to him later.
I need to concentrate on "A Tradition Of Integrity". This is the title of the handbook printed by the Philadelphia Suburban Water Company in 1989.
It was published with the authority of the officers and board members.
In it PSC spells out ethical and legal standards which PSC has lived by since its inception in 1886.
Allow me to highlight some of the most important items from their "Bylaws".
To follow the Anti-Trust Laws of The United States Of America, laws to produce a healthy, competitive marketplace, and to comply with:
NO ATTEMPTS TO MONOPOLIZE.
NO ACQUISITIONS OR JOINT VENTURES WHICH WILL SUBSTANTIALLY REDUCE COMPETITION.
PSC POLICY TO NOT MAKE CONTRIBUTIONS AS A COMPANY TO ANY POLITICAL CANDIDATE FOR FEDERAL, STATE OR LOCAL OFFICE, ALTHOUGH PSC DOES ENCOURAGE ITS EMPLOYEES TO CONTRIBUTE TO A CANDIDATE OF THEIR CHOICE.
Nick DeBenedictis threw all of these fine company policies (Bylaws) into the dumpster for greed, money and power. Nicky likes to include those 106 years in his press releases stating that Aqua America is a 128 year old water company who has been acquiring water companies all along. Those 106 years are very important to me because knowing the true history of a great little water company who started out on a great American College campus, Swarthmore, is not being hijacked by a narrow minded person who believes in money rather than in the United States Of America as I do.
Good night to all,
Peace,
Michael Duffy
"americaduff"
Sunday, July 6, 2014
Greetings fellow Americans,
I begin today with a daily blog on my personal experiences as a whistleblower. In 2005 I was employed at Aqua America and having uncovered fraudelent accounting practices I contacted the Pennsylvania Public Utility Commission (PUC). I contacted Mr. John Clista a audit supervisor performing a audit at Aqua America.
I gave to Mr. Clista documents which proved fraudulent activity at Aqua America. They were reporting capital expenditures as expense items. I estimate to the tune of ripping off the US Treasury of some $33 million dollars a year.
Little did i know that Mr.Clista's boss Mr. Wendell Holland, Commissioner of the PUC would inform Aqua America management, notably Mr. Nick DeBenedictis of my whistle-blowing and initiate a conspiracy cover up in December 2005. On January 4, 2006 I was fired by aqua America (WTR) for insubordination on the job, a bogus charge. Anyway I was out the door!
On March 8,2006 aqua America stock took a 6% drop. It continued falling for 6 years. Their market capitalization went from 3.5 billion dollars to2.3 billion dollars.
I have tried to alert the IRS, Pa. Attorney General and am awaiting the Pa. Inspector general's investigation. I submitted documents and a written letter describing the fraud and coverup at the PUC. By Pennsylvania stature a employee of the Commonwealth of Pa. is required under the whistleblower law to inform me to get a whistleblower attorney and to contact the FBI.
Mr. Clista was complicate in this coverup with the commissioner Mr. Wendell Holland of the PUC in committing the conspiracy coverup with Nick DeBenedictis of Aqua America.
I have a 400 page book on the entire operation at the PUC and Aqua America and will begin daily blogs introducing the history of Aqua America Water Corp. (Formally Philadelphia Suburban water Co.). from 1886 to 2014.
Tomorrow: The origins of Philadelphia Suburban Water Co. and its bylaws on ethical business practices which were hijacked by Nick DeBenedicitis in 1992.
Regards,
Americaduff
I begin today with a daily blog on my personal experiences as a whistleblower. In 2005 I was employed at Aqua America and having uncovered fraudelent accounting practices I contacted the Pennsylvania Public Utility Commission (PUC). I contacted Mr. John Clista a audit supervisor performing a audit at Aqua America.
I gave to Mr. Clista documents which proved fraudulent activity at Aqua America. They were reporting capital expenditures as expense items. I estimate to the tune of ripping off the US Treasury of some $33 million dollars a year.
Little did i know that Mr.Clista's boss Mr. Wendell Holland, Commissioner of the PUC would inform Aqua America management, notably Mr. Nick DeBenedictis of my whistle-blowing and initiate a conspiracy cover up in December 2005. On January 4, 2006 I was fired by aqua America (WTR) for insubordination on the job, a bogus charge. Anyway I was out the door!
On March 8,2006 aqua America stock took a 6% drop. It continued falling for 6 years. Their market capitalization went from 3.5 billion dollars to2.3 billion dollars.
I have tried to alert the IRS, Pa. Attorney General and am awaiting the Pa. Inspector general's investigation. I submitted documents and a written letter describing the fraud and coverup at the PUC. By Pennsylvania stature a employee of the Commonwealth of Pa. is required under the whistleblower law to inform me to get a whistleblower attorney and to contact the FBI.
Mr. Clista was complicate in this coverup with the commissioner Mr. Wendell Holland of the PUC in committing the conspiracy coverup with Nick DeBenedictis of Aqua America.
I have a 400 page book on the entire operation at the PUC and Aqua America and will begin daily blogs introducing the history of Aqua America Water Corp. (Formally Philadelphia Suburban water Co.). from 1886 to 2014.
Tomorrow: The origins of Philadelphia Suburban Water Co. and its bylaws on ethical business practices which were hijacked by Nick DeBenedicitis in 1992.
Regards,
Americaduff
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