I have a new website to compliment my blog. I have published my 4 volume journal on my website, IWASAWHISTLEBLOWERBUTDIDNTKNOWIT.COM.
In my journal I include specific details such as emails, media stories and other incriminating written documents to support my claim of a conspiracy cover up against me by the Pa. PUC and Aqua America.
Check it out! See who is in it and what part they played in denying my whistleblowing actions.
I name names, and in real time these people are still operating as they were 12 years ago!
Monday, March 16, 2015
Friday, January 23, 2015
VOLUME 1 1994 TO 2005 'THE GOOD YEARS' AQUA AMERICA (Cont.)
I continue with excerpts from my journal on Aqua America, The Good Years. Memo from January 23, 1998; The Acquisition of the West Chester Water Authority. With this addition brings the total of the 94th acquisition of Aqua America to date. In a short 6 year history, also Market capitalization was $100 million dollars. Rather small compared to today's 4.75 Billion. Wow in 17 years Market Cap. at Aqua America grew by..............Four Thousand Seven Hundred and Fifty percent! That is 4,750 % folks! Wow! Funny though it took a nose dive in 2009, down to 2.3 Billion dollars down from 3.5 Billion dollars in 2005, the year right before I blew the whistle on Aqua America.
Nick was always big on Market Cap.although he could never quite explain why it dropped so much between 2005 and 2009. One of his biggest fans Jim Cramer of "Mad Money" had him on his show to explain. After Nick left the interview, Mr. Cramer looked like he was hit by a bus! He promptly removed Aqua America from his Charitable Trust Portfolio.
Reading from a March 19, 2004 memo from Nick DeBenedictis, he starts,"Dear Shareholder". He was always the hustler, talking to the shareholders, never to the employees. I know I was an employee, did not hold any stock. He was announcing the name change of Philadelphia Suburban Water Co. to Aqua America. He said, "After over 100 years of growth it was time to have a name that better reflected our new national footprint and our position as the largest "Investor" owned water company in America". He was out to conquer America. His growth through acquisition had gone viral! He stated that in 2003 we added more than 20% to our customer base. Also he announced that in 2003 Aqua America Shareholders experienced a 34% stock price appreciation. and a 37% return on their dividends. There was also a 5 for 4 stock split in 2003. Full revenues grew by 14% to 367.2 million over 2002 revenues of 322 million dollars. Wow, sky's the limit. 2003 growth could be compared to as the equivalent of five years of normal growth in a single year. That's pretty BIG!
I am a journalist and a scientist. Yes. a scientist, a term not used nuch these days. If you happen to teach at MIT or work for a major pharmacutical you could be a scientist. I like the old days like 500 years ago when a scientist was simply someone who observed things and wrote them down. That be me, the old school scientist. The one sad part for Aqua America is that most of my oberservations are ones involving the Pa. PUC and Aqua America and their conspiracy coverup against me.
Another observation I had during this time period was the hiring of a Ms. Theresa (Tracy) Ryan as Secretary in the Corporate and Public Affairs department. Ryan joined Aqua America after five years as Grants Administrator and Executive assistant for the Foundation for New Era Philanthropy.
This is the same organization founded by a Mr. John G. Bennett in 1989 which turned out to be a ponzi scheme orchestrated by Bennett. In 1995 after years of taking donations for his charitable organization and promising huge profits to its donors Bennett filed for bankruptcy. Turns out his was working a check kiting operation to cover the hustling he was doing in defrauding donors. Bennett had raised over $354 million dollars from 1,400 donors. In Sept. 27, 1996 Bennett was charged in an 82 count indictment with mail fraud, wire fraud, bank fraud, false statements to the government,filing false tax returns and money laundering by the FBI. Mr. Bennett pleaded no contest and was sentenced to 12 years behind bars.He was released from prison in 2008.
Now I'm only noting that I observed that Ms. Ryan (McGonigle) was Mr. Bennett's assistant. I can surmise that in the five years she worked for Mr.Bennett that she had nothing to do with his criminal activity, but she was in fact his assistant.
Well I'll leave this new posting for now and allow my followers time to digest all that I have written.
Until next time, Peace to all!
Regards,
Michael Duffy
Nick was always big on Market Cap.although he could never quite explain why it dropped so much between 2005 and 2009. One of his biggest fans Jim Cramer of "Mad Money" had him on his show to explain. After Nick left the interview, Mr. Cramer looked like he was hit by a bus! He promptly removed Aqua America from his Charitable Trust Portfolio.
Reading from a March 19, 2004 memo from Nick DeBenedictis, he starts,"Dear Shareholder". He was always the hustler, talking to the shareholders, never to the employees. I know I was an employee, did not hold any stock. He was announcing the name change of Philadelphia Suburban Water Co. to Aqua America. He said, "After over 100 years of growth it was time to have a name that better reflected our new national footprint and our position as the largest "Investor" owned water company in America". He was out to conquer America. His growth through acquisition had gone viral! He stated that in 2003 we added more than 20% to our customer base. Also he announced that in 2003 Aqua America Shareholders experienced a 34% stock price appreciation. and a 37% return on their dividends. There was also a 5 for 4 stock split in 2003. Full revenues grew by 14% to 367.2 million over 2002 revenues of 322 million dollars. Wow, sky's the limit. 2003 growth could be compared to as the equivalent of five years of normal growth in a single year. That's pretty BIG!
I am a journalist and a scientist. Yes. a scientist, a term not used nuch these days. If you happen to teach at MIT or work for a major pharmacutical you could be a scientist. I like the old days like 500 years ago when a scientist was simply someone who observed things and wrote them down. That be me, the old school scientist. The one sad part for Aqua America is that most of my oberservations are ones involving the Pa. PUC and Aqua America and their conspiracy coverup against me.
Another observation I had during this time period was the hiring of a Ms. Theresa (Tracy) Ryan as Secretary in the Corporate and Public Affairs department. Ryan joined Aqua America after five years as Grants Administrator and Executive assistant for the Foundation for New Era Philanthropy.
This is the same organization founded by a Mr. John G. Bennett in 1989 which turned out to be a ponzi scheme orchestrated by Bennett. In 1995 after years of taking donations for his charitable organization and promising huge profits to its donors Bennett filed for bankruptcy. Turns out his was working a check kiting operation to cover the hustling he was doing in defrauding donors. Bennett had raised over $354 million dollars from 1,400 donors. In Sept. 27, 1996 Bennett was charged in an 82 count indictment with mail fraud, wire fraud, bank fraud, false statements to the government,filing false tax returns and money laundering by the FBI. Mr. Bennett pleaded no contest and was sentenced to 12 years behind bars.He was released from prison in 2008.
Now I'm only noting that I observed that Ms. Ryan (McGonigle) was Mr. Bennett's assistant. I can surmise that in the five years she worked for Mr.Bennett that she had nothing to do with his criminal activity, but she was in fact his assistant.
Well I'll leave this new posting for now and allow my followers time to digest all that I have written.
Until next time, Peace to all!
Regards,
Michael Duffy
Monday, January 12, 2015
VOLUME 1 1994 - 2005 "THE GOOD YEARS" AQUA AMERICA
Its been 4 months folks since my last entry. Been working on a few details, I'm back and wont let a broken ankle slow me down. Turning 60 has not been kind to me, but I still can not complain. As I mentioned I broke my ankle back in October 2014. Going through rehab right now and on the mend.
Enough already Duff, onto Aqua America and the "Good Years". I have compiled a 400 page journal on Aqua America. This entry explains some of the militaristic ideas old Nicky boy was up to back then in the early years of 1997. Back then Aqua America was The Philadelphia Suburban Water Co.
Each year PSC would hold a Communications Forum. These meetings were set up to promote Nick's strategy of growth through acquisition. All attendees were expected to engage in this strategy. To give you an idea of how sick these people were, VP Corporate Development Rick Hugus was dressed up in a mock military uniform, complete with medals and helmet. The idea was to promote the company's acquisition strategy to that of a well-planned military strategy. I have to laugh, these guys in military uniforms? Why they were the ones you would least expect to do battle, none I assure you was never in a good old fashion Kensington rumble. Like I said before, these guys are hustlers!
PSC's esteemed Counselor Mark Kropilak recounted the exploits of "General" Rick Hugus. Nick DeBenedicitis CEO, was found to be sitting on his renowned four-legged stool. He was there to 'Charge" everyone into a new concept, to re-examine and change the format of the company.
Presentations were made and new employees were introduced. They boasted about how many acquisitions were made since 1992. Twenty in all, highlighting the 1997 ones. Mind you, try to picture this circle jerk going on with "The Charge of the Light Brigade" playing in the background. Bob Deddy a Nick lackey, twice broke into song as if Sinatra had morphed into his soul singing, "We Did It Nick's Way", too funny. Also, lets not forget a rendition of "To Dream The Impossible Dream". This one really affected me, it was my 9th grade graduation song from June 1969. The Temptations, Motown! We were just 14 years old, but understood what it meant for world peace. Going to a public school back then meant that we were taught about love and peace, you know, future Hippies! I can attest that the spirit I had in those days are alive and well today. I plan on helping to bring those days back over my next 60 years!
As for the forum it continued with old Nicky Boy telling everybody how great the company was doing and to follow him into battle! Wow too bad, could of used him in Nam.
I could go on, but I think you get the picture I am painting here. Nick DeBenedicitis was and still is a narcissist, having zero empathy for his fellow man. It is my job in this blog to expose the hustler for who he is along with all his cronies state wide.
My journal consists of four volumes, Volume 1"The Good Years", Volume 2 "I WAS A WHISTLE-BLOWER BUT DIDN'T KNOW IT", Volume 3 " The Bad Years", and finally Volume 4 "The Res-erection-Out Of Nowhere".
As I weave through the "Good Years" you might wonder, what the hell are "The Bad Years"? That my friend is where the ship almost sunk! Aqua America stock had dropped to $12 dollars a share,in 2009. All because I was a whistle-blower. Details coming up in my future postings.
Regards,
Michael Duffy
"EastPhilly"
Enough already Duff, onto Aqua America and the "Good Years". I have compiled a 400 page journal on Aqua America. This entry explains some of the militaristic ideas old Nicky boy was up to back then in the early years of 1997. Back then Aqua America was The Philadelphia Suburban Water Co.
Each year PSC would hold a Communications Forum. These meetings were set up to promote Nick's strategy of growth through acquisition. All attendees were expected to engage in this strategy. To give you an idea of how sick these people were, VP Corporate Development Rick Hugus was dressed up in a mock military uniform, complete with medals and helmet. The idea was to promote the company's acquisition strategy to that of a well-planned military strategy. I have to laugh, these guys in military uniforms? Why they were the ones you would least expect to do battle, none I assure you was never in a good old fashion Kensington rumble. Like I said before, these guys are hustlers!
PSC's esteemed Counselor Mark Kropilak recounted the exploits of "General" Rick Hugus. Nick DeBenedicitis CEO, was found to be sitting on his renowned four-legged stool. He was there to 'Charge" everyone into a new concept, to re-examine and change the format of the company.
Presentations were made and new employees were introduced. They boasted about how many acquisitions were made since 1992. Twenty in all, highlighting the 1997 ones. Mind you, try to picture this circle jerk going on with "The Charge of the Light Brigade" playing in the background. Bob Deddy a Nick lackey, twice broke into song as if Sinatra had morphed into his soul singing, "We Did It Nick's Way", too funny. Also, lets not forget a rendition of "To Dream The Impossible Dream". This one really affected me, it was my 9th grade graduation song from June 1969. The Temptations, Motown! We were just 14 years old, but understood what it meant for world peace. Going to a public school back then meant that we were taught about love and peace, you know, future Hippies! I can attest that the spirit I had in those days are alive and well today. I plan on helping to bring those days back over my next 60 years!
As for the forum it continued with old Nicky Boy telling everybody how great the company was doing and to follow him into battle! Wow too bad, could of used him in Nam.
I could go on, but I think you get the picture I am painting here. Nick DeBenedicitis was and still is a narcissist, having zero empathy for his fellow man. It is my job in this blog to expose the hustler for who he is along with all his cronies state wide.
My journal consists of four volumes, Volume 1"The Good Years", Volume 2 "I WAS A WHISTLE-BLOWER BUT DIDN'T KNOW IT", Volume 3 " The Bad Years", and finally Volume 4 "The Res-erection-Out Of Nowhere".
As I weave through the "Good Years" you might wonder, what the hell are "The Bad Years"? That my friend is where the ship almost sunk! Aqua America stock had dropped to $12 dollars a share,in 2009. All because I was a whistle-blower. Details coming up in my future postings.
Regards,
Michael Duffy
"EastPhilly"
Thursday, September 4, 2014
I'M BACK & AQUA AMERICA VOLUME I "THE GOOD YEARS" 1994 - 2005
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
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
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"
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