Tuesday, September 14, 2004

MLSNI denies fraud, mismanagement

President speaks out on forensic audit findings

In a letter sent Thursday to members of the Multiple Listing Service of Northern Illinois, MLSNI President Loretta Alonzo said a recent forensic audit of the company found no evidence of fraud.

"The audit findings included no evidence of fraud, financial mismanagement, misappropriation of funds, or any inappropriate activity whatsoever by MLSNI staff, officers or Board members," Alonzo wrote.

MLSNI and its CEO Jay Huffman were the subject of a forensic audit performed by PricewaterhouseCoopers, who presented the results to the MLSNI Shareholder Boards and Associations of Realtors on Aug. 3.

The MLSNI board of directors met on Aug. 25 to review the audit findings and discuss appropriate response. Board members took no action on shareholder recommendations to resolve all issues related to Huffman's performance as CEO, according to sources present at the meeting. They also voted to keep Robert T. Cichocki as corporate legal counsel, rather than terminate as shareholders recommended

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