Lazear Expands in New York Under Industry Veteran Rich Gioia
Lazear Capital Partners (Lazear), a leading investment bank specializing in ownership transitions through ESOP and M&A advisory, is expanding its national footprint with its 14th location in Buffalo under the leadership of Managing Director Rich Gioia. Rich brings a distinctive combination of legal expertise, private equity insight, and multi-generational entrepreneurial experience to the role. A fourth-generation entrepreneur, Rich has built a track record of acquiring, operating, and selling privately held lower middle-market companies across Western New York. As co-founder and Chairman of Gioia Capital, a family-based investment firm, and former managing member of Lorraine Capital, Rich has worked extensively with companies in need of thoughtful transition strategies. As a business owner, he is equipped with a unique insight into the complexities of succession planning. New York is home to 315 ESOPs with over 862,000 participants, ranking among the top states nationally for employee ownership. Rich's expertise is especially relevant in Western New York—a region with a rich history in manufacturing and industrial services, where ESOPs have long played a key role in preserving company culture and sustaining local economies. 'Rich's background, both professionally and personally, makes him an exceptional fit for this role,' said Bruce Lazear, Partner at Lazear. 'He knows the region, he's walked in the shoes of the business owners we serve, and he brings a rare combination of legal, investment, and operational insight to every conversation. We're proud to have him lead our efforts in Western New York, a market that aligns perfectly with our mission.' Rich began his career practicing law, including a federal clerkship with the Hon. William M. Skretny of the U.S. District Court, Western District of New York, and later at Damon Morey LLP. He holds an M.B.A. from the University of Rochester's Simon Business School (Dean's Leadership Award), a J.D., cum laude, from American University Washington College of Law, and a B.A. from George Washington University.
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San Francisco Chronicle
2 days ago
- San Francisco Chronicle
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'I think that's great,' said Kim Rich, a criminal justice instructor at L.A. Pierce College near Los Angeles. She has become an expert at identifying fraudbots and says she typically clears out three-quarters of the students — most of them bots — that enroll in her classes each term. Once they register, the bots can generate financial aid applications and disappear when the money arrives. Before any student applies to the system or enrolls in a class, Rich said, 'you verify their identity. Period. End of story. It's simple.' And yet, making sure each student is a student is anything but simple these days. That basic expectation became harder for college systems and the federal government to confirm after 2020, when the COVID-19 pandemic led to an explosion of distance-learning classes, mainly at community colleges that are open to all. Remote classes and lax verification protocols have made it far easier for criminals to impersonate students than in prior years, and then to disappear when the financial aid checks land in the mailbox. Despite the new pronouncements about a return to individual identification for state and federal financial aid, neither the U.S. of Education nor the California Community College Chancellor's Office specified how that would be achieved. Implementation difficulties became apparent at the May 21 meeting of the California Community College Board of Governors, where members debated the fraud crisis for more than three hours, ultimately agreeing to generally upgrade the CCCApply technology to try to screen out more fraudulent applications, and to generally enhance applicant identification. Love Adu, a member of the Board of Governors and an incoming junior at UC Berkeley, noted that colleges often used the identity verification software 'ID Me,' but that it excludes many kinds of students, including those who are incarcerated, undocumented, homeless or under 18. The last category includes high school students who simultaneously enroll in community college through the increasingly popular practice of dual enrollment. 'I experienced this personally and had to drive more than five hours to a college to identify myself in person because I didn't qualify for ID Me,' Adu said at the meeting. 'I had the means to do that — but I know that most students do not.' Adu urged her colleagues on the board to consider that when they eventually do hash out the specifics of how to check whether students are human. 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She is among the instructors and staff members up and down the state who are forced to spend increasing amounts of time trying to identify and disenroll fake students before they can collect financial aid. Instructors report there are so many bots that there is often no room for real students. 'It takes faculty hours of time that they could be spending supporting our students,' state Chancellor Sonya Christian said at the meeting. 'It takes our classified staff hours of time to support students that they don't have.' Statewide, security software detected and thwarted fraud in 31.4% of applications this year, up from 20% in 2023, Chris Ferguson, head of finance at the state chancellor's office, 'We needed a plan yesterday,' Gastis told the Chronicle on Friday. And when a plan is created, she said, it will have to be made clear to students and be fair to 'marginalized and fearful communities.' Following Friday's announcement from the feds, even officials at the state chancellor's office said they weren't sure what to do next. The office is 'waiting for additional guidance,' a spokesperson for the chancellor's office told the Chronicle. Even then, it might be awhile before a plan is in place. Once guidance arrives, the spokesperson said, 'we will consult with our community college stakeholders to determine what processes and procedures will be needed to comply.'
Business Wire
3 days ago
- Business Wire
Daniel Aronowitz: I Will End the War on ESOPs
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Yahoo
3 days ago
- Yahoo
Daniel Aronowitz: I Will End the War on ESOPs
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The concern is that, instead of having a clear definition that is spelled out in regulation, ESOPs have been operating under a patchwork of litigation and investigation. There is also some concern that the department has taken excessive enforcement actions against ESOPs. Can you speak briefly to your views on these?" DANIEL ARONOWITZ: "I believe that Congress wants ESOPs and everybody is for ESOPs except for the DOL for the last 20 years. I will end the war on ESOPs. I think it's the best way for employees to get an additional benefit and ownership in an American company. The valuation companies have all been sued by the can't be right that every single one of them is doing it wrong. What the Department is doing is nitpicking the professional judgment of the valuation professionals. I'm going to put an end to that. Because I think unless there is a clear conflict of interest, then the valuation is appropriate when done by an independent valuation firm." In addition, Senator John Husted (OH) added his support for ESOPs during the hearing, saying "Mr. mentioned something in your testimony about ESOPs, that's a great way to help businesses involve their employees and keep the legacy of those businesses in those communities. So I encourage you to do everything you can to support ESOPs in your role." The ESOP Association, the leading organization representing businesses with an Employee Stock Ownership Plan (ESOP) and the 14 million Americans with an interest in an ESOP, strongly supports the confirmation of Daniel Aronowitz. "Daniel Aronowitz is uniquely qualified to address the challenges faced by ESOPs, workers, and potential ESOP founders under the current regulatory structure," said James Bonham, President and CEO of The ESOP Association. "Today's hearing was the clearest sign yet that the Trump Administration is serious about ending the decades of mistreatment of ESOPs and pursuing a regulatory agenda that will allow ESOPs to flourish. Mr. Aronowitz has overwhelming support among The ESOP Association's members, and should be quickly confirmed." Before answering questions, in his opening statement submitted to the Committee Aronowitz was clear about his intent toward ESOPs: "First, I will improve EBSA's enforcement of fiduciary law. We will end the practice of open-ended investigations that go on for years. We will end the bias against ESOPs and other legitimate ways to expand retirement benefits and ownership to America's workers. And we will end the regulatory abuse of common-interest agreements with plaintiff lawyers. EBSA's enforcement will be fair, even-handed, and efficient." Aronowitz said his experience "has given me unique insights into how to better protect and expand the retirement and health security of American workers," and if confirmed he will "work hard every day to unleash and unlock the creativity and full potential of America's employee benefit system." "Daniel Aronowitz should be quickly confirmed so he and Secretary Chavez DeRemer can begin the process of driving the necessary changes at EBSA and fulfill the true promise of ESOPs for American workers and our economy," Bonham added. "We thank Chairman Cassidy for his leadership in this process, and hope for a speedy vote in Committee so the full Senate can proceed to Mr. Aronowitz's confirmation." About The ESOP Association The ESOP Association is the largest organization in the world supporting employee-owned companies, the more than 10 million U.S. employees who participate in an ESOP, and the professionals who provide services to them. Headquartered at the International Employee Ownership Center in Washington, DC and operating as a 501(c)6 organization with the affiliated Employee Ownership Foundation, The ESOP Association conducts and funds academic research, provides more than 160 annual conferences and events attended by nearly 15,000 individuals, and advocates on behalf of employee owners and their businesses to federal and state lawmakers. View source version on Contacts Demetrios Karoutsosdkaroutsos@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
