ECU Embezzlement

Discussion in 'Off-Topic Discussions' started by JoshD, May 5, 2022.

  1. JoshD

    JoshD Well-Known Member

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  2. Dustin

    Dustin Well-Known Member

    Really interesting article. I follow the work of Iowa's State Auditor closely. It's interesting how once people start stealing and get away with it, they get almost laissez-faire towards it. Some of the people our Auditor has reported on made $40,000 a year and stole another $40,000 by charging it to the organization's credit cards. It's a losing game once it starts.
    Last edited: May 5, 2022
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  3. Johann

    Johann Well-Known Member

    Only if played by small-potatoes losers, like those under discussion so far. If you're going to be a crook - be a BIG one. Steal millions - do unto others and split! Buenos Aires has a pleasant climate. There's always lots to do in Dubai... Oligarchs, newly ex-Russian, have been landing there in record numbers, recently. They know what they're doing.

    Successful dishonesty requires creativity. A dull crook is a dumb one - and usually gets caught.
    Last edited: May 5, 2022
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  4. Johann

    Johann Well-Known Member

    Best one I heard was in the early days of the Internet. An American contrived to steal, electronically, $13 million from a banking system. He bought diamonds in the then-USSR with the proceeds - and re-sold them at a good profit - 7 figures. He was subsequently caught. The bank was very pleased to accept its $13 million back as full settlement. A deal was cut; the guy did 3 years, IIRC and got to keep the profits. Rare.
  5. Dustin

    Dustin Well-Known Member

    That's the other thing that makes me shake my heads about people who defraud, say the Payroll Protection Program. They get the money in their account and then go out and buy a sports car and a giant house. If they thought they were going to get away with it (which is the only reason somebody would engage in fraud I assume), why not sit on the money for a couple years (or put it in a brokerage account) and make sure? If the government comes for it, you can at least work out a lenient plea deal when you return the money.
  6. Johann

    Johann Well-Known Member

    That has been the undoing of so many crooks. Conspicuous buying was partly what led to the unmasking of Bernie Madoff, IIRC. And also an investment advisor named Earl Jones in Montreal, who bilked clients of over $50 million.

    And I remember Paul Manafort spent about a million dollars in one go, buying rugs for his townhouse, and later spent over $900,000 in an upscale men's clothing store in one visit. Gotta admit, that $15,000 ostrich leather sports coat was nice, but...

    But you and me, Dustin - we know better, right? :)
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  7. LearningAddict

    LearningAddict Well-Known Member

    I saw a show some years back where a group of financial experts dissected some of Bernie Madoff's financial talks. They would stop the video at certain spots to point out the bull he was speaking. They stopped the video A LOT. This was after Madoff had been exposed as a total fraud.

    What I learned was that for years many like them questioned the information he was pushing, but because he appeared so successful at the time they didn't want to risk their own standing by speaking up publicly against what had become a giant in that sector. Tough break for all the innocent people who lost.
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