I know the guys who masterminded the crimes are the best to offer insight, but geez. Still makes you wonder how this guy Sam avoided jail time. And I bet his family reunions are a lot of fun these days, after he spilled the beans on his cousin.
Re: Out of the mouths of felons
Drivewaygirl
5/7/2012 1:09:38 PM
Wow, the Crazy Eddie guys calling the kettle black. It's a funny world.
Re: Out of the mouths of felons
yalanand
5/8/2012 2:13:29 AM
Still makes you wonder how this guy Sam avoided jail time.
@Noreen, that exactly was my doubt when I read the article. But I think he is doing more good things outside the jail by creating awarness among the investors through his blog.
Re: Out of the mouths of felons
tokyogai
5/8/2012 8:47:58 AM
That doesn't mean he still shoudn't have done some jail time. I just wonder how genuine he really is.
Re: Out of the mouths of felons
yalanand
5/8/2012 9:30:37 AM
That doesn't mean he still shoudn't have done some jail time.
@tokyogai, I totally agree with you. All I said was he could have always gone back to his past cheating tactics but he is doing community service by creating awarness among the investors through his blog.
I think it's interesting to hear what "reformed" criminals have to say -- but I also think it's wise to reserve a certain amount of skepticism. I mean, if someone hints he was born a criminal, there is always a chance he's going to fall off the wagon. So listen, analyze -- and keep your money far, far away!
Good advice
cat tail
5/7/2012 1:07:15 PM
Love the advice to read the footnotes @Sherri. It makes sense-I just haven't done it.
Re: Good advice
Phoenix
5/8/2012 11:22:52 AM
Yes that's really good advice. We just zoom through footnotes without paying much attention. I guess the fine print makes all the difference at times. It is something we can easily overlook and to imagine someone actually got away with 20million with a mention in a footnote. That really is an eye opener.
Re: Good advice
mInvestor
5/12/2012 9:56:14 PM
No wonder Warren Buffet has been so successful, he has been always looking into growth and management. Ethics has been one of critical item in his checklist when he looks into management.
Good article.
The son-in-law perk
Tenacious
5/7/2012 1:30:02 PM
I would like to earn nearly $600,000 a year just for marrying the daughter of the CEO.
Re: The son-in-law perk
driven
5/7/2012 1:39:49 PM
Probably more honest work than earning millions by directly cheating investors, @Tenacious.
Re: The son-in-law perk
yalanand
5/8/2012 2:16:32 AM
Probably more honest work than earning millions by directly cheating investors
@driven do you really think so ? What if that CEO earned all his wealth by cheating investor ? Dont you think enjoying such wealth is also amoral ?
It would seem that taking $600,000 for little more than being someone's son-in-law is also cheating investors, right?
Re: The son-in-law perk
driven
5/8/2012 10:20:01 AM
Looking over the Crazy Eddie blog, it looks to me like the auditors fell down.
Most front-line auditors were young and inexperienced. Some in just the first 6 months of working. They were easily distracted and put off the scent by a full on-slot of charm and deception. Trails that should have led to major gaps, were not followed.
Then Crazy Eddie rewarded the accounting firm with consultancy business that was worth several times the revenue of the auditing work. This just made it easier for the accountants to be taken-in by a group of criminal minds.
PC
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