How to Steal Money and Lose It
How to Steal Money and Lose It
Today’s Australian Financial Review report on staff fraud (Staff fraud a growth business) has given me some much needed cheer on a Friday afternoon (I’m in the middle of an ASIC licence amendment – take my word for it, not much fun).
Former Clive Peeters employee Sonya Causer allegedly stole $20m from the company. You might not think that’s funny, especially if you’re a Clive Peeters shareholder.
But wait for it. She apparently used a substantial amount of the proceeds to buy shares in, you guessed it, Clive Peeters. The one company she knew was being defrauded was the one, out of a possible 2,000, that she chose to buy shares in!
Causer bought that many shares, says the Fin, that she ‘became the company’s 14th largest shareholder’. If only she’d been forced to lodge a substantial shareholder notice.
Custom Search 2
Comments
Clearly she is a better thief than investor - she should have been short selling the stock to oblivion!
She must have missed her chance to buy into Enron.
Earlier media reports suggested he used some of the money from the alleged theft to buy real estate. Maybe she did diversify her risk?
http://www.smarthouse.com.au/Appliances/Industry/B9W4W4P6
Earlier media reports suggested she used some of the money from the alleged theft to buy real estate. Maybe she did diversify her risk?
http://www.smarthouse.com.au/Appliances/Industry/B9W4W4P6
Maybe she knows something else we dont...maybe there are hidden assets also locked away. If she was smart enough to hide the transaction surely she would not go back an invest the funds in the same company. I would like to know her logic behind the investment.
We are usually advised to invest in companies we know something about. :)
Post new comment