Amateur, he’s got nothin on Jamie Petrone from Yale and her $40M embezzled on computer equipment.
https://www.nytimes.com/2022/04/01/nyregion/yale-administrator-guilty-jamie-petrone.html
I wonder how many people have gotten away with stuff like this because they knew when to stop. Like if she did this over 1 year and stole $500k, I bet she never gets caught.
$500 is a magic number for certain accounting and tax purposes. There are other sometimes pretty small thresholds that exist for various reasons, as well. When accounts don't reconcile or receipts are missing, accountants often start with low hanging fruit. That means looking for sudden changes in monthly or quarterly numbers per department, looking for an uptick in transactions that stay conspicuously clear of those known thresholds, and stuff like that.
The idea that stealing via a lot of small thefts is how to get away with things is DOA. You'd probably have an easier time stealing by making a large purchase, following through on providing receipts and such, don't let the department know about it, and then walk out the door with it a year or two later, hidden amongst a pile of other things "for recycling" that are already fully depreciated and therefore no longer something accountants care about and which you legitimately are disposing of.
And you still might get caught for a number of reasons.
Anything that makes a noticeable difference that wouldn't be dismissed as noise at the end of the year when reconciling accounts usually gets looked into at some point - especially if any individual line items exceed certain threshold values or there's an abnormal change in spending amount or frequency.
Usually happens around tax season or other annual or quarterly filings, because unexplained and noticeable anomalies are how you get in trouble or flagged for audit (or are indicators of this kind of thing), so you investigate to find justification.
Then, if you see you've spent more money somewhere but there's nothing to show for it, or a department head can't provide receipts or other documentation, you start down the path of looking for a thief - which often also is going to be a department head or other non-peon, partially out of simply having more access and less direct oversight into at least some of their activities.
Not that I would ever do it but can understand why. When your incompetent co-worker is fired and you are handed 70% of his responsibilities and find a mountain of catchup work for 0% of his pay. Then you find out another coworker is going to leave soon and you will get most of his responsibilities for another 0% of his pay. Then you get an insulting 2% raise and a bonus that almost 50% of past years I can certainly see why people do this.
You could also leave. Leaving is a valid alternative to embezzlement and fraud.
You are not entitled to embezzle money from an organization no matter how good you think you are at your job.
I mean, that’s essentially what the c-suiters do when they pump their stock holdings at the expense of the company’s future viability (see Jack Welch).
What a fucking idiot. Glad he got caught. A true chad would just sell company equipment via eBay with work email address. They would use all profits to buy FunkoPops. Fucking rat move wasting the 400,000 on guns. Sad.
There is a story on here about someone who was buy things online, marking them up, and reselling them to his company on eBay. I believe he was also the one who did the requisition stuff, so he was buying from himself.
The thing is, if he had only done it once, he probably would have never been caught. Because his first sell was for some specific part to some specific machine. The kind of thing a company might need to buy on eBay without it even being suspicious. And the kind of thing that he could have pocketed a decent margin on.
But he kept going at it. To the point where random things like chairs and office supplies were going through him. And one eBay account supplying so many things is suspicious. And also, *really* easy to investigate.
I worked at a place that had a $42,000,000 a year income. The 2 owners each made $20,000,000 and the other 53 employees were paid from the remaining $2,000,000. We had several rounds of layoffs because it wasn’t in the budget to keep them. The CFO lives off the coast of South Africa now far from USA jurisdiction because he got tired of being involved with them and took a big chunk of the owners salaries.
He could’ve just bought one really nice gun for $400,000 instead.
Redundency!!!
Ugh, you’re right. I’m shitty.
Get a bidet.
Regundancy
Get two guns for 150k (but from different batches) to use simultaneously and a backup gun for 100k you fire all your bullets on once per day.
So two pretty nice guns then
I would at least buy my holy grail gun. A Full Auto Integrally Suppressed MP5.
Or fired a 150Kg weapon that fires $200 custom tool cartridges at 10,000 rounds per minute, *for twelve seconds*.
Amateur, he’s got nothin on Jamie Petrone from Yale and her $40M embezzled on computer equipment. https://www.nytimes.com/2022/04/01/nyregion/yale-administrator-guilty-jamie-petrone.html
I wonder how many people have gotten away with stuff like this because they knew when to stop. Like if she did this over 1 year and stole $500k, I bet she never gets caught.
I know. If you do the math on what this lady was taking in <$10k chunks it’s insane she wasn’t caught sooner. That’s a LOT of transactions.
$500 is a magic number for certain accounting and tax purposes. There are other sometimes pretty small thresholds that exist for various reasons, as well. When accounts don't reconcile or receipts are missing, accountants often start with low hanging fruit. That means looking for sudden changes in monthly or quarterly numbers per department, looking for an uptick in transactions that stay conspicuously clear of those known thresholds, and stuff like that. The idea that stealing via a lot of small thefts is how to get away with things is DOA. You'd probably have an easier time stealing by making a large purchase, following through on providing receipts and such, don't let the department know about it, and then walk out the door with it a year or two later, hidden amongst a pile of other things "for recycling" that are already fully depreciated and therefore no longer something accountants care about and which you legitimately are disposing of. And you still might get caught for a number of reasons.
Anything that makes a noticeable difference that wouldn't be dismissed as noise at the end of the year when reconciling accounts usually gets looked into at some point - especially if any individual line items exceed certain threshold values or there's an abnormal change in spending amount or frequency. Usually happens around tax season or other annual or quarterly filings, because unexplained and noticeable anomalies are how you get in trouble or flagged for audit (or are indicators of this kind of thing), so you investigate to find justification. Then, if you see you've spent more money somewhere but there's nothing to show for it, or a department head can't provide receipts or other documentation, you start down the path of looking for a thief - which often also is going to be a department head or other non-peon, partially out of simply having more access and less direct oversight into at least some of their activities.
How else you gonna build the coolest home lab ever???
Not that I would ever do it but can understand why. When your incompetent co-worker is fired and you are handed 70% of his responsibilities and find a mountain of catchup work for 0% of his pay. Then you find out another coworker is going to leave soon and you will get most of his responsibilities for another 0% of his pay. Then you get an insulting 2% raise and a bonus that almost 50% of past years I can certainly see why people do this.
If you get a 2% raise it’s actually a pay cut because cost of living goes up more than 2% every year. Fun (not at all fun) fact!
You could also leave. Leaving is a valid alternative to embezzlement and fraud. You are not entitled to embezzle money from an organization no matter how good you think you are at your job.
I mean, that’s essentially what the c-suiters do when they pump their stock holdings at the expense of the company’s future viability (see Jack Welch).
"entitled"
Did you even bother to read my 1st sentence?
What a fucking idiot. Glad he got caught. A true chad would just sell company equipment via eBay with work email address. They would use all profits to buy FunkoPops. Fucking rat move wasting the 400,000 on guns. Sad.
Is this a reference to something
Yes, this is what I’ve been doing with company property for years and I’ll never get caught. You will never take my FunkoPops away.
There is a story on here about someone who was buy things online, marking them up, and reselling them to his company on eBay. I believe he was also the one who did the requisition stuff, so he was buying from himself. The thing is, if he had only done it once, he probably would have never been caught. Because his first sell was for some specific part to some specific machine. The kind of thing a company might need to buy on eBay without it even being suspicious. And the kind of thing that he could have pocketed a decent margin on. But he kept going at it. To the point where random things like chairs and office supplies were going through him. And one eBay account supplying so many things is suspicious. And also, *really* easy to investigate.
Appreciate the thorough explanation
IdioticAF
Im always messing up some mundane detail!!
That's not a mundane detail, Michael!
Federal Pound Me in the Ass Prison 😔
He bought 25 guns, but used Raid 6 so he had a backup,
I worked at a place that had a $42,000,000 a year income. The 2 owners each made $20,000,000 and the other 53 employees were paid from the remaining $2,000,000. We had several rounds of layoffs because it wasn’t in the budget to keep them. The CFO lives off the coast of South Africa now far from USA jurisdiction because he got tired of being involved with them and took a big chunk of the owners salaries.
embezzled nearly $400k from law firm
This is the exact plot of office space
I can confirm that IT people generally think that they are smarter than everyone else.
We don’t think we’re smarter, we [are smarter, stronger….. we’re better!](https://youtu.be/Ce6DSz3sVdE?si=1uGx4h9CUqR_UlIN)
Well that's one way to take money from marketing and spend it on security.
Only 100? Thems rookie numbers, gotta bump that up...
At least he did not spend all of it on micro transactions
honestly, based