Friday, December 22, 2006

What Do You Do with a Dozen Rolexes?

I'm always fascinated in reading about embezzlement cases to see what people do with the money.  Some spend it on cars, luxury trips, or lavish gifts, while some seem to have a penchant for collecting things.  An entry on the U.S Attorney's Office for the District of Maryland's blog (here) describes a nearly $400,000 embezzlement that caught my eye:

According to the plea agreement presented to the court, McDevitt was employed at SAFT America Inc. as a communications manager. He worked out of the Cockeysville, Maryland office, but the advertising and promotions services he provided required him to travel to trade shows around the United States. From March 2005 to February 2006 McDevitt submitted invoices to his employer for promotional expenses that he did not incur. He also falsified signatures on documents to make it appear that certain requests for reimbursement had been approved. McDevitt sent fraudulent documents via email, and accessed data over the internet. As a result of this scheme, McDevitt wrongfully obtained and caused the loss of approximately $399,537 from SAFT America Inc. As part of the plea, McDevitt has agreed to forfeit to the government 12 Rolex watches and other items he bought for his personal benefit with his employer’s funds.

I'm not a watch-wearer myself, but even if I were, do you need a Rolex for each month? And isn't almost four-hundred grand in expenses in one year just a bit on the high side, unless he was one heck of a salesman? Maybe my tastes are just too pedestrian. (ph)

http://lawprofessors.typepad.com/whitecollarcrime_blog/2006/12/what_do_you_do_.html

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