How to buy 40 properties in < 12 months

[VeeDub]

http://business.smh.com.au/business/clive-peeters-hit-by-20m-sting-20090811-egq6.html

 

[xcesiv]

thats just stupidity.

who could think they could get away with something like that

 

[Sunfish]

It may sound excessive to you and I but there are many individuals who believe that the path to wealth is simply "having your name on the title of as many properties as possible."

Don't agree? You are on the wrong forum.

 

[jaycee]

I didn't know that was how I was supposed to get a hold of them though Sunfish !

 

[peastman]

I wonder if Clive Peeters will offload them in a "Fire Sale" auction. Could be some interesting bargains. I would expect a free dishwasher with every house

 

[xcesiv]

It may sound excessive to you and I but there are many individuals who believe that the path to wealth is simply "having your name on the title of as many properties as possible."

Don't agree? You are on the wrong forum.

I will own more than 19 mill in property in time... I just wont have Clive Peters taking it off me when someone finds out.

 

[steveadl]

Hear this so often. At least in this case the person stealing was buying property with it rather than just p!$$!ng it away gambling as is usually the case - so Clive Peters should get a good deal of the cash back.

 

[evand]

Classic SF, so true. Too many people confuse activity with progress.

It may sound excessive to you and I but there are many individuals who believe that the path to wealth is simply "having your name on the title of as many properties as possible."

Don't agree? You are on the wrong forum.

 

[twobobsworth]

I think what's worse is that the theft was greater than Clive Peters annual profit.

 

[xcesiv]

I wanna know how shonky and lazy the whole accounts team have to be to let millions of dollars slip out the door like that.

Where could they honestly hide that kinda cash on there books that doesnt scream alarms every time a Balance sheet or P&L report is ran.

 

[Propertunity]

I have to agree with all of the posters above. It is just astounding to have accounts people not pick up on this

In the end, if the properties purchased were good ones and get a bit of CG, then CP may actually turn a profit from this theft.

 

[LynnH]

It is just astounding to have accounts people not pick up on this

Perhaps a little more difficult when the person who embezzled was a senior accountant with the company, Propertunity!

Source: Today's "The Australian" newspaper, print version, page 3.

Cheers
LynnH

 

[xcesiv]

Even then. A company of that size would have multiple people working on the accounts. Someone would have to see a report here or there that was out a few million. No one could steal $50 let alone $1 Million from my work without me finding it.

Anyone who runs a tight ship compares there Previous year actuals against currents and budgets. and compares the variances to try find more $$$.

The board or anyone with a financial interest in the company should have seen something.

 

[Ausprop]

screams of massive incompetence on behalf of the board. they should resign immediately and I can see charges following.

 

[boods99]

I say good on her for thinking outside the square and trying to get ahead in life.

Boods

 

[Aaron Sice]

see - this is why i'm so adverse to putting people on full time.

you miss one christmas bonus and it all goes to the dogs....

 

[twobobsworth]

I just can't believe this. No criminal action is being taken!

http://livenews.com.au/business/cli...ees-20-million-payroll-fraud/2009/8/12/215913

 

[ani]

LOL

shouldn't laugh but a board and a CEO who can't read financial statements......"oh great we spent another 4 million on payroll last year".......

 

[xcesiv]

lol....someone i know is being effected by this.

He is renting one of the houses that she owns and has been told to get out.

He also works for clive peters which is a bit sus

 

[jingo]

Hear this so often. At least in this case the person stealing was buying property with it rather than just p!$$!ng it away gambling as is usually the case - so Clive Peters should get a good deal of the cash back.

My thoughts exactly Steve. Clive Peters has probably made a profit as a result of the staff member's investments. Perhaps they should give her a bonus for her efforts!