Slap on the wrist

Discussion in 'Coffee Lounge' started by Scott No Mates, 31st Mar, 2015.

  1. Scott No Mates

    Scott No Mates ...and people wonder why?

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    Here's how to do it: Linky

    He sinks a company with close to $3B in creditors as CFO but gets a $2k fine. He earned over $700k in his last year with the company yet owns no property as it is all in his wife's name.

    Now that's asset protection.
     
  2. sash

    sash Member

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    Get a rope! :D

     
  3. pinkboy

    pinkboy SS Lookerafterer

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    $2k tax deductable?

    pinkboy
     
  4. Terry_w

    Terry_w Member

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    If a person transfers money to a spouse it is possible to get this clawed back under at least 2 different Acts. Wonder how the spouse purchased so much property.
     
  5. Blacky

    Blacky Member

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    They will often let them off with a small fine, and a guilty verdict. In doing so the guilty accept and pay rather than spending more fighting the charge.

    This then opens the door for private parties to take action - as they cant deny that they are guilty.

    This happened to a friend of mine who was injured by a driver. The investigator gave a very light slap on the wrist - so that they accepted it and paid the fine. It opened the door for my mate to take them to court for damages - and pretty much they had no leg to stand on (though to be fair neither did my mate - literally).

    Blacky
     
  6. Ausprop

    Ausprop Member

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    he was just an employee, not a director. The penalties have been imposed and justice dealt. His career is over, little chance of getting another controller role.
     
  7. TMNT

    TMNT Member

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    imagine if the wife divorced him!!!!

    that would be so funny
     
  8. Ausprop

    Ausprop Member

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    well the family law court would sort it all out regardless, either way he would lose the majority of his assets.

    TBH they don't seem to have a lot for a high earning CFO,depending on the debt levels of those other properties. I suspect there are quite a few assets that the journos haven't been able to stick their noses into
     
  9. GreyGhost

    GreyGhost Member

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    How long is the clawback period Terry?
     
  10. Terry_w

    Terry_w Member

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    Indefinitely if done to defeat creditors, 4 years otherwise.
     
  11. redwing

    redwing Progress Not Perfection

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    $2k for lying to an auditor

    Looking at the linked article

     
  12. willair

    willair xx

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    I know a few people that invested in that company,i was thinking about doing the same,but they were never perfectly transparent from the angle I looked at,good business model,and from what I read it's easier to ripoff billions than just millions..
     
  13. Sean M

    Sean M Member

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    People like that should be jailed for life