N/S Former Jaguars Employee Accused of Stealing $22 Mil over Four Years (mod edit) (3 Viewers)

[St4ever]

you know when your financial manger pulls up to collect your tax returns in a Lambo, something aint right.

Which reminds me, will the IRS get him for not paying taxes on the 20mil? That’s gotta be 8-11mill alone!

 

[St4ever]

Well it looks like the problem is he was the spending the money but also he was the only person responsible for ensuring the budget balanced as well. They probably conducted a 3rd party audit not knowing he was stealing and got caught.

His boxers must of got a little dirty when he found out about that audit.

 

[Taker597]

$22 Milly... And you buy a Tesla and Crypto?

 

[SystemShock]

Just how many millions of dollars does a company need to make in order to not see when 20mil is stolen?

Well, for one, they did see $20m were stolen, since they've brought up charges against this individual for stealing it.

$20m over 4 years is $5m/year. That may sound like a lot of money, but for a company that has $500m/year of operating revenue, isn't really that much, and when you are in charge of accounting for that money and know how to work the books, it isn't that hard to do.

 

[SystemShock]

$22 Milly... And you buy a Tesla and Crypto?

He wanted to hang out with the uncool kids.

 

[St.Fabulous]

Ole buddy was livin' it up

Which reminds me, will the IRS get him for not paying taxes on the 20mil? That’s gotta be 8-11mill alone!

Was he a 1st round pick?

 

[Saintman2884]

I need a job where it's possible for me to steal 22M over the span of years

Are you a top-rate financial wizard, with Master's degrees and highly-accredited CPA accounting licenses in numerous U.S. states and territories, as well as other principalities, these including knowledgable, familiarity with business, income tax laws in countries like the UK, France, Belgium, Netherlands, Germany and/or the Scandivinavian countries?

 

[Saintman2884]

His boxers must of got a little dirty when he found out about that audit.

In all due fairness, that's a strong plausible scenario that might happen to most people, including most of us here on SR who had been money-laundering, committing wire fraud, illegal financial transactions, constructing and operating complex Wall St. mini-Madoff-esque Ponzi schemes for a couple of decades, a severe economic downturn happens, people get very nervous and a "run on the banks" begins, and crooked investors like Madoff or Fried know very damn well that "money" in those "funds" doesnt exist and very few people ever, ever got rich off their devious financial "wizardry". Crazy thing about Madoff is that took the 2008 " Great Recession " to expose his massive frauds, and bring his once-small side investment firm down to its knees, if the 2008 Wall St. crash isn't as severe or dramatic, or it never happens, Madoff's crimes are likely never uncovered or at least not until after his death, which, based on prison interviews, testimonies from relatives and family members, is kind of how he wanted it to happen. It's hard to hold a dead corpse accountable, much less imprison him.

I do believe Madoff was telling the absolute truth in those prison interviews that many of the major, multi-national corporate banks have to have known or had deep suspicions about the veracity, authentic nature of how his firm always managed to deliver great financial revenue, yearly, for so long without some loss at some point, due to high-risk, high-reward nature of Wall Street. Even the smartest, most creative CFO's of Wall St. financial investment firms, commodities brokers lose money some times.

 

[BayouSAINTJoe]

His boxers must of got a little dirty when he found out about that audit.

As soon as I caught wind of the 3rd party audit...I would've booked a ticket to a non extradition country

Are you a top-rate financial wizard, with Master's degrees and highly-accredited CPA accounting licenses in numerous U.S. states and territories, as well as other principalities, these including knowledgable, familiarity with business, income tax laws in countries like the UK, France, Belgium, Netherlands, Germany and/or the Scandivinavian countries?

No...but I did stay at a Holiday Inn Express one time

 

[Saintman2884]

As soon as I caught wind of the 3rd party audit...I would've booked a ticket to a non extradition country

No...but I did stay at a Holiday Inn Express one time

I'm sure a lot of crooked, morally/ethically corrupt Western investors, bond traders, commodity traders, wealthy hedge fund managers have found Switzerland a lovely, beautiful, very cold but safe place to live out the remaining 20-30 years of their lives in complete, safe immunity due to their ill-gotten gains, manipulation, and countless acts of wire fraud, skim-scamming, Ponzi schemes, etc safe from US, UK government prosecution, investigation, or arrest and detention.

Although, if one likes to travel widely and over large areas, terrains, Switzerland is a small, land-locked country that has a limitation of these natural treasures or opportunities, unless they find ways to travel to Italy, Austria, other EU countries incognito, without INTERPOL or some curious, enterprising, intelligent local investigator not buying you're story wholesale and do a little digging into who you aren't and why you're kind of an idiot for traveling to other countries if you are a wanted financial fugitive with $50 million bounty for your arrest.

 

[St4ever]

As soon as I caught wind of the 3rd party audit...I would've booked a ticket to a non extradition country

No...but I did stay at a Holiday Inn Express one time

Funny story, true too. While on vacation in the Ozark mountains my wife who was navigating kept missing out turns. This went on all day and that night we just happened to stay in a Holiday Inn Express and she still made the same mistakes the next day.

so that’s so bogus and they won’t refund your money for not getting smarter.

 

[Poison]

Still better value than the $88 million Nick Foles stole when Jacksonville signed him from Philly.

 

[Rexman100]

UPDATE: REMAINS IN TREATMENT!! HOW ABOUT KICKING THIS FOOLS arse? Dont people kick arses anymore?

Former Jaguars executive Amit Patel allegedly embezzled more than $22 million from the team. His lawyer blames it on a gambling addiction.

Specifically, attorney Alex King said Thursday, via ESPN.com, that Patel manipulated the team’s virtual credit card program “to gamble on Daily Fantasy Sports” with FanDuel and DraftKings, and that “approximately 99% of the misappropriated funds” were related to gambling losses.

“Mr. Patel is deeply remorseful and apologizes for his conduct,” King said. “He loved working for the Jacksonville Jaguars and regrets his actions which have resulted in him both losing his dream job and damaging the organization. Mr. Patel remains in treatment and intends to seek ongoing treatment for the foreseeable future.”

 

[Saintman2884]

Well, for one, they did see $20m were stolen, since they've brought up charges against this individual for stealing it.

$20m over 4 years is $5m/year. That may sound like a lot of money, but for a company that has $500m/year of operating revenue, isn't really that much, and when you are in charge of accounting for that money and know how to work the books, it isn't that hard to do.

Maybe not for the relatively short time span of 4 years, perhaps one can hide or cover up financial malfeasance or wire fraud if there the one responsible for balancing the teams' books of operating revenue, but when we broaden the scope, scale and timeframe of the fraud and stealing, and $22 million mushrooms into 3-4x amount of money stolen or embezzled, then even if you're a CFO of a major sports team, stealing and then cleverly covering it up with creative accounting techniques becomes a lot harder because the possibility becomes greater that some third-party auditing firm discovers massive payment and payroll gaps and the fact that a lot of money Mr. Khan and his son assumed was there, is unaccounted for and Mr. Shahid Khan, being a extremely sharp, saavy successful businessman will leave no stone unturned to find out why these deep, significant irregularities exist until they reached the source and that's when this man's life and career will be seriously forked, which it totally is now.

 

[bernnjulie]

Are you a top-rate financial wizard, with Master's degrees and highly-accredited CPA accounting licenses in numerous U.S. states and territories, as well as other principalities, these including knowledgable, familiarity with business, income tax laws in countries like the UK, France, Belgium, Netherlands, Germany and/or the Scandivinavian countries?

Hey, I saw the ad for that job on LinkedIn. They were paying $13 per hour, but you also needed to be a COBOL programmer.