And you thought BK was bad...

[AAAArt]

There was a story in the paper today of a 40 yr. old woman who over an 8 yr. period embezzled more than $300,000 from the pension plans of her employer.
When told to make restitution, she said that she had spent most of the money paying off her skyrocketing cc spending.
She was sentenced to 6 months in prison, 4 years probation and made to pay $387,000 in restitution. As far as I know, a judgement can not be discharged through BK, and what kind of a job will she be able to get as a convicted felon? Personally, I think she's getting off easy with 6 months prison time, but what kind of a life will she be able to have financially from now on?
It helps me feel better about filing BK, but not a whole lot. Guess that mainly i feel sorry for her that she didn;t see another out and angry that she or someone couldn't/didn't stop her sooner.
BTW, this is a MAJOR employer (the largest insurance co. in America), so I don't think that the pensioners will be left destitute, but how in the world could this go on for 8 years and $300,000?
And that's the news from Mid-America today. Art

[Genenco]

News like this, strikes me as odd too. How can these people steal these amounts of money and not show some signs of this?? Can you cover your tracks that good?

[sunshine08]

I had someone on probation for larceny by employee, that worked for a high interest loan company that would make loans to themselves. Well, had problems making payments a few times, so guess what, more loans, had a new person come on board that questioned the rate of defaulted loans, person so nervous, they fessed up. Needless to say, probation, many years worth. But the loan company to me has a part to to play in it, they charged interest, late fees etc., not taking up for them. Person is intelligent, has a very hard time getting a job, could get additional education, but jobs will still be limited because of the crime, trust issue that type of thing.
Don't know the reason for borrowing, other than economics.
(I like playing devil's advocate) There are 2 sides to every story.

[Genenco]

I had someone on probation for larceny by employee, that worked for a high interest loan company that would make loans to themselves. Well, had problems making payments a few times, so guess what, more loans, had a new person come on board that questioned the rate of defaulted loans, person so nervous, they fessed up. Needless to say, probation, many years worth. But the loan company to me has a part to to play in it, they charged interest, late fees etc., not taking up for them. Person is intelligent, has a very hard time getting a job, could get additional education, but jobs will still be limited because of the crime, trust issue that type of thing.
Don't know the reason for borrowing, other than economics.
(I like playing devil's advocate) There are 2 sides to every story.

Mercy, reminds me of the ticker seller (In Florida about 15 years ago) who went nuts and was betting on the races (This ability has since been revoked I believe) and he bet more and more trying to win back his losses. Needless to say, he blew about $100,000.00 in just 9 races. The MAIN reason they wanted him, was that by his large bets, he changed the odds on several races, that cost the track a bundle.