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mindmetoo
Joined: 02 Feb 2004
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 Posted: Fri Jul 20, 2007 4:41 am Post subject: South Korean luxury addict stole 1.4 million |
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http://news.yahoo.com/s/nm/20070720/ts_nm/korea_crime_luxury_dc_1
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SEOUL (Reuters) - South Korean police are seeking a 26-year-old woman on suspicion of embezzling about $1.4 million to fund a craving for designer shoes, bags and clothes, a spokesman said on Friday.
"We have strong reason to believe she used this money to purchase about 1,000 designer goods," the police spokesman said. "Without doubt, you have to say she is a luxury-addict."
The woman, identified only as "Miss A," worked for an agricultural cooperative. She is suspected of siphoning off utility and tax payments to fund purchases including, according to media reports, hundreds of pairs of shoes.
Police are looking for accomplices, but would not release further details. |
This reminds me of Canada back when they introduced the GST. Business owners could claim a tax credit on their existing inventory. The idea was existing inventory would have the GST collected on it. So as you sold existing inventory you would pay the GST out of your tax credit.
Something like that. This was a long time ago. My memory is fuzzy on the actual tax rule. Anyway, this guy who did returns for H&R Block, which is a pretty low grade tax preparer, kind of noticed a big loop hole. The government basically took your word for it as to how big a tax credit you deserved. I guess if your previous years sales was out of kink with the tax credit you were claiming, that would be a red flag. However, with every business in Canada claiming it, Rev Can didn't have the people to check. They didn't make it public but it was literally the honor system. "You owe me $1 million." "Okay."
So this H&R Block guy, who lived in his mom's basement between season, just wrote up a phony T2 return and claimed $1 million in the GST credit. And the government dutifully cut him a check.
He literally blew through the $1 million over the year at strip bars (House of Lancaster if that means anything to anyone). Lap dances, gifts for the strippers.
Is undoing was he applied for it a second time the next year. That sure set off red flags. He was arrested, of course. Rev Can admitted that he would have gotten away with it if he didn't get greedy and try the same trick the next year.
Little known fact: Lots of people who work at banks, when they go on vacation, are required to go away for at least a week or two. They're not allowed to take a day here, a day there. The idea is if they're cooking the books, being away for a long period of time makes it harder to keep the shell game going. |
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Junior
Joined: 18 Nov 2005
Location: the eye
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| Posted: Fri Jul 20, 2007 5:55 am Post subject: |
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"Embezzle" is a totally cool word.
MM2 your new avatar is hilarious.  Strange thing is, it could well be true! |
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The_Conservative
Joined: 15 Mar 2007
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| Posted: Sat Jul 21, 2007 5:41 pm Post subject: Re: South Korean luxury addict stole 1.4 million |
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| mindmetoo wrote: |
This reminds me of Canada back when they introduced the GST. Business owners could claim a tax credit on their existing inventory. The idea was existing inventory would have the GST collected on it. So as you sold existing inventory you would pay the GST out of your tax credit.
Something like that. This was a long time ago. My memory is fuzzy on the actual tax rule. Anyway, this guy who did returns for H&R Block, which is a pretty low grade tax preparer, kind of noticed a big loop hole. The government basically took your word for it as to how big a tax credit you deserved. I guess if your previous years sales was out of kink with the tax credit you were claiming, that would be a red flag. However, with every business in Canada claiming it, Rev Can didn't have the people to check. They didn't make it public but it was literally the honor system. "You owe me $1 million." "Okay."
So this H&R Block guy, who lived in his mom's basement between season, just wrote up a phony T2 return and claimed $1 million in the GST credit. And the government dutifully cut him a check.
He literally blew through the $1 million over the year at strip bars (House of Lancaster if that means anything to anyone). Lap dances, gifts for the strippers.
Is undoing was he applied for it a second time the next year. That sure set off red flags. He was arrested, of course. Rev Can admitted that he would have gotten away with it if he didn't get greedy and try the same trick the next year.
Little known fact: Lots of people who work at banks, when they go on vacation, are required to go away for at least a week or two. They're not allowed to take a day here, a day there. The idea is if they're cooking the books, being away for a long period of time makes it harder to keep the shell game going. |
That's a great story.
I can't help thinking though... thing was if he'd been patient and invested the money he could have had a good life if not quite as good. Even if just sitting in a bank at 5% interest...that's 50,000 a year. And since he lived at home that would have cut down his expenses a lot.
Heck if I had a million I wouldn't be blowing it on strippers and such. It'd be invested in solid blue chip investments and stay there until at least retirement. At least it would insure that when you are 80 years old you won't be eating dog food out of the can because that's all you can afford. |
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mindmetoo
Joined: 02 Feb 2004
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| Posted: Sun Jul 22, 2007 1:35 am Post subject: Re: South Korean luxury addict stole 1.4 million |
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| The_Conservative wrote: |
| Heck if I had a million I wouldn't be blowing it on strippers and such. It'd be invested in solid blue chip investments and stay there until at least retirement. At least it would insure that when you are 80 years old you won't be eating dog food out of the can because that's all you can afford. |
Having had worked with my share of dot.com millionaires, there's something about a free windfall and a belief you can go back for more that makes people spend stupid. I met a lot of people who made several million one year from their options, figured they still had 75% waiting to vest, and this first block o cash they would have fun with it. The next block they would invest wisely. Of course the market crashed and they found themselves unemployed web developers in a city full of unemployed web developers, an Italian sports car in the garage, but not enough income to pay the insurance or gas. Dog walking doesn't support that life style. |
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tigerbluekitty
Joined: 19 Apr 2007
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| Posted: Mon Jul 23, 2007 2:59 am Post subject: |
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Dang!! Now THAT's a smart woman!!
Sounds like something out of a movie.. like Oceans 12 or something. |
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VanIslander
Joined: 18 Aug 2003
Location: Geoje, Hadong, Tongyeong,... now in a small coastal island town outside Gyeongsangnamdo!
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| Posted: Mon Jul 23, 2007 3:11 am Post subject: |
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by the way
Imelda Marcos wants to run again for president of the Phillipines
and Tammy Faye Baker is dead |
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