Fraud and Highest Embezzlement Case - 1938 Words

Embezzlement: Attempting to Find the Easy Way Out Name School Envy and greed has existed since the beginning of time. Maybe we are born with those traits or maybe we are taught through life’s lessons. The rich are perceived as having a carefree un-stress-filled life. The reality shows and news stories of the wealthy buying yachts, taking lavish vacations with their Barbie doll mate, summer homes that are actually castles and extravagant parties. The rest of the world seems to be the servants of the wealthy. How can society not be envious or greedy to obtain what the few have in their life? Part of society is happy with their position in life; just being able to pay the bills, and take care of their family is what drives them.†¦show more content†¦(Marquet, 2010) Ricardo Carrasco, a Uruguayan national, was able to embezzle $97.7 million from the BankBoston Corp located in Boston Massachusetts. As the same as the Beesemyer’s case, officials were unable to determine the length of the fraud. He was uncovered in 1998 at the age of 41. Yet, Carrasco suspected that the bank officials finally caught on to him, so he went into hiding. Carrasco started his association with the BankBoston Corp in 1977 at the Uruguayan branch. In 1998, the bank transferred him the Boston location. Carrasco executed fraudulent loans to an Oldemar Laborda in Argentina. Oldemar Laborda has been known for having a highly suspicious past. The FDIC ordered Carrasco to repay $73 million. The bank wrote off $66 million and even offered a $10,000 reward for information leading to his arrest. But to this day, he remains a fugitive. (Marquet, 2010) The Chief Operating Officer of Tenens Corp., dba Essex Street Associates of Beverly Massachusetts embezzled for seven years the amount of $72.3 million. John Doorly started with the company as a clerk, and with hard work, was able to rise to the CFO position. The clients trusted him, the company trusted him. In the seven years, he transferred assets from the clients trust accounts to his own personal accounts. Doorly established personal credit cards that the company unknowing paid for. He even overcharged clients in the excess of $61Show MoreRelatedWhite Collar Crime1407 Words   |  6 Pagescrime is defined as various crimes, as embezzlement, fraud, or stealing office equipment, committed by business or professional people while working. Generally the person accused of a white collar crime is someone of high prestige. White-collar crime is a broad term that encompasses many types of nonviolent criminal offenses involving fraud and illegal financial transactions. 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