Thieves: Similarities and Differences
I feel like a great weight has lifted from me now that I can talk about this…
(Source: Corporate Combat® case files)
“I have been waiting for this day to happen knowing that this could not go unnoticed for long and I feel like a great weight has lifted from me now that I can talk about this.
At this moment, looking back I know how wrong I have been. I have a sick feeling in my stomach because of what I did, not only to a company but to a very close personal friend which is XXXXXXX. He is by far the best employer that someone could work for and I’m sorry that I have made things so tough for him. I understand that I can be fired from my job and prosecuted under the law for the actions I have taken in the past.
I have reread my statement and feel that I’m responsible for the loss of approximately $247,940 plus the $1200 from 1990.”
NOTE: The above is an excerpt from a full confession of a manager who stole $249,140 from his employer.
Date of manager’s confession: August 1993.
Do thieves share common traits? Let’s fast forward 15 years and compare the “could be anybody’s” manager’s confession to that of Bernard Madoff – American businessman and former chairman of the NASDAQ stock exchange charged with perpetrating what may be the largest investor fraud ever committed by a single person: $65,000,000,000.00 (That’s $65 Billion with a “B”)
I am actually grateful for this opportunity to publicly speak about my crimes…
(Source: Court Transcript)
THE COURT: Mr. Madoff, would you tell me what you did, please.
THE DEFENDANT: Yes, your Honor. Your Honor, for many years up until my arrest on December 11, 2008, I operated a Ponzi scheme through the investment advisory side of my business, Bernard L. Madoff Securities LLC, which was located here inManhattan, New York, at 885 Third Avenue. I am actually grateful for this opportunity to publicly speak about my crimes, for which I am so deeply sorry and ashamed. As I engaged in my fraud, I knew what I was doing wrong, indeed criminal. When I began the Ponzi scheme I believed it would end shortly and I would be able to extricate myself and my clients from the scheme. However, this proved difficult, and ultimately impossible, and as the years went by I realized that my arrest and this day would inevitably come. I am painfully aware that I have deeply hurt many, many people, including the members of my family, my closest friends, business associates, and the thousands of clients who gave me their money. I cannot adequately express how sorry I am for what I have done. I am here today to accept responsibility for my crimes by pleading guilty and, with this plea allocution, explain the means by which I carried out and concealed my fraud.
THE COURT: Thank you. Mr. Madoff, please stand.
When you did the things you told me you did in your statement, did you know that what you were doing was wrong and illegal?
THE DEFENDANT: Yes, I did, your Honor.
Click here to read the manager’s confession in greater detail. NOTE : Scroll to bottom after browser window opens.
Excerpts from Store Manager’s Confession
- “I feel like a great weight has lifted from me now that I can talk about this…”
- “I have been waiting for this day to happen knowing that this could not go unnoticed”
- “I know how wrong I have been.”
- …to a company but to a very close personal friend.”
Note the similarities between their confessions…
Excerpts from Bernard Madoff’s Confession
- “I am actually grateful for this opportunity to publicly speak about my crimes”
- “I realized that my arrest and this day would inevitably come.”
- “I knew what I was doing wrong.”
- “I have deeply hurt many, many people, including the members of my family, my closest friends…”
Nearly every case (almost 4,000) handled by Corporate Combat® investigators had one thing in common. They all had a similar profile in what they said “after” being caught (like that above) and hindsight demonstrated that they also provided clues to their fraud behavior “before” they were caught. This is also true in the Madoff case and other “high profile” cases that have been occupying the headlines of late.
What are your thoughts on the “Madoffs” of the world and the everyday “manager” who oversees your store’s operations?
What are the similarities?
What are the differences?
Tags: confession, investor fraud, Madoff, thieves
