You almost have to feel sorry for Patricia Smith, the former controller at Baierl Acura who embezzled over $10 million from the suburban Pittsburgh dealership. Despite having stolen roughly $4,000 a day, seven days a week, for seven years, Smith's personal automotive aspirations extended no further than a new Honda Crosstour. Apparently being a criminal mastermind does not ensure good taste.
One year ago, we reported that Gregory Loles, team principal behind the well-regarded Farnbacher Loles racing outfit and Porsche performance shop, had gotten himself embroiled in an alleged fraud scheme. We hadn't heard much about the scandal since last December, but now the United States Attorney for Connecticut has announced that a federal grand jury has returned a 32-count indictment against Loles. Among the indictments, Loles is being charged with securities fraud, wire fraud, mail fraud and
The last few years have been very good to Hyundai, with increased sales and a spike in brand perception in North America, but in South Korea the situation has been a bit different. Hyundai chairman Chung Mong Koo has been knee deep in controversy surrounding his 2008 conviction for embezzlement and breach of duty. The controversy surrounding the conviction got even more intense after Chung's three-year sentence was waived and South Korean President Lee Myung Bak pardoned the chairman citing the
Chung Mong-koo, the man who turned Hyundai around after the Southeast Asian financial meltdown in 1997, has been given a 3-year suspended sentence by an appeals court for embezzlement and breach of public trust. Chung was arrested in April for having a hand in setting up nearly $74 million in slush funds to pay for political favors.
In an effort to clean up his reputation after a court came down on him with an embezzlement conviction last February, Hyundai Motor Co. Chairman Chung Mong-koo has vowed to give $1.1 billion of his own money in charitable donations over the next seven years. His initial pledge was made last year as he sought leniency from the courts -- both the law court and that of public opinion -- and he reaffirmed his promise recently as he appeals the Seoul High Court to reverse the charges that landed him
Kim Woo-choong, the founder and former head of the Daewoo Group, was sentenced to 10 years in a South Korean prison for embezzlement, accounting fraud, and various other white-collar crimes of the type typically committed when a large company goes down the tubes. In all, Woo-choong was said to have been involved in a variety fraudulent transactions involving over $50B in company funds, as well as having embezzled $100M.