Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, July 27, 1995 TAG: 9507270052
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Short
Why he went into business: To impress girls.
Why he bought a red Ferrari: Girlfriend unimpressed with his Nissan sports car.
Why he turned to loan sharks with ties to organized crime: Banks wouldn't let a 16-year-old have a business account.
Why it took authorities so long to catch on: They thought he was a victim of loan sharks, not the perpetrator of his own scam.
Advice for business people: Small compromises lead to major corruption.
Advice for auditors: Don't check facts using names provided by the business. He paid an insurance executive to ``verify'' nonexistent work.
- Associated Press
by CNB