Closing Thought–26Mar19

This post illustrates just how accurate the saying is…”You Can’t Fix Stupid!”

I read a great story about how some guy milked $122 million out of Google and Facebook….that is $122 million!

Last week, Evaldas Rimasauskas of Lithuania plead guilty to US wire fraud, aggravated identity theft, and money laundering charges, admitting that he had stolen $99m from Facebook and $23m from Google between 2013 and 2015.

Rimasauskas’s grift was pretty bold. He merely sent Google and Facebook invoices for items they hadn’t purchased and that he hadn’t provided, which the companies paid anyway. The invoices were accompanied by “forged invoices, contracts, and letters that falsely appeared to have been executed and signed by executives and agents of the Victim Companies, and which bore false corporate stamps embossed with the Victim Companies’ names, to be submitted to banks in support of the large volume of funds that were fraudulently transmitted via wire transfer.” He also spoofed emails that appeared to come from corporate execs.

Apparently, no one checked first to see if these corresponded to invoices/POs that had been issued within the companies.

Rimasauskas was pretending to be the giant Taiwanese hardware manufacturer Quanta Computer Inc, and had registered a company in Latvia with the same name.

He’s agreed to forfeit about $50m. It’s not clear what’s happened to the other $73m, but Rimasauskas was a prolific and baroque money-launderer who squirreled cash away in Cyprus, Lithuania, Hungary, Slovakia, and Latvia. Google has said that “We detected this fraud and promptly alerted the authorities. We recouped the funds and we’re pleased this matter is resolved.”

Rimasauskas will be sentenced on July 29. He faces up to 30 years.

Say if Google and Facebook did not vet the bills they received then I say let the guy keep his ill-gotten gains…

But they is just me.

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11 thoughts on “Closing Thought–26Mar19

  1. Although wrong is wrong we can’t help but root for the con man that rips off the megabanks and megacorps. Much of their wealth was created by exploiting (stealing from) the rest of us.

  2. chuq,last one…please go to youtube & listen to this.imp. TRUNEWS Live Coverage of AIPAC 2019 – Monday Morning March 25th
    You should find it,if you don’t I will tweet it to you…Trunews is solid,they are trying to help by covering this..cheers mate.

      1. I have been suspended,totally…I am appealing…it will take a few days…they are censuring heavily & now news laws have been passed. Be careful my friend.

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