Scheme Michael McLaughlin

In the 1990’s, Waste Management was the largest garbage company in the world. But Waste Management had a dirty secret.  Its accounting was nastier than its landfills. 

Jamie Petrone was in charge of purchasing computer equipment for Yale's school of business. Petrone was making a fortune, until someone noticed she was buying a lot more electronics than the school needed. What was she doing with all those iPads? The feds decided to follow her and find out.

The largest pest control company in the world, Rollins Inc., was accused of manipulating reserves to boost profits. When Rollins achieved its earnings target by just one penny not once but twice, the SEC smelled a rat.

Finding a good controller isn’t easy.  You probably don't want someone who embezzled money from their last two employers.  “What?!?” you’re probably thinking. "No one would hire someone as controller if they stole millions of dollars from their previous employers.”  That’s what I used to think, until I heard the story of Peter Suk Lee.

Puda Coal raised over $100 million from U.S. investors.  But suddenly there was a problem: did Puda actually own the subsidiary Shanxi Coal?  Someone claimed Puda’s board chair had secretly transferred the subsidiary to himself.  Had Puda’s subsidiary literally been stolen? 

One of the most difficult things about starting a business is getting clients. You need to work hard to get customers to say “yes”. But what if you didn’t have to get customers to say “yes”? What if you just sent them a bill? “Don’t be ridiculous,” you’re probably thinking, “companies aren’t going to pay you just because you send them a bill." But hold that thought, as I’ve got a story to tell.