Discussions about the fashion industry thread

[gdl203]

Damn

Former Corporate Executive Charged in Connection with $30 Million Embezzlement Scheme

BOSTON – The former Chief Financial Officer of Alden Shoe Co. was charged today and has agreed to plead guilty in connection with embezzling approximately $30 million from the company as part of a long-running scheme.

www.justice.gov

 

[clee1982]

Well Alden shell cordovan still isn’t going to get cheaper...

 

[wklq76a]

Damn

Former Corporate Executive Charged in Connection with $30 Million Embezzlement Scheme

BOSTON – The former Chief Financial Officer of Alden Shoe Co. was charged today and has agreed to plead guilty in connection with embezzling approximately $30 million from the company as part of a long-running scheme.

www.justice.gov

I didn’t see any charges related to the theft itself. Would that be the reason he agreed to the plea? Or is that something else?

 

[clee1982]

I thought that itself wasn’t news (wasn’t that since a year ago), though I thought didn’t know to what extent and the amount and he definitely hasn’t plead then

 

[cb200]

He was floating his girlfriends business adventures too. Wild, how do you not think that you'll get found out? Going to pay it back after the girl hits the big time and then find the cash in box in the warehouse and fix it with accounting? 30 million in the war-chest during a pandemic would have done allot of good for the workers and the whole company. **** that guy.

 

[willy cheesesteak]

def not a good uncle

 

[Patrick R]

def not a good uncle

you are an observant nephew

 

[dieworkwear]

President Biden also tweeted about it

 

[upsett1_spaghett1]

Interesting article in the Wash Post today on the Instagram site "Preachers and Sneakers." Not a surprise with the amount of money passing through their hands.

"On his feed, Kirby has showcased Seattle pastor Judah Smith’s $3,600 Gucci jacket, Dallas pastor T.D. Jakes’s $1,250 Louboutin fanny pack and Miami pastor Guillermo Maldonado’s $2,541 Ricci crocodile belt. And he considers Paula White, former president Donald Trump’s most trusted pastoral adviser who is often photographed in designer items, a PreachersNSneakers “content goldmine,” posting a photo of her wearing $785 Stella McCartney sneakers."

https://www.washingtonpost.com/religion/2021/03/22/preachers-sneakers-instagram-wealth/

As someone who grew up in a "megachurch" where the pastors went from wearing conservative suits and driving 15 year old Volvo wagons, to faux hawks, John Elliott, Yeezy's and Hellcats this Instagram account has always been incredibly fascinating, but also galling. It's impossible for me to reconcile teaching the word of God with this conspicuous consumption and such massive accumulation of wealth, taking advantage of congregations who often have many low-income families.

Side note: I went to an evangelical college for my first year of undergrad and many of the friends I still have from there spent hours trying to figure out if any of us was behind the account. Alas, it was none of us, Ben Kirby just has a very similar upbringing.

 

[London]

As someone who grew up in a "megachurch" where the pastors went from wearing conservative suits and driving 15 year old Volvo wagons, to faux hawks, John Elliott, Yeezy's and Hellcats this Instagram account has always been incredibly fascinating, but also galling. It's impossible for me to reconcile teaching the word of God with this conspicuous consumption and such massive accumulation of wealth, taking advantage of congregations who often have many low-income families.

Side note: I went to an evangelical college for my first year of undergrad and many of the friends I still have from there spent hours trying to figure out if any of us was behind the account. Alas, it was none of us, Ben Kirby just has a very similar upbringing.

Dig deep and tithe...ha

 

[hpreston]

Damn

Former Corporate Executive Charged in Connection with $30 Million Embezzlement Scheme

BOSTON – The former Chief Financial Officer of Alden Shoe Co. was charged today and has agreed to plead guilty in connection with embezzling approximately $30 million from the company as part of a long-running scheme.

www.justice.gov

Damn, I was not tracking these events. I hope they recover financially, and come out a stronger company.

 

[BlakeRVA]

I'm more surprised than anything that Alden has high enough sales that someone can embezzle $3.4M/year and it took 9 years to notice.

Hopefully dude was living his best life, prison won't be nearly as fun.

 

[Mariokartfever]

I'm more surprised than anything that Alden has high enough sales that someone can embezzle $3.4M/year and it took 9 years to notice.

Hopefully dude was living his best life, prison won't be nearly as fun.

Given the size of the brand recognition, Alden is a relatively small operation. This guy was trusted and probably had near complete control of the finances.

 

[gdl203]

Just like @BlakeRVA , I was most surprised at the scale, and therefore the scale of Alden's business and profitability to continue operating with millions of cash missing every year. I knew that Japan and HK were huge markets for Alden, but I don't think I realized quite how large that company really is.

 

[Texasmade]

I'm more surprised than anything that Alden has high enough sales that someone can embezzle $3.4M/year and it took 9 years to notice.

Hopefully dude was living his best life, prison won't be nearly as fun.

Wasn't he supporting some woman with that money? I vaguely remember her being worth supporting with stolen money.