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Toys R Us Accountant Will Probably Not Have Much Success Asking Hookers to Return Stolen Money
- Caleb Newquist
- June 30, 2010
Back in fall we mentioned a run-of-the-mill whore-supporting accountant that pleaded guilty to ripping off Toys R Us to the tune £3.7 million. Paul Hopes is described as a ‘Walter Mitty character’ by the Telegraph who can now fantasize about what Oz character he is, now that he’s spending 7 years in prison.
Hopes got more bad news recently as he learned that he has to repay £3.36 million of the £3.68 million from Geoffrey.
If he fails to repay the money, he see his sentence more than doubled with an extra 10 years in prison.
The court heard that Hopes, an “accounts payable manager” at the retailer, diverted regular instalments of £300,000 to an account of a fictitious toy manufacturer which he controlled.
He named the fund Dunbar Associates after a prostitute with whom he had become besotted and to whom he eventually handed a total of more than £1.5 million pounds.
He spent at least £2.4 million of the money he stole on five female escorts in all.
That’s a bitch about the additional 10 years if doesn’t repay. But we’re sure that he placed the remaining £900k into a safe, no-load mutual fund so he’ll be able to at start paying at least part of it back ASAP. The sensible accountant in him had to have made one decision with stolen money.
As for the rest of it, we don’t know how successful Johns are at getting refunds in circumstances such as these but if those girls were 100% satisfaction guaranteed, he’ll have to explore other options.
Toys R Us accountant ordered to pay back £3.4m after escort girl fraud [Telegraph]
FYI: Attorneys Think Auditors’ Legal Confirmation Letters Are a Giant Waste of Time
- Caleb Newquist
- January 14, 2013
Mark Herrmann, the in-house legal columnist at Above the Law, has a bone to pick […]
Add Armanino to the List of Top 20 Firms in Bed With Private Equity
- Going Concern News Desk
- October 18, 2024
Saw on Accounting Today this afternoon that Armanino has “taken on a strategic minority investment” […]
