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FraudNews
06-20-2010, 11:11 AM
Victims of the fraud often fall directly into crime by "borrowing" or stealing money to pay the advanced fees, thinking an early payday is imminent.

Former Alcona County (Michigan) Treasurer Thomas A. Katona was sentenced to 9-14 years for his embezzlement of more than US$1.2 million in county funds in a Nigerian fraud scheme, which represented half of the county's budget for that year.


Another example of this was Robert Andrew Street, a Melbourne-based financial adviser, who fleeced his clients for over AU$1 million which he sent to the scammers in the hope of receiving US$65 million in return. Eventually the Australian Securities and Investments Commission (ASIC) investigated the victim, who had now become a conman himself.


Another example was a bookkeeper for Michigan law firm Olsman Mueller & James who in 2002 emptied the company bank account of US$2.1 million in expectation of a US$4.5 million payout.

John W. Worley fell for a Nigerian scam and was convicted of taking money under false pretenses.

According to Kurt Eichenwald, author of The Informant, Mark Whitacre defrauded Archer Daniels Midland, a food products manufacturer for which he was a division president, embezzling US$9 million during the same period of time that he was acting as an informant for the FBI in a price fixing scheme that ADM was involved in. His illegal activities in trying to procure funds for payment of his supposed Nigerian benefactors cost him his immunity in the price-fixing scandal, according to Eichenwald's book, The Informant. Eichenwald lost his credibility, his job, and his career in journalism because of lying about his payments to a source in a recent case. James Lieber, author of Rats in the Grain and an attorney, also wrote a book about Whitacre in which he disagreed with Eichenwald's conclusions about Whitacre and the Nigerian scam.

Vicky.Talore
03-05-2011, 05:14 AM
Grain and an attorney, also wrote a book about Whitacre in which he disagreed with Eichenwald's conclusions about Whitacre and the Nigerian scam.