Saturday, June 19, 2010

The Proper Way to Steal Money From the Elderly

When you are a politically connected head of a city nonprofit and you decide to steal money from the nonprofit there's a right way to go about it and then there's a wrong way.

The wrong way is the Margarita Villegas way when you yourself just outright embezzle the money, steal only a measly $50,000, and admit what you did and express regret when found out.

The proper way is the Rev. Floyd H. Flake way. You use public money to build and run an apartment complex for the elderly. You then sell the complex to a for-profit partnership, a partnership you secretly have a 99.9% controlling interest in, and one you structured in a way that allows you to decide what fees to pay yourself, and to receive tax brakes from the city.

To insure your con is of the utmost professionalism, the lawyer you hire to get the mandatory approval from the attorney general's office also works as a consultant for the AG's campaign for governor, you request an emergency ruling for the final approval from the court in order to get a perfunctory review of the 600-page petition by the judge, and, cherry on top of the layered bamboozle, you insure that the clerk of the court who signs the approval is the mother of one of the for-profit partners who's buying the property.

Last, but not least, you then decide how many millions of dollars you should pay yourself for the service of fleecing the elderly and the taxpayers.

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