Close

Page 11 of 11 FirstFirst ... 91011
Results 251 to 267 of 267
  1. #251
    Join Date
    Sep 2012
    Location
    Brisbane, Australia
    Posts
    3,343
    Rep Points
    1,445.6
    Mentioned
    54 Post(s)
    Rep Power
    15


    Yes Reputation No
    Click here to enlarge Originally Posted by ZooyorQ Click here to enlarge
    The scam that David was doing would not show up in accounting as a red flag. If you looked at earnings every month they likely went way up way down just based on fluctuation . so no pattern would have been seen. The only way that Chris would have caught what David was doing was by looking at all the customers invoices and looking at the margins that David was selling product at and then confronting David and saying why was all the product on this invoice sold at 5% over cost? David could have been running this scam for YEARS, just skimming here and there.. but like everyone I've ever seen (i used to work fraud prevention over a decade ago) who runs this scam they get ballsy and greedy and eventually screw themselves.

    My favorite one was the backup guitarist to the backup guitarist for prince.. he worked part time at a audio retailer.. he did this same scam for 6 months.. eventually I busted him when he had screwed up and brought the goods he'd been buying/skimming into the install bay to have them installed.. Dude does not go from driving a 1994 Taurus with no audio system in it, to Focal components, Xtant amps and 6 cap's with a flip out Kenwood. That's when I started watching his sales and watching as the margins became more and more and more narrow.. only once a warrant was placed for his home did we realize that the car was only the tip of the iceberg. He had at least $150k+ in audio equipment in his home, some in use, some clearly ready for ebay/etc. Its a skimming scam and its usually done by salesman who work on commission or have the ability to adjust margins and its most notable in places that allow you to adjust invoices post sale.. which I'm pretty sure these days most have locked that down due to this scam.
    wow, thanks, it makes sense

    it's not a super simple scam though (at least to be patient and not caught out)

    it's just lucky for the (presumably small-medium) business owner that they do eventually get caught out.
    boop

  2. #252
    Join Date
    Jul 2010
    Posts
    558
    Rep Points
    785.8
    Mentioned
    2 Post(s)
    Rep Power
    8


    Yes Reputation No
    Definitely would tap that. But then again I am much much closer in age.

    If everything about the theft / scam is true, someone still should have caught on when an employee is selling a lot of stuff at great discounts. But I see the problem. It's not as straight forward as the number of items sold not matching the number of items gone from the warehouse.
    Click here to enlarge

  3. #253
    Join Date
    Mar 2010
    Location
    Kingdom of Bahrain
    Posts
    2,696
    Rep Points
    2,104.2
    Mentioned
    27 Post(s)
    Rep Power
    22


    Yes Reputation No
    People with cars might get their vehicles back but us people outside the States might not ever see the parts we paid for. I am depending on Derek to make things right and ship the parts I paid for as the parts are way more important to me than the Money.

    Thanks for Derek and Kirk for their support in this situation.
    Click here to enlarge



    EURO 04 M3 Current Mods:GC DAs, Eibach Sways, PF RTAB's, RE RCAs, INTRAVEE II, Black Roundels, ///MFEST Badges, Depo's, Screen protector for NAV display, VCSL Bumper + Race Lip & CF Trunk & CF Rear Diffusor, DIETZ TV in Motion, SS= V1 Headers + catless pipes + X-Pipe + SS Sport Exhaust, Z8 Starter Button, Lamin-X, OEM CSL interior, OEM CSL Steering, OEM CSL Intake, OEM CSL Roof, MSS54HP + OEM CSL Tune, BBS CH's, LIGHTWERKZ, 355mm ST40 BBK, BW Oil Cooler....

  4. #254
    Join Date
    Dec 2010
    Location
    Connecticut
    Posts
    47
    Rep Points
    129.2
    Mentioned
    1 Post(s)
    Rep Power
    2


    Yes Reputation No
    Click here to enlarge Originally Posted by Flinchy Click here to enlarge
    worst case with any decent accounting software, you should be reconciling at the end of each week and discrepancies in transactions/invoices/etc. flash up for you

    but didn't someone say it was some dodgy thing where he'd take stock and sell it outside work, rather than directly taking money?

    even then... $200k of product is a LOT of product to make 'disappear'
    We also do daily GPM reports to make sure that there is enough profit in our orders for the day. Overall our goal is about 30% GPM. If the target number is low our VP of sales goes through the orders for the day to see if discounts have been made or if shipping charges are low. There are definitely ways to prevent this type of thing from happening if you want.

  5. #255
    Join Date
    Sep 2012
    Location
    Brisbane, Australia
    Posts
    3,343
    Rep Points
    1,445.6
    Mentioned
    54 Post(s)
    Rep Power
    15


    Yes Reputation No
    Click here to enlarge Originally Posted by gareth.foley Click here to enlarge
    We also do daily GPM reports to make sure that there is enough profit in our orders for the day. Overall our goal is about 30% GPM. If the target number is low our VP of sales goes through the orders for the day to see if discounts have been made or if shipping charges are low. There are definitely ways to prevent this type of thing from happening if you want.
    and this would be why you are still in business haha
    boop

  6. #256
    Join Date
    Dec 2010
    Location
    Connecticut
    Posts
    47
    Rep Points
    129.2
    Mentioned
    1 Post(s)
    Rep Power
    2


    Yes Reputation No
    Click here to enlarge Originally Posted by Flinchy Click here to enlarge
    and this would be why you are still in business haha
    That is a very valid point sir. LOL.

  7. #257
    Join Date
    Jan 2011
    Location
    Denver, CO
    Posts
    560
    Rep Points
    1,211.7
    Mentioned
    14 Post(s)
    Rep Power
    13


    1 out of 1 members liked this post. Yes Reputation No
    HPF parts a plenty.... courtesy of "Illtech Automotive"?

    Click here to enlarge

  8. #258
    Join Date
    Oct 2011
    Posts
    333
    Rep Points
    532.8
    Mentioned
    3 Post(s)
    Rep Power
    6


    Yes Reputation No
    Click here to enlarge Originally Posted by MisterEm Click here to enlarge
    HPF parts a plenty.... courtesy of "Illtech Automotive"?
    Wow, those 335 exhaust parts should go quick with how many people said they wish they had gotten one before HPF imploded.

    Hmm, might be a good thing to buy if the price isn't jacked up.

  9. #259
    Join Date
    Jan 2010
    Location
    SoCal
    Posts
    120,255
    Rep Points
    32,701.2
    Mentioned
    2130 Post(s)
    Rep Power
    328


    Yes Reputation No
    Click here to enlarge Originally Posted by MisterEm Click here to enlarge
    HPF parts a plenty.... courtesy of "Illtech Automotive"?

    Click here to enlarge
    Certainly an interesting development.

    What can you tell me about Illtech?
    Chrome Space Bar Issue: http://www.boostaddict.com/showthrea...338#post738338


    Stage 2 or 2.5 E9X M3 S65 V8 supercharger kit for sale
    : http://www.boostaddict.com/showthrea...r-kit-for-sale

  10. #260
    Join Date
    Mar 2010
    Location
    Kingdom of Bahrain
    Posts
    2,696
    Rep Points
    2,104.2
    Mentioned
    27 Post(s)
    Rep Power
    22


    Yes Reputation No
    ^ Yeah I want to know what they have on stock. Might pick some stuff up if its reasonable.
    Click here to enlarge



    EURO 04 M3 Current Mods:GC DAs, Eibach Sways, PF RTAB's, RE RCAs, INTRAVEE II, Black Roundels, ///MFEST Badges, Depo's, Screen protector for NAV display, VCSL Bumper + Race Lip & CF Trunk & CF Rear Diffusor, DIETZ TV in Motion, SS= V1 Headers + catless pipes + X-Pipe + SS Sport Exhaust, Z8 Starter Button, Lamin-X, OEM CSL interior, OEM CSL Steering, OEM CSL Intake, OEM CSL Roof, MSS54HP + OEM CSL Tune, BBS CH's, LIGHTWERKZ, 355mm ST40 BBK, BW Oil Cooler....

  11. #261
    Join Date
    Aug 2010
    Location
    boston
    Posts
    563
    Rep Points
    389.4
    Mentioned
    4 Post(s)
    Rep Power
    4


    Yes Reputation No
    just saw something vivid racing posted the other day.. hpf is back in business?
    m3

  12. #262
    Join Date
    Jan 2010
    Location
    SoCal
    Posts
    120,255
    Rep Points
    32,701.2
    Mentioned
    2130 Post(s)
    Rep Power
    328


    Yes Reputation No
    Click here to enlarge Originally Posted by inter1032 Click here to enlarge
    just saw something vivid racing posted the other day.. hpf is back in business?
    No what I saw is that someone is going to be offering official HPF maintenance and so forth?
    Chrome Space Bar Issue: http://www.boostaddict.com/showthrea...338#post738338


    Stage 2 or 2.5 E9X M3 S65 V8 supercharger kit for sale
    : http://www.boostaddict.com/showthrea...r-kit-for-sale

  13. #263
    Join Date
    Aug 2010
    Location
    boston
    Posts
    563
    Rep Points
    389.4
    Mentioned
    4 Post(s)
    Rep Power
    4


    Yes Reputation No
    Click here to enlarge Originally Posted by Sticky Click here to enlarge
    No what I saw is that someone is going to be offering official HPF maintenance and so forth?
    look at vivids fb.. the hpf website is also back up
    m3

  14. #264
    Join Date
    Jun 2010
    Location
    Venice CA
    Posts
    654
    Rep Points
    568.9
    Mentioned
    33 Post(s)
    Rep Power
    0


    1 out of 1 members liked this post. Yes Reputation No
    truth
    Attached Images Attached Images  

  15. #265
    Join Date
    Jan 2010
    Location
    SoCal
    Posts
    120,255
    Rep Points
    32,701.2
    Mentioned
    2130 Post(s)
    Rep Power
    328


    Yes Reputation No
    Click here to enlarge Originally Posted by inter1032 Click here to enlarge
    look at vivids fb.. the hpf website is also back up
    HPF website not working for me.
    Chrome Space Bar Issue: http://www.boostaddict.com/showthrea...338#post738338


    Stage 2 or 2.5 E9X M3 S65 V8 supercharger kit for sale
    : http://www.boostaddict.com/showthrea...r-kit-for-sale

  16. #266
    Join Date
    Jun 2010
    Location
    Venice CA
    Posts
    654
    Rep Points
    568.9
    Mentioned
    33 Post(s)
    Rep Power
    0


    Yes Reputation No
    It's up. Took a few tries to get in but it sure is up and running

    http://www.horsepowerfreaks.com

  17. #267
    Join Date
    Jan 2010
    Location
    SoCal
    Posts
    120,255
    Rep Points
    32,701.2
    Mentioned
    2130 Post(s)
    Rep Power
    328


    Yes Reputation No
    Click here to enlarge Originally Posted by THATDONFC Click here to enlarge
    It's up. Took a few tries to get in but it sure is up and running

    http://www.horsepowerfreaks.com
    Yep: http://www.germanboost.com/content.p...Freaks-is-back
    Chrome Space Bar Issue: http://www.boostaddict.com/showthrea...338#post738338


    Stage 2 or 2.5 E9X M3 S65 V8 supercharger kit for sale
    : http://www.boostaddict.com/showthrea...r-kit-for-sale

Page 11 of 11 FirstFirst ... 91011

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may post replies
  • You may not post attachments
  • You may not edit your posts
  •