We committed our crimes at Crazy Eddie for fun and profit and simply because we could. We had no empathy whatsoever for our victims. During my sixteen years at Crazy Eddie and two years spent covering up our crimes after being terminated from the company, I never had a single conversation with any of my co-conspirators about morality or the suffering of our victims. Our conversations focused solely on the successful cold-blooded execution of our crimes.
I was the main witness in the Crazy Eddie criminal trial prosecuted by US Attorney’s Office in Newark, NJ, civil trial prosecuted by the Securities and Exchange Commission, and civil litigation brought against us by our victims. I did not cooperate with the government and victims because of any sense of morality or remorse for my crimes. I simply cooperated with them to avoid a long prison sentence and reduce potential monetary penalties. If my crimes had remained undetected and the government did not seek to prosecute me, I would probably still be the criminal CFO of Crazy Eddie today.
I eventually pleaded guilty to three felonies: conspiracy to commit securities fraud, conspiracy to commit mail and wire fraud, and obstruction of justice. I was sentenced to only six-months of house arrest, 1,200 hours of community service, and paid approximately $10,000 in fines. In my settlement with the Securities and Exchange Commission, I agreed to a lifetime ban from being an officer or director of a public company and paid $20,000 in disgorgement of losses that were avoided by selling my Crazy Eddie stock at inflated prices. In my settlement with the victims of my crimes, I avoided all civil liability.
Apologies for my crimes are irrelevant. Apologies do not undo the losses suffered by the victims of my crimes. I do not seek or want forgiveness for my crimes from my victims or society.
There is a saying, "It takes one to know one."
|Teaching at Stanford University|
Today, I advise federal and state law enforcement agencies about white-collar crime and train them to identify and catch fraudsters. Often, I refer cases to them as an independent whistleblower. I teach about white-collar crime for government entities, businesses, professional organizations, and colleges and universities. Professionals can receive CPE or CLE credits. In addition, I perform forensic accounting services for law firms and various clients.
In August 2009, I gave testimony as an expert witness on corruption for the New Jersey State Assembly Republican Policy Committee.
My White Collar Fraud blog discusses white-collar crime, securities fraud, financial disclosures, the accounting profession, internal controls, Sarbanes-Oxley, government corruption, and other related topics. Red flags and other financial reporting irregularities investigated and reported in this blog are referred to appropriate government agencies as a whistleblower. Material from my blog has been used in investigations by the Securities and Exchange Commission and in class action lawsuits filed against certain public companies for improper accounting practices and financial disclosures. My blog was recommended by the Journal of Accountancy. The Huffington Post named me one of the 25 most feared financial reporters in America.
|Appearing on Fox Business Channel|
Contributor articles: Seeking Alpha, Newsweek, Business Insider, White Collar Crime Fighter Newsletter, and others.
Sam E. Antar