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Showing posts from September, 2006

Former Federal Reserve Chairman Alan Greenspan Speaks Out about Sarbanes Oxley and I Answer Him Back

Dear Alan Greenspan:

I have read recent accounts in the press about your views on Sarbanes-Oxley. According to an article in the Boston Herald in an article entitled, “Greenspan Unleashed” written by Brett Arends and published on September 26, 2006:

The only part he praised was the rule that chief executives had to certify their companies’ accounts personally.

‘‘The rest we could do without,’’ he said.

As an ex-felon, former CPA, and former Chief Financial Officer of Crazy Eddie who helped mastermind one of the largest securities uncovered in the 1980’s I believe, respectfully, that I am uniquely qualified to address this specific issue.

Criminals have no problem signing false certification documents in furtherance of their crimes. It is simply a natural extension of the deceit and lies we use to successfully execute our crimes.

If you also mean that regulations under Sarbanes Oxley which prevent public accounting firms from offering consulting services to the client’s they audit should be…

Asbury Park Press Article One of the Antar's still talks about fraud at Crazy Eddie - Sam E. Antar now spreads the word about white collar crime

An Article entitled “One of the Antars still talks about fraud at Crazy Eddie - Sam E. Antar now spreads the word about white-collar crime” written by Michael L. Diamond for the Asbury Park Press on September 24, 2006 reported about a recent presentation I gave to the New Jersey Chapter of the Association of Certified Fraud Examiners. It accurately stated:

"The Antar empire was crumbling and the government was moving in for the kill when Sam E. Antar, the chief financial officer for Crazy Eddie consumer electronics chain, decided it was time to cooperate.

There was no sudden enlightenment, no overwhelming remorse. Antar just didn't want to go to prison.

"I didn't find God on the footsteps of the courthouse," Antar said. "I did the cowardly thing. I went to the U.S. government and said, "I don't want to go to jail for 30 years.' "

However, another part of my decision was not published and also clearly must be understood. I decided to cooperate…

Ex-Criminal Touts Safeguards such as Sarbanes-Oxley Act

The Corpus Christi Caller-Times in an article entitled "Man's Story of Fraud, Reform" by Elvia Aguliar published on September 20, 2006:

A reformed white-collar criminal who defrauded investors out of millions in the 1980s and '90s told students at Texas A&M-Corpus Christi on Tuesday that safeguards against corporate wrongdoing are essential to protecting not only the economy, but people's life savings.

For 18 years, Sam Antar, along with his uncle and cousin, masterminded one of the largest securities frauds of the 20th century, bilking investors out of more than $120 million.

As the chief financial officer of Crazy Eddie Inc., a retail electronics chain, Antar, then 28, later became the government's key witness in both the civil and criminal prosecutions against his family and fellow co-conspirators.

"There's no rationalization for my crime," Antar said. "We did it simply because we could. I came clean with the government only because I wa…