24 Oct
2015
24 Oct
'15
10:14 p.m.
On Sat, Oct 24, 2015 at 2:36 PM, Tom Gardner <t.gardner at computer.org> wrote:
The MiniScribe brick story is told at:
http://chmhdd.wikifoundry.com/page/MiniScribe+files+bancruptcy
The apocryphal tale is that when the Maxtor President visited his then
recently acquired MiniScribe facilities he was shown buildings 1,2, 3, and
5. When asked what happened to building 4 he was told, "we shipped it brick
by brick."
The actual story is almost as good. Employees broke into the auditor's
files and changed the numbers in an attempt to conceal the "inventory
hole". Miniscribe CFO Patrick J. Schleibaum was convicted based in
part on an invoice showing that the bricks were purchased from
Colorado Brick Company. Quentin T. Wiles, the chairman and CEO (and
"turnaround specialist"), was also convicted and spent 2 1/2 years in
the Big House.
http://www.justice.gov/sites/default/files/osg/briefs/1996/01/01/w961430w.t…
http://openjurist.org/102/f3d/1043/united-states-v-t-wiles
https://www.sec.gov/about/annual_report/1991.pdf
http://articles.latimes.com/1994-07-12/business/fi-14736_1_sherman-oaks
http://www.sbrower.com/Steven%20Brower%20-%20Recent%20Developments%20In%20C…
One possible lesson to be learned: always pay cash when buying
materials for inventory fraud.