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White Collar Fraud

Sam Antar

The Art of Spinning

White collar-crime is a crime of persuasion and deceit. Since the white-collar criminal uses persuasion and deceit to commit their crimes, it follows that such felons are artful liars.

People often ask me what characteristics I look for in other people that alert me to possible criminal activity or at least unethical and deceitful people.

Not all questionable conduct is illegal. A person can be unethical or deceitful (however they are defined) without committing any illegal acts as defined under the law.

However, most criminals use tools like spinning (see below) in the conduct of their crimes.

The Art of Spinning

Sell people hope. My cousin ‘Crazy Eddie’ Antar taught me that “people live on hope” and their hopes and dreams must be fed through our spin and lies. In any situation, if possible, accentuate the positive.

Make excuses as long as you can. Try to have your excuses based on at least one truthful fact even if the fact is unrelated to your actions and argument.

When you cannot dispute the underlying facts, accept them as true but rationalize your actions. You are allowed to make mistakes as long as you have no wrongful intent. Being stupid is not a crime.

Always say in words you “take responsibility” but try to indirectly shift the blame on other people and factors. You need to portray yourself as a “stand up” person.

When you cannot defend your actions or arguments attack the messenger to detract attention from your questionable actions.

Always show your kindness by doing people favors. You will require the gratitude of such people to come to your aid and defend you.

Build up your stature, integrity, and credibility by publicizing the good deeds you have done in areas unrelated to the subject of scrutiny.

Build a strong base of support. Try to have surrogates and the beneficiaries of your largess stand up for you and defend you.

If you can, appear to take the “high road” and have your surrogates do the “dirty work” for you. After all, you cannot control the actions of your zealots.

When you can no longer spin, shut up. For example, offer no guidance to investors or resign for “personal reasons.” Your surrogates and so-called friends can still speak on your behalf and defend you.

If you are under investigation always say you will “cooperate.” However, use all means necessary legal or otherwise to stifle the investigators. Remember that “people live on hope” and their inclination is to believe you.

When called to testify under oath (if you do not exercise your 5th amendment privilege against self-incrimination) have selective memory about your questionable actions. It is harder to be charged with perjury if you cannot remember what you have done rather than testify and lie about it.

However, before you testify have other friendly witnesses testify before you to defend you. You need to “lock in” their stories first (before they change their minds) so your testimony does not conflict with their testimony and your story will appear to be more truthful.

Try not to have your actions at least appear to rise to the level of criminal conduct or a litigable action. Being stupid or being unethical is not always a crime or a tortious action.

One last rule, to be a most effective spinner always keep your friends close and your enemies closer. The kindness you show your enemies will reduce their propensity to be skeptical of you.

Closing comment

If you see some of the above similarities in people who are in authority such as executives, politicians, and others, you are forewarned to watch out. Before a person can be a white collar criminal, they must be deceitful and be able to follow most of the above rules of spinning.

Written by,

Sam E. Antar (former Crazy Eddie CFO and convicted felon)

I used to tell and write financial fairy tales as a white collar criminal.

Note: Original Publication on 12/25/2006

© Copyright by Sam E. Antar. All rights reserved.

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Book

  • Retail Gangster: The Insane, Real-Life Story of Crazy Eddie, by Gary Weiss, Hachette Books, August 23, 2022
  • Crazy Eddie, The Criminal Show, March 17, 2023
  • New book explores the insane career of Syrian Jewish hustler ‘Crazy Eddie’ Antar, Times of Israel, September 14, 2022
  • Retail king Crazy Eddie was a high school dropout who once got stabbed outside a nightclub, New York Post, September 10, 2022
  • ‘Retail Gangster’ Review: Let’s Make a Deal, Wall Street Journal, August 22, 2022
  • Crazy Eddie’s Life Was Insane!, New York Times, August 9, 2022

White-Collar Crime

  • Jordan Thomas’s Army of Whistle-blowers, The New Yorker, January 17, 2022
  • Why the CFO of a Famously Corrupt Company from the 1980s is Working for the Government – Worth, August 14, 2019
  • A Convicted Felon Explains How He Pulled Off An Infamous Accounting Fraud (Podcast) – Bloomberg, May 20, 2019
  • Why criminals never think they’ll get caught: The Crazy Eddie story – LinkedIn Pulse, April 5, 2019
  • Inside the Always Nasty, Frequently Sexist, and Often Litigious World of Financial Twitter – Institutional Investor, August 1, 2018
  • Why is Bank Leumi telling foreigners to close their accounts? And what’s the link to Israel’s malignant black economy? – The Times of Israel, September 12, 2016
  • ‘On Like Donkey Kong’: How a Dubious Super PAC Boosted a Questionable Penny Stock – ProPublica, May 27, 2016
  • Crazy Eddie’s Insanely Successful Criminal Enterprise – Mental_Floss, March 31, 2016
  • Crazy Eddie CFO: ‘We are in the golden era of white-collar crime’ – CNN Inside Wall Street, November 17, 2014
  • White Collar Crime 101: How to Defraud a Company – Wall Street Journal, July 29, 2014
  • Sam Antar: The CFO behind the Crazy Eddie’s fraud – MarketWatch, July 29, 2014
  • Why Drug Lords and Criminals Are So Risk-Averse – Bloomberg, February 21, 2014
  • Country Club Sopranos – Village Voice, October 31, 2012
  • Crazy Eddie fraudster says SEC can’t keep up – MarketWatch, June 7, 2013
  • Convicted Felon, Former Crazy Eddie CFO, Sam Antar, Talks to Lauren Lyster About Accounting Fraud – Zero Hedge, August 3, 2012
  • Crazy Eddie’s Cousin Sam Sees Greater Potential for Fraud – Accounting Today, June 29, 2012
  • The 25 Most Dangerous People in Financial Media – Huffington Post, June 18, 2012
  • When Sam Antar Speaks, People Listen…and Speak Their Mind – Forbes, March 5, 2012
  • Inside the Mind of a Financial Criminal – NPR Planet Money, July 5, 2011
  • Special Report: From Hannibal Lecter to Bernie Madoff – Reuters, April 20, 2011
  • Financial fraud — accounting for criminals – CNN, October 9, 2009
  • Crazy Like A Fox, Guess who’s tipping off the SEC on alleged accounting frauds? None other than the guy who cooked the books at Crazy Eddie – Crain’s NY Business, October 5, 2009 (PDF)
  • Redemption and the white-collar criminal – CNN, October 2, 2009 (PDF)
  • Still Searching for Repentance – Jewish Week/Times of Israel, September 22, 2009
  • ‘Crazy’ Eddie’s Cousin, a Former Fraudster, Speaks Out on Syrian ‘Subculture of Crime’ – Jewish Daily Forward, August 26, 2009
  • Crazy Eddie’s cousin stars in state Republican hearing on public corruption – Atlantic City Press, August 17, 2009
  • A Few Words from a Fellow Fraudster – Gawker, December 24, 2008
  • Smart Stops on the Web – Journal of Accountancy, December 1, 2008
  • How to Be a Better Bean Counter – NY Times, July 16, 2005
  • So That’s Why It’s Called a Pyramid Scheme, Journal of Accountancy, October 1, 2000

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