Thursday, September 15, 2016
Guru Defrauded by Employee
In this blog I usually write about real estate gurus who cheat and steal from their own students. In now what is best described as a "man bites dog" story, an employee of a famous guru has defrauded his company of over $1.1 million.
Tigrent, Inc. is the seminar promotion company of Robert Kiosayki, the (in)famous Rich Dad, Poor Dad guru. One of Tigrent's employees working in the accounts payable department created a series of shell companies and then generated a large number of phony invoices for these imaginary payees. After the invoices were paid, she took the money sent to her shells and spent the cash on vacations and other consumer items.
The FBI eventually got involved and this woman was sentenced to three years in prison, fined $1.1 million, and was also ordered to make restitution to Tigrent. The charge was wire fraud.
I could comment on the loose accounting safeguards at Tigrent but I won't. Her scheme went on for more than two years before it was discovered.
This is the only case I know where a real estate guru was the victim of cheating and not the cheater themselves.
In case you are curious, the woman's name is Junipher Sayers and here is her Facebook page. She just got married in March and was pregnant at the time. Her baby is due October 22, 2016. Reading her posts is quite sad especially since now we know what she was up to while writing them.