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Crime The Almighty Buck The Courts Apple

Apple Exec Stashed $150,000 In Shoe Boxes 345

Posted by CmdrTaco
from the but-it'll-thaw-out dept.
angry tapir writes "US federal agents found more than US$150,000 in cash when they searched the house of Apple manager Paul Devine earlier this month, according to prosecutors. 'He had over $150,000 stored in shoe boxes,' Department of Justice Attorney Michelle Kane said. Devine was charged two weeks ago with taking kickbacks from Apple suppliers."
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Apple Exec Stashed $150,000 In Shoe Boxes

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  • by vlm (69642) on Wednesday August 25, 2010 @11:51AM (#33369788)

    There are lots of ways to securely stash cash. shoeboxes under the bed are not one of them. a run to home depot for a post hole digger, some PVC pipe and caps = a money safe the feds wont find.

    Small gold coins are much more waterproof. Being able to find with a metal detector, is a double edged sword.

  • Re:No app for that? (Score:5, Interesting)

    by erroneus (253617) on Wednesday August 25, 2010 @11:53AM (#33369824) Homepage

    Perhaps he just didn't think he would get caught since the money wasn't going through banks. After all, that's pretty much what I would do. Actually, that's where I would start. Then I would probably set up some sort of business, accept "cash payment" for whatever services rendered and then pay some taxes to make it all look legitimate. I know... that just makes too much sense, but then again, I believe my greed has limits where many others' does not.

  • by JSBiff (87824) on Wednesday August 25, 2010 @11:56AM (#33369868) Journal

    Oh so many jokes, and rightly. But. I will say this - even if you've made money legitimately, I'd say there's good reason to keep a little cash on hand. It's rare, but not unheard of (especially in recent years) for banks to fail. If I had a million or more, I think I'd like to keep 100,000 or so available as cash on hand, in case the rest of my money either got frozen temporarily (e.g. while the FDIC or other government or law enforcement agency takes over the bank and does an investigation), or disappears forever.

    I don't think, however, I'd keep it in shoeboxes. Safe vaults were invented for a reason.

  • by Anonymous Coward on Wednesday August 25, 2010 @12:00PM (#33369926)
    I don't know if I'd keep $100K in cash on hand. Bullion coins on the other hand ...
  • by erroneus (253617) on Wednesday August 25, 2010 @12:04PM (#33369994) Homepage

    This isn't an anti-Apple story beyond some insight into some possible HOWs and WHYs regarding how secrets get leaked, suppliers get selected and how clone devices get designed and produced so quickly. Having increased knowledge of how the supply and manufacturing of [in]famous gadgets get handled is certainly of interest to me!

  • by Zocalo (252965) on Wednesday August 25, 2010 @12:05PM (#33370008) Homepage
    You are assuming that is all that he managed to take in bribes. For all we know, the money in the shoe boxes was the contents of his last briefcase full of used, non-sequential notes and he just hadn't had a chance to transfer it to a better location before he was arrested. If he's been doing this long enough, it's entirely possible that he could have taken several million dollars by now...
  • by sjs132 (631745) on Wednesday August 25, 2010 @12:19PM (#33370172) Homepage Journal

    But you still need to get to it when you need it.... Going out to the back yard to get some cash for a car or shopping spree may get obvious over time or leave definitive traces of your location.

    Buried in the 1/2 crawl would be good... That way it is under the house.
    loose brick is good... again, inside of the house, hopefully not too obvious it is loose.

    The real problem comes from the cash being stashed at one location that you have to revisit to gain access to it. If you end up on the run, you can't always head back home to get some $. MULTIPLE bank with alias's and small accounts under the transaction limits would be good. You could keep a number of ATM cards stashed in vehicles or wallet. Fast easy access assuming you only need a few hundred $ at a time because banks usually cap daily ATM withdrawals.

    Better still would be multiple sources of hard currency at secured locations (Safety deposits, Storage facilities, bus lockers)
    Maybe small unmarked bills or when banks go south next week, Silver/Gold coins....

    Or do what I do. I just eat all my extra cash at Mcdonalds.. I built up a fat storage supply that I always have with me, so if I have to ever go into hiding my body will slowly eat it's own fat storage resulting in a change of apperance over time so that when they are looking for big fat rich guy I'll be the homeless dude on the corner with string holding my pants up. Perfect plan.... I've had it figured out for years, no I just have to get the millions of ill gotten funds.

    (Note, Ill-gotten does not mean $ that I got paid for doing a legitimate job with bonuses and contracts, etc.... Maybe Ill-gotten could be sitting on commisions that never meet for 5 years but getting paid non-the-less by the local tax payers.... or passing laws that result in friends getting government contracts or lobbying for funds to the state for particular projects....)

  • Not Uncommon (Score:2, Interesting)

    by bloobamator (939353) on Wednesday August 25, 2010 @12:24PM (#33370232)
    I once had a boss who took kickbacks from vendors. I remember one time CDW gave him a huge plasma TV, and an iPod, and many other goodies. He also used to rent SUV's on the company credit card and use it to take his family on trips. He was eventually fired.
  • Re:Money laundering (Score:3, Interesting)

    by vlm (69642) on Wednesday August 25, 2010 @12:31PM (#33370364)

    Doesn't anyone know how to launder money any more? Steal way more money than you need, run it through some partially legitimate business, take part of it as profit from the business, but be able to keep the remaining result in a bank.

    Scratch-off lotto tickets clear darn near 50% rate of return. I've seen this first hand a couple decades ago working at a small town food store. Elderly guy buys $500 of lotto every freaking day... that's about 200K dirty in for about 100K clean out annually. Couldn't think of any other explanation for how he could finance his endless purchases.

  • Re:No app for that? (Score:3, Interesting)

    by crakbone (860662) on Wednesday August 25, 2010 @12:38PM (#33370474)
    More than likely that is not the money, just emergency cash in case he needs to split. I knew of a billionaire that had over 20 million in his garage. It saved him when a partner froze all his bank accounts by court order.
  • by Graff (532189) on Wednesday August 25, 2010 @01:56PM (#33371690)

    Small gold coins are much more waterproof. Being able to find with a metal detector, is a double edged sword.

    You could always go with precious gems, they are both non-metallic and waterproof.

    However, PVC would work just fine for paper money. You seal the end caps with PVC glue and include some desiccant material in the pipe to dry up any traces of moisture. Cloth packets filled with activated carbon which have been dried at low temperatures in the oven works very well at adsorbing moisture, volatile organics, it'll even suck up some of the oxygen in the tube.

  • Re:No app for that? (Score:3, Interesting)

    by russotto (537200) on Wednesday August 25, 2010 @02:04PM (#33371798) Journal

    Or, buy gold, and hide that. Gold can easily be concealed. Coat it in lead and it's a fishing sinker, wheel weight, or plumb bob. Pull it into a wire and coat it in tin and it appears to be solder. Make pipes out of it, paint it, and attach it to your plumbing system.

  • by Monchanger (637670) on Wednesday August 25, 2010 @02:31PM (#33372058) Journal

    Isn't it enough to be proud of buying something carefully designed in America, regardless of who manufactured it?

    Pride- sure, but that's not the topic at hand, which is all about jobs. Saying "buy American" about Apple is pointless since the majority of Apple-related jobs lie in manufacturing, and those are neither unavailable to American workers, nor favor using American resources [wikisource.org].

    Or heck, just to be happy with something well designed at all, regardless of origin. A well designed product counts as a win for the human species, I would say, since it serves as a model and an example anyone can follow.

    That's an interesting way of thinking but the fact is we're in a world where international economic competition matters to individuals (in jobs and standard of living), and "an example anyone can follow" translates easily into cheating through cheap knockoffs and what idiots call "piracy". And then there's still the argument that Apple's ability to profit is the only guarantee that humanity will have such "wins", and the reason "Intellectual Property" is so prominent in modern diplomacy.

    Buying Apple is a good way to feel good about being rich/fashionable, not American. If you want to feel good, buy an American car, but check the parts list to ensure it wasn't just assembled here.

  • by sean.peters (568334) on Wednesday August 25, 2010 @02:41PM (#33372154) Homepage

    Inflation is currently running more like about 1% per year, has been in that neighborhood for quite a while, and there's reason to believe that we could be entering a period of deflation. And your typical passbook savings is paying a fraction of a percent in interest. So, while there are still a lot of good reasons to keep money in the bank (if your house burns down, your cash is gone... but if your bank burns down, your money doesn't. FDIC insurance. Etc.), the rate of return vs. inflation isn't really one of them.

  • Re:Mattress! (Score:3, Interesting)

    by h4rr4r (612664) on Wednesday August 25, 2010 @03:05PM (#33372394)

    The wool suit did change. It is more comfortable, better made and far less people are buying them. The value of wool suits is far more impacted by those things than the value of the dollar.

    Just like cars, in the 70s you could get a new car for less than a used one today. Yet, even a used 2000s car would be a far better value than a new 1970s car. There have been huge changes in safety, horsepower and mileage. Just picking arbitrary goods is not a good way to check the value of money.

  • Re:No app for that? (Score:5, Interesting)

    by Anonymous Coward on Wednesday August 25, 2010 @03:20PM (#33372588)

    (posting as AC for reasons that will become obvious)

    BZZZZT! wrong!

    I have to take exception to several of your suggested hiding places. I used to BE a thief, I've commited B&E on dozens of homes in my mis-spent youth and in most cases, I was not alone. I can tell you that the image of the stupid, poor, stupid, lazy and stupid urban youth boosting your shit to buy drugs is bang on. (did I mention stupid?) Back when I was breaking into homes, I was looking for the following (in order) drugs, cash, non-custom and non-monogram jewellry, easily fenced/bartered electronics, meat, especially roasts, steaks etc, and finally lingerie.

    Here's the logic behind each:
    Drugs: well duh! you'd be amazed at the number of homes we found worthwhile quantities of weed in, and trust me, druggie thieves develop a good sense for where you're likely to keep your stash, since you're likely to be stupid and lazy about hiding it too. Even if we find something that we have no interest in ourselves, we always know someone who'd be happy to take it off our hands.
    Cash is obviously the least traceable, most fungible and most value-dense item there is.
    Jewellry, it's a lot harder than the media would have to believe to find a straight out-and-out fence, and even when you do, they never give more than a small percentage of the actual value.(5% would be generous) That said, there is usually a friend or a local drug dealer who is interested in buying your swag as gifts for the girlfriend, or more likely, taking in trade to cover your drug tab.
    Electronics: Back then it was all about component stero systems and this new high end format called CD, even if I didn't know anyone who would buy it, plenty of guys would just take it home for themselves. Again, there is often a buddy or drug dealer who will barter with you. The thief may not find your stashed cash, but you're still out both cash and stereo aren't you? Back then video game cartridges were guaranteed to walk out the door with us, except for Donkey King 'cause everybody already had that one.
    Meat: meat is an expensive, value-dense item. A lot of these guys practically live on "pogie-bait" and have a girlfriend and some bastard kid(s) to feed. Every 20$ he can shave off the food budget is another dime bag or rock he can score for himself. Besides, the freezer is one of the best places to look for cash... "Bringin home the bacon" is also a good way to shut up that nagging bitch and convince her you are actually providing for her and the brat(s)

    Thieves are lazy, we almost never steal your furniture 'cause it's fucking heavy! Unless you got yourself a new or almost new black leather sectional or something, we ain't going to touch it. (I've never undertsood my fellow scumbags fascination with leather furniture and brass n' glass accent furniture as a status item) The safest piece of furniture? that ratty looking sofa couch you have in the spare room.

    One last thought: a lot of thieves will just fuck you over on anything they can't steal. i.e. too much meat in the freezer to steal? we'll just unplug it. Take a shit between your mattress and box spring, Scrub our anus with your toothbrush, jerk off in the ladies lingerie. (that which we haven't crammed into our pockets as a gift our own girlfriends.) Whatever sounds like shits n' giggles to the druggie at the time. So don't stash any cash in easily breakable/vandalized items. I've *seen* grandma's ashes get flung all over the living rooms white shag carpet just because, so her urn is not a good hidie-hole.

    My recommendation for a hiding place? Take off the toekick of your kitchen lower cabinets and replace the nails with super magnets and metal plates. There is a phenomenal amount of space for cash, guns whathaveyou and no thief would waste enough time in the home to get around to checking that.
    This is useless for hiding anything from the authorities of course. For them it's not a value vs effort thing, if they suspect you have something hiding in your home, they can take as long as they want taking things down to the bare studs, even x-raying things if they think it's worthwhile. Nothing within your legal property lines would be secure.

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