Inside a Fraud - The Stan Van Etten Story
One of major factors in cracking a fraud is the willingness of the office staff to blow the whistle of the fraud.
It is a very difficult task, with no reward.
I wrote a couple a small story about Stan Van Etten and the International Heritgage Pyramid Scam.
The legal conclusion of that scam was that the"United States Attorney George E. B. Holding announced that Stanley H. Van Etten, 45, of Windemere, Florida, has been sentenced to ten years in federal prison for bilking thousands of investors out of over $165 million dollars. On Tuesday, November 21, 2006, United States District Judge Terrence W. Boyle ordered Van Etten to serve two 60-month terms in prison and to make restitution in the amount of $14,339,820 to the victims of the now defunct Mayflower Venture Capital Fund III."
Recently an employee, who worked in the office, wrote me and stated:
"I read your article regarding Stan Van Etten's recent sentencing. I am overcome with a sense of justice that I can't even describe. Stan was indeed a con man of the truest sense. For five years, I served [worked for him]. At the time, I was very young and very naive, but in retrospect witnessed some pretty pathetic stuff (not even realizing at the time, how illegal it was). I spend the majority of those five years fending off unwanted advances (I finally had to threaten him with a law suit), putting off bookies that Stan owed tons of money to and explaining to his banker why his account was continuously overdrawn. I finally left, when the SEC began it's investigation of F.N. Wolf. The only reason I stayed as long as I did, was because I too, even bought into this man's crap. When I finally figured out what a crook he was, I completely distanced myself from him. He tried to maintain contact, but I refused his calls. Make no mistake about it, Stan was not a "whistle-blower" regarding F.N. Wolf. He was in fact probably one of the guiltiest parties of the entire lot and only decided to assist the SEC to save his own behind. I have been following the IHI case since it's onset and am so very glad the those individuals who were scammed by this creep, have finally received justice."
I asked the employee how Stan was able to convince people of his lies, and the employee responded:
"You know I have often asked myself that very question. He is nothing to look at yet he is very charismatic and extremely convincing. I have finally determined that he is so narcissistic and such a compulsive liar that he now believes his own lies and that is what makes him so convincing. I read one article about him several years ago telling a story about him losing his hearing due to a diving accident as a child. The mere fact that he survived (according to the article) is what makes him such a true survivor today. Stan did suffer from some hearing loss, but the story he and his brother told me was that his brother lit a firecracker next to Stan's ear and blew out his ear drum. See what I mean. Compulsive liar. Yet I guarantee you that Stan totally believes the diving story now. Truthfully, you are not only dealing with a criminal here, you are dealing with a very mentally disturbed individual who would probably be better served in a mental institution.
It said in the news story covering his sentencing that it took him 8 years to admit wrongdoing. Why do you think that is? I'll tell you. Stan truly did not believe that what he did was wrong. It was only after being told what would happen if he were found guilty versus pleading guilty that he finally submitted. I guarantee you that he still believes he did nothing wrong."
The office staff knows of frauds and scams long before anyone else. But they don't want to blow the whistle, for very good reasons.
I want to thank this employee for bringing to light the difficult situation that he/she was in.
But, if you are an office worker in this situation, call or email me -right now, before anyone else gets hurt. Lawyers can provide confidentiality that no other professional can give you. Please think about- help save your a fellow's life.
Technorati Tags: stan van, pyramid scam, terrence w boyle, venture capital fund, blow the whistle, federal prison, united states district, legal conclusion, windemere, united states attorney, mayflower, office staff, restitution, willingness
