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In or around late 2011, [then Color CFO Alyssa] Solomon began noticing discrepancies in Color’s finances. Upon information and belief, Defendant Nguyen was spen
by coffeemug 14y ago
In or around late 2011, [then Color CFO Alyssa] Solomon began noticing discrepancies in Color’s finances. Upon information and belief, Defendant Nguyen was spending corporate funds on numerous personal items, such as charging personal items on Color’s American Express card and putting his family’s nanny, Sally Orr, and his family’s Lake Tahoe‐based ski instructor, Hillary Governer, on Color’s payroll.
If this is actually true, this is a Really Big Deal (tm). The IRS (and relevant legislation) is very serious about these things, and I can't imagine anyone running a high profile company who has a career at stake actually doing this of their own accord.
This isn't just about ethics. It's an allegation of embezzlement, which carries a penalty of imprisonment for up to twenty years(!) Doing that to save some money on a nanny seems absolutely insane to me.
- 001sky 14y agoDoing that to save some money on a nanny seems absolutely insane to me -- Or just: "hubristic" [1] ________________ [1] http://en.wikipedia.org/wiki/Hubris http://en.wikipedia.org/wiki/Hubris *Hubris (/ˈhjuːbrɪs/), also hybris, from ancient Greek ὕβρις, means extreme pride or arrogance. Hubris often indicates a loss of contact with reality and an overestimation of one's own competence or capabilities, especially when the person exhibiting it is in a position of power.
- skrebbel 14y agoWell, he did after all spend $35M-ish on what can really only be described as a very special hobby. I guess he figured that adding a nanny to top it off wouldn't make a difference.
- raverbashing 14y agoI'm not sure about the legality of it But the ethical aspects, together with the crash and burn of Color are hopefully more than enough for him not to get a single penny out of VCs any more There are lots of serious people out there looking for funding, save the investments for them instead for the loud bozos
- rhizome 14y agoThe allegations seem to cover just about the same things Dennis Kozlowski is in prison for right now.