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Ex-GameStop VP jailed for 51 months over $1.7 million fraud charges


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Initial post: Mar 12, 2013 6:31:59 AM PDT
Last edited by the author on Mar 12, 2013 6:32:47 AM PDT
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http://www.vg247.com/2013/03/12/ex-gamestop-vp-jailed-for-51-months-over-1-9-million-fraud-charges/

Ex-GameStop VP jailed for 51 months over $1.7 million fraud charges

Ex-GameStop VP of corporate communications and public affairs Frank Christopher Olivera has been charged with fraud in US federal court, after funneling over $1.7 million from the retailer. He faces 51 months in prison.

GI.biz reports that Olivera invented a company called Cloud Communications LLC, and through fake invoices and a fabricated employee, stole over $1.7 million from Gamestop. He pleaded guilty to all charges in November 2012.

The US Attorney's Office for the Northern District of Texas issued a full statement on Olivera's sentencing.

The statement reads, "According to documents filed in the case, beginning in July 2009 and continuing to April 2011, Olivera defrauded Gamestop by submitting false and fraudulent invoices for vendor services from a fictitious company, "Cloud Communications LLC," which he owned and controlled.

"Olivera directed Gamestop to send the payments from Gamestop's offices in Grapevine to Cloud Communications LLC in Las Vegas and Lake Tahoe, Nevada and in Canada. In addition to creating a fictitious company, Olivera also created a fictitious person, "Jennifer Miller," to serve as the point of contact at Cloud Communications.

"Upon receipt of payments from Gamestop, Olivera would deposit the checks into a bank account held by Cloud Communications and then would transfer the fraudulently obtained funds into his personal bank account.

"The overall scheme to defraud involved $1,965,900 in fraudulent invoices."

At the time of writing Olivera has almost returned all of the $1.7 million to Gamestop but must also pay $134,651 in fees related to the trial.

What do you make of this? Let us know below.

Posted on Mar 12, 2013 7:04:58 AM PDT
Lucanus says:
I never understood why a VP would risk so much just for money. I would assume at the VP level his salary had to be 250k+ not including bonus. Not sure I would risk such a nice lofty salary.

In reply to an earlier post on Mar 12, 2013 7:09:04 AM PDT
The thing that makes it even harder to wrap my mind around is that he's paid back the majority of it already. Meaning he didn't really have anything to spend it on.

Posted on Mar 12, 2013 7:13:57 AM PDT
Lyrick_ says:
White collar crime is obviously the way to go. He got caught stealing 1.9 million has and has to pay back 1.7, he'll probably only spend half to 1/4 of the time in prison, but I'm guessing his stay will not be like OZ.

Aside form some limited future employability options It looks like he made out alright.

Posted on Mar 12, 2013 7:15:30 AM PDT
Last edited by the author on Mar 12, 2013 7:17:30 AM PDT
Lucanus says:
Well maybe I am just too conservative, but I wouldn't risk my current life style. I have nice things, plenty of money, job growth opporunity, etc. I don't have as much as a VP, so I really just don't get how they aren't happy with life. It just is my style I suppose. It isn't like I need more and certainly wouldn't risk what I have. But alas I guess some people are never satisified. I personally at 250k+ not including bonus would live conservatively and work 15 years, than retire on my investments.

In reply to an earlier post on Mar 12, 2013 7:20:06 AM PDT
Lyrick_ says:
VP's and other Corporate Execs tend to be much older and don't typically stay at any job for very long before golden parachuting to their next executive placement.

Posted on Mar 12, 2013 7:21:30 AM PDT
Soulshine says:
He was just fighting the good fight, trying to take down evil Gamestop from the inside!

Posted on Mar 12, 2013 7:23:45 AM PDT
only 51 months?

In reply to an earlier post on Mar 12, 2013 7:26:05 AM PDT
Watcher says:
See... I KNEW GameStop was Evil!

In reply to an earlier post on Mar 12, 2013 7:26:56 AM PDT
Lucanus says:
Some perhaps. Most of the VP's I work with have been around for a long time, which is how they became a VP in the first place. They work hard and live well. I just can't imagine being like "I only make 250K+ a year, I need more!" Though I have no idea what 250k a year would be like that in the first place. Maybe it isn't as much as a I think it is.

In reply to an earlier post on Mar 12, 2013 7:36:49 AM PDT
oh it's far more than you probably think it is.

Posted on Mar 12, 2013 7:37:24 AM PDT
Can't say I'd do the same for a measly 2 Mil. Minuscule in comparison of everything.

In reply to an earlier post on Mar 12, 2013 7:43:39 AM PDT
Soulshine says:
I think I could support 3 or 4 households with $250K a year, after taxes.

In reply to an earlier post on Mar 12, 2013 7:51:21 AM PDT
MrFoxhound says:
Wow, stealing from thieves carries a hefty penalty.

In reply to an earlier post on Mar 12, 2013 11:58:40 AM PDT
Lol.

In reply to an earlier post on Mar 12, 2013 12:21:08 PM PDT
Kr155 says:
"only 51 months?"

Exactly. I wonder how much he would have gotten if he'd just stolen a car?

In reply to an earlier post on Mar 12, 2013 12:26:36 PM PDT
Lyrick_ says:
Google say the average sentence is 36 months for Grand Theft Auto, but it varies by state.

In reply to an earlier post on Mar 12, 2013 12:31:32 PM PDT
Crime in the suites > Crime in the streets

In reply to an earlier post on Mar 12, 2013 12:32:45 PM PDT
Last edited by the author on Mar 12, 2013 12:34:19 PM PDT
I would sit in jail for 4 years to receive 1.7 million dollars. Just saying... if you can get away with not paying it back...

In reply to an earlier post on Mar 12, 2013 12:33:50 PM PDT
Lucanus says:
I would not. I am far too pretty for jail. Somethings aren't worth the money.

In reply to an earlier post on Mar 12, 2013 12:34:51 PM PDT
Yeah, but could you keep all your wives sexually satisfied?

Posted on Mar 12, 2013 12:35:16 PM PDT
Ed Jones says:
(Insert GS Trade-In value joke here)

In reply to an earlier post on Mar 12, 2013 12:37:00 PM PDT
He could afford to pay people to keep them sexually satisfied!

I wonder if that's ever happened... an ultra rich guy hiring a good looking man to have an affair with his wife... so he knows who the guy is, that he's D&D free, and the wife gets the "thrill" of possibly getting caught.

In reply to an earlier post on Mar 12, 2013 12:49:53 PM PDT
Oh absolutely, but probably with the intention of catching her in the act to deny alimony upon divorce.

In reply to an earlier post on Mar 12, 2013 12:49:58 PM PDT
Agreed.

I also bet the guy will get out in less than 15 months on good behavior and bribes.
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Discussion in:  Video Games forum
Participants:  15
Total posts:  27
Initial post:  Mar 12, 2013
Latest post:  Mar 12, 2013

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