Sunterra...cheque kiting like there's no tomorrow...and got caught
Holy tamales! This is unbelievable...don't think I've ever read about a corporation kiting to the extent that Sunterra was found to have been doing.
Yah...we've all done that somewhere in our history, but usually for a couple of hundred bucks. Doing it so that it costs someone $35 MILLION (I assume in interest cost or lost) is ...just...wow.
Holy tamales! This is unbelievable...don't think I've ever read about a corporation kiting to the extent that Sunterra was found to have been doing.
Yah...we've all done that somewhere in our history, but usually for a couple of hundred bucks. Doing it so that it costs someone $35 MILLION (I assume in interest cost or lost) is ...just...wow.
Holy tamales! This is unbelievable...don't think I've ever read about a corporation kiting to the extent that Sunterra was found to have been doing.
Yah...we've all done that somewhere in our history, but usually for a couple of hundred bucks. Doing it so that it costs someone $35 MILLION (I assume in interest cost or lost) is ...just...wow.
I was blown away kiting to this level done in this day and age and the massive volume. Usually you learn about kiting in classes and that's about it. Silly amounts to edge over a debt to equity ratio and whatnot nothing seemingly logical to do otherwise. Truth is stranger than fiction. I don't get what reason you'd kite stupid numbers in the billions, which probably means an average of 500 million per month in kiting transactions? Why?
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I’ve never found a compelling reason to shop at Sunterra. I think of it as a stuffy “gourmet food” outlet. The odd time I’ve gone there I’ve ended up just browsing and not buying anything. They are terribly overpriced.
If I can’t find a specialty item or ingredient at my neighborhood Safeway, I will try a big box supermarket, an ethnic grocery or a health food store instead. I would also go to a specialty butcher shop before going to Sunterra.
Location: Close enough to make a beer run during a TV timeout
Exp:
Quote:
Originally Posted by Fuzz
Uhm, no I have not committed fraud.
That article talks about the most fraudulent form of cheque kiting. I know back in the 90s I would often go grocery shopping the day before payday; and write a cheque even though I didn't have any money in my account yet. Co-op used to also allow you to do "cash back"- so you could write the cheque for an extra $40 and get the cash.
What Sunterra was caught doing was worse, they were writing cheques to cover another bad cheque, etc. And I would think most of us have not done that.
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That article talks about the most fraudulent form of cheque kiting. I know back in the 90s I would often go grocery shopping the day before payday; and write a cheque even though I didn't have any money in my account yet. Co-op used to also allow you to do "cash back"- so you could write the cheque for an extra $40 and get the cash.
What Sunterra was caught doing was worse, they were writing cheques to cover another bad cheque, etc. And I would think most of us have not done that.
Eons ago, my friend deposited money and then wrote a cheque that day, and despite having an advance on deposits they bounced her cheque and accused her of kiting. It was the weirdest thing.
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Man...how young are you guys that you've never written cheques? I've written tons of them! I've written a couple just this week.
I will say though...'Cool Story Bro' time...when I first started my business I had to build an office from scratch, that involved a lot of trades, large purchases, etc. Things that you cant always pay debit for.
So I go and get all of these things, like desks, flooring, trades, etc. and I write them all cheques. All over the city!
I didnt sign a single goddamned one of them.
Totally whiffed it. I dont know WTF happened, if I just had too many things going through my mind and my focus was everywhere, but I didnt sign a single cheque.
So I spent an entire day driving all over the goddamned City re-issuing or signing cheques...
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Man...how young are you guys that you've never written cheques? I've written tons of them! I've written a couple just this week.
I will say though...'Cool Story Bro' time...when I first started my business I had to build an office from scratch, that involved a lot of trades, large purchases, etc. Things that you cant always pay debit for.
So I go and get all of these things, like desks, flooring, trades, etc. and I write them all cheques. All over the city!
I didnt sign a single goddamned one of them.
Totally whiffed it. I dont know WTF happened, if I just had too many things going through my mind and my focus was everywhere, but I didnt sign a single cheque.
So I spent an entire day driving all over the goddamned City re-issuing or signing cheques...
I'm 30. Got my pocket money in cash from mum and dad to put in my velcro wallet, then I got my first debit card at 16 or 17.
I have never written a personal cheque in my life.
Quote:
Originally Posted by Locke
Man...how young are you guys that you've never written cheques? I've written tons of them! I've written a couple just this week.
I'm 46. I think the only thing I've ever paid for by cheque in my entire life was my university tuition over 25 years ago. Certainly in all my time as a working adult (2002-present) I have never once paid for anything by cheque.
I don't even use cash anymore, for that matter. All my day-to-day purchases are paid by credit card (for the rewards points) or at worst debit if the establishment doesn't accept credit card payments. Larger one-off expenses (for example professional legal and accounting services) I pay via e-transfer. At the very high end of my purchases (down payment on the two homes I've bought in my life), I paid by bank draft.
I really can't think of any reason why anyone would need to use a personal cheque in 2026. Businesses/corporations sure, but individuals? Why?
Man...how young are you guys that you've never written cheques? I've written tons of them! I've written a couple just this week.
I will say though...'Cool Story Bro' time...when I first started my business I had to build an office from scratch, that involved a lot of trades, large purchases, etc. Things that you cant always pay debit for.
So I go and get all of these things, like desks, flooring, trades, etc. and I write them all cheques. All over the city!
I didnt sign a single goddamned one of them.
Totally whiffed it. I dont know WTF happened, if I just had too many things going through my mind and my focus was everywhere, but I didnt sign a single cheque.
So I spent an entire day driving all over the goddamned City re-issuing or signing cheques...
1. I was thinking of calling you for help setting up my firm (Slowly puts down phone.)
2. Are you not an ACCOUNTANT? That makes this sooo funny.
3. Obligatory...DRIVE all over town? Just take the whakka whakka.
1. I was thinking of calling you for help setting up my firm (Slowly puts down phone.) 2. Are you not an ACCOUNTANT? That makes this sooo funny.
3. Obligatory...DRIVE all over town? Just take the whakka whakka.
Everyone under extreme pressure can make mistakes. In the grand scheme of things, I tell that story to exhibit what pressure can do to even the most competent of people.
But at the end of the day nobody got hurt, everyone got paid and only I was really inconvenienced.
It was something that happened while I was under a LOT of pressure. I had quit my job under brutal circumstances and started my own business from the ground up with nothing. I was being torn in a dozen different directions simultaneously.
It was not a fun time. I was turned into a newt for a bit there...but I got better...
__________________ The Beatings Shall Continue Until Morale Improves!
This Post Has Been Distilled for the Eradication of Seemingly Incurable Sadness.
The World Ends when you're dead. Until then, you've got more punishment in store. - Flames Fans
If you thought this season would have a happy ending, you haven't been paying attention.
Everyone under extreme pressure can make mistakes. In the grand scheme of things, I tell that story to exhibit what pressure can do to even the most competent of people.
But at the end of the day nobody got hurt, everyone got paid and only I was really inconvenienced.
It was something that happened while I was under a LOT of pressure. I had quit my job under brutal circumstances and started my own business from the ground up with nothing. I was being torn in a dozen different directions simultaneously.
It was not a fun time. I was turned into a newt for a bit there...but I got better...
Hey all ####s and giggles.
I totally understand what pressure does, believe me. I am where you were, not a newt, though.
Sunterra...cheque kiting like there's no tomorrow...and got caught
