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Apple Exec Stashed $150,000 In Shoe Boxes

CmdrTaco posted more than 3 years ago | from the but-it'll-thaw-out dept.

Crime 345

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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Mattress! (2, Insightful)

OffaMyLawn (1885682) | more than 3 years ago | (#33369576)

You don't use shoe boxes, they're too obvious.

Re:Mattress! (3, Insightful)

Ironhandx (1762146) | more than 3 years ago | (#33369744)

Mattress or Shoe boxes, either one is safer than a lot of banks or investment firms these days.

Re:Mattress! (1)

jeffmeden (135043) | more than 3 years ago | (#33369870)

He would have gotten away with it by using an apple product box, but they were too small to hold all that cash!

Re:Mattress! (1)

Tackhead (54550) | more than 3 years ago | (#33369890)

You don't use shoe boxes, they're too obvious.

Think different!

Introducing the... (5, Funny)

theheff (894014) | more than 3 years ago | (#33369580)

iBox?

Re:Introducing the... (2, Insightful)

Pojut (1027544) | more than 3 years ago | (#33369604)

That would be an awesome name for an Apple-themed porno...

Re:Introducing the... (-1, Flamebait)

Anonymous Coward | more than 3 years ago | (#33370270)

That would be an awesome name for an Apple-themed porno...

Starring: Your Fucking Mother! And we DO mean FUCKING. What a slut!

Re:Introducing the... (5, Funny)

gstoddart (321705) | more than 3 years ago | (#33369672)

iBox?

iMbezzle?

No app for that? (4, Insightful)

cayenne8 (626475) | more than 3 years ago | (#33369590)

Hmm...seems like there should be an app for that??

Seriously, if this guy was socking cash back and wanted to hide it from the feds, why didn't he think of better hiding places?

Heck, just watching the Sopranos would give you some better ideas for cash placement than shoe boxes all over the house.

Re:No app for that? (4, Interesting)

erroneus (253617) | more than 3 years ago | (#33369824)

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.

Re:No app for that? (4, Informative)

jeffmeden (135043) | more than 3 years ago | (#33369944)

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.

Ah, er, hey old article, help me out here... "The alleged scheme used an elaborate chain of US and foreign bank accounts and one front company to receive payments, the indictment said, and code words like 'sample' were used to refer to the payments so that Apple co-workers wouldn't become suspicious."

Sounds like he thought of everything except what to do with the money once it was in his hands. What ever happened to burying it?

Re:No app for that? (4, Informative)

Haffner (1349071) | more than 3 years ago | (#33369948)

People lacking a significant criminal background ALWAYS tend to be stupid when it comes to hiding cash. Especially once you reach a certain amount where hiding it within your house requires multiple hiding spots. Wall sockets, light switches, and inside of old, large electronics (CRT monitors, VHS players) with difficult-to-remove siding are all viable home storage locations. Then again, it really depends on what your goals are. If you want to hide money so well that no one will find it, get some custom furniture with places to hide cash that can be built around the cash, so the couch (or table, sometimes) must be physically destroyed to access it.

Most people who store lots of cash tend to be stupid about it. They place it in a location that is difficult for them to get to, say, under some boxes, or in the back of the closet. Thing is, someone who wants that cash couldn't care less about what they destroy in the process to get it.

/tinfoil hat on/ Ideally, to hide large sums of cash in your home, you need to determine what percent must be easily accessible, accessible, and largely inaccessible. Easily accessible means that it takes you less than a minute to get to it. A 500 count jar of advil is a great place to store a roll of cash, and then pour the pills back over it. (Also have some underneath). Food containers also work well for this (Cereal, milk jug, etc).

For accessible, but not easily so, you have more options. Generally, this category can fall into "Things with screws." As previously mentioned, a CRT monitor or VHS player with removable back/side/bottom works wonders for hiding things. My favorite was a radio receiver from 1980 that went with some other stereo equipment. It had 6 screws on the bottom, and there was a thin space for hiding something flat between it and the circuit board. The panel was slightly smaller than the gap, too, so you could see the circuit board 1cm away, but the panel was big enough to hide any cash. Another great place is to take your door off the wall, remove the hinges (from the wall) and drill into that area. It is easy cut in deep enough to store something. Lastly, most light switches or wall outlets have a small gap in the wall, which is perfect for storing a roll. Oh, and also, a favorite: Get 2 fairly large cuts of prewrapped meat at the supermarket, and unwrap them. Throw 1 away, and keep the white bottom tray. Put some cash between that tray and the other one (with the meat on it) and then press the edges together, put the meat back on top, and then wrap it really tightly (even better to reuse the wrap it came with) and then throw it in the freezer.

/tinfoil hat off

Re:No app for that? (1)

pcolaman (1208838) | more than 3 years ago | (#33370230)

You know perhaps just a tad too much about this subject. Hiding from the government?

Re:No app for that? (2, Insightful)

jeffmeden (135043) | more than 3 years ago | (#33370242)

Good advice, but your stereo equipment idea fails the "would someone steal it even if not looking for hidden loot" test... A great spot I would add to the list (not that I have anything to hide, ahem) is the underside of just about any heavy furniture like a hutch, dresser, entertainment center, etc. If it's not already boxed in, a few pieces of masonite can make it look like it was meant to be that way, and a few furniture sliders on the bottom can make it easy to get to the back, while the wood tacks traditionally used will make it easy to open if you need to retrieve the items in short order (without destroying the furniture).

Re:No app for that? (1)

Haffner (1349071) | more than 3 years ago | (#33370384)

The stereo radio receiver I have is a piece of junk (old, spotty aluminum look) and I keep it thrown somewhere like a closet. Compared to the ~5 laptops, ps3 and 2 360s in the house, no thief is going to take it.

Re:No app for that? (0)

Anonymous Coward | more than 3 years ago | (#33370244)

so, using every single one of your ideas, you'd be able to store about 10k in 20 dollar bills.

great work. now what do i do with the other 140k?

Re:No app for that? (1)

adamdoyle (1665063) | more than 3 years ago | (#33370298)

You've been watching too much Burn Notice... (jk, you can never watch too much Burn Notice)

There's always money... (5, Funny)

snookerhog (1835110) | more than 3 years ago | (#33370316)

in the Banana Stand

Re:No app for that? (1)

Myopic (18616) | more than 3 years ago | (#33370354)

Steve Jobs? Is that you?

Re:No app for that? (1)

BassMan449 (1356143) | more than 3 years ago | (#33370382)

The amount of thought you have put into that is a little unnerving. Any bets on how long it is before he gets a special visit?

Silly prosecutors (2, Funny)

tibbetts (7769) | more than 3 years ago | (#33369592)

Don't they realize that's just a prototype for the long-rumored iStash?

Home Banking at its best (3, Insightful)

PalmKiller (174161) | more than 3 years ago | (#33369594)

Maybe he just don't trust banks to be to big to fail anymore.

Re:Home Banking at its best (1)

BrokenHalo (565198) | more than 3 years ago | (#33369740)

Even so, storing loot in shoe-boxes is not the action one would expect of an innocent man. But that aside, Apple could have made things a hell of a lot easier for themselves and everybody else by being less secretive about their products and getting them tested in the real world - by people, not robots with rubber hands.

Re:Home Banking at its best (4, Insightful)

cellocgw (617879) | more than 3 years ago | (#33370376)

Even so, storing loot in shoe-boxes is not the action one would expect of an innocent man.
Humbly beg to differ, for two reasons.
First, there are plenty of people who, for whatever reason are hoarders and/or don't trust banks. That doesn't make them criminals.
Second, and more important: it's not (yet...) illegal to possess US currency. Period. Fuck the "it looks suspicious so it must be illegal" jackasses.
Now, if a valid search warrant, including some phrase like "evidence of unearned wealth" is in place, then there's an excuse to impound the cash.

Re:Home Banking at its best (1)

erroneus (253617) | more than 3 years ago | (#33369886)

There are a lot of reasons to not trust banks... at least not with your ill-gotten-gains. The government has easy access to that data and they know how much you get paid by your employer.

And Steve Jobs told him (0)

razwiss (1823216) | more than 3 years ago | (#33369598)

And Steve Jobs told him "Just don't hide the stolen money that way"

Not guilty??? (1)

MobyDisk (75490) | more than 3 years ago | (#33369602)

Devine pleaded not guilty to the charges last week.

Oh my. I would love to hear his excuse for this. "What? Doesn't *everyone* keep a few hundred thousand dollars in shoe boxes? My financial planner told me to diversify! Those Swiss bank accounts were for storing cheese!"

Re:Not guilty??? (3, Funny)

Anonymous Coward | more than 3 years ago | (#33369688)

A friend of mine told the story of his grandfather hording cash. Seems his grandpa was the mayor and, well, you get the idea. The cash was kept in a cabinet in the kitchen.

One day grandma comes home to find him and grandpa playing monopoly with real money. She was not amused.

Re:Not guilty??? (5, Funny)

Anonymous Coward | more than 3 years ago | (#33369700)

We probably have about $150,000 in shoeboxes in my apartment. Unfortunately, they're in the form of my wife's shoes.

Re:Not guilty??? (1)

harrytuttle777 (1720146) | more than 3 years ago | (#33369922)

Mmm. Footwear. You could have bought a house for that. Well at least her footsies have nice homes.

Re:Not guilty??? (0)

Anonymous Coward | more than 3 years ago | (#33369734)

I don't believe it. He must have been framed.

My theory is that the police officers involved emptied out their retirement savings and busted into his place thinking he might have a safe. When they found out he didn't, they just stuffed all the money into some shoeboxes.

Re:Not guilty??? (0, Troll)

dintech (998802) | more than 3 years ago | (#33369800)

Well, the kind of prison he's going to, he's definitely going to have to diversify. At least on some of his lifestyle choices...

Re:Not guilty??? (0)

dintech (998802) | more than 3 years ago | (#33369816)

On second thoughts, for an Apple Exec, that kind of prison probably won't be such a bad gig.

Re:Not guilty??? (1)

saider (177166) | more than 3 years ago | (#33369904)

He has to go work for the Microsoft product development group.

Re:Not guilty??? (1)

Kell Bengal (711123) | more than 3 years ago | (#33370128)

Isn't there a thing in the constitution about cruel or unusual punishment?

Possessing cash is a crime (0)

Anonymous Coward | more than 3 years ago | (#33369940)

Because not putting money in the bank is a crime.

Law brought to you by Goldman/Sachs.

Re:Possessing cash is a crime (1)

trapnest (1608791) | more than 3 years ago | (#33370200)

Did you RTFA... wait of course you didn't.

Re:Not guilty??? (1)

mea37 (1201159) | more than 3 years ago | (#33370156)

Well, if you're willing to call $150,000 "a few hundred thousand", then I guess I shouldn't bother drawing attention to detail, but...

Having a supply of cash, even a very large one, is not illegal. Today it is uncommon (but it wasn't always), and so today it appears suspicious to most people; but it doesn't really add anything to a case against him.

Re:Not guilty??? (1)

shentino (1139071) | more than 3 years ago | (#33370444)

It does when civil forfeitures are the norm.

Yay for abusive cases for in rem jurisdiction.

United States v. $124,700 anyone?

can't trust banks anymore (1, Funny)

Anonymous Coward | more than 3 years ago | (#33369638)

but even if you couldn't trust your bank, $150,000 in shoeboxes? Really? That's not safe. Coffee tins, freezer, mattress, that loose brick in the garage... you've got to diversify.

Re:can't trust banks anymore (4, Interesting)

JSBiff (87824) | more than 3 years ago | (#33369868)

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.

Re:can't trust banks anymore (1, Interesting)

Anonymous Coward | more than 3 years ago | (#33369926)

I don't know if I'd keep $100K in cash on hand. Bullion coins on the other hand ...

Re:can't trust banks anymore (1)

Locke2005 (849178) | more than 3 years ago | (#33369956)

I'd say there's good reason to keep a little cash on hand. Crack dealers don't take Visa or Mastercard?

hurr... (0)

Anonymous Coward | more than 3 years ago | (#33369642)


You're stashing it wrong.

Steve

Slow Day for Negative Apple News? (1, Insightful)

bozone (113268) | more than 3 years ago | (#33369644)

What's next "Apple Employee Cuts Line at Starbucks"?

Hardly stuff that matters

Re:Slow Day for Negative Apple News? (4, Insightful)

whisper_jeff (680366) | more than 3 years ago | (#33369754)

Um, I hate the obviously anti-Apple news as much as the next Apple fanboi but this is hardly negative Apple news. In fact, I can't find even a vague hint of anything negative being directed at Apple in this situation.

More so, this is kind of a big deal in the geek and tech industry. If this doesn't qualify as news than I have absolutely no understanding of the word. I would say that the employee of one of the top tech companies being caught in a scam where he made off with over $1 million dollars is quite certainly news for nerds and stuff that matters.

Re:Slow Day for Negative Apple News? (1)

gnasher719 (869701) | more than 3 years ago | (#33369862)

More so, this is kind of a big deal in the geek and tech industry. If this doesn't qualify as news than I have absolutely no understanding of the word. I would say that the employee of one of the top tech companies being caught in a scam where he made off with over $1 million dollars is quite certainly news for nerds and stuff that matters.

I think Microsoft caught an employee a few years ago who bought software from their employee's store really cheap (and not things like Windows, but the more expensive server software with tons of licenses) and then sold it. That ran into multiple millions of damages. I could imagine his "customers" believed that they were buying from Microsoft.

But Now They're Just Another Corrupt Company (4, Insightful)

eldavojohn (898314) | more than 3 years ago | (#33370032)

Um, I hate the obviously anti-Apple news as much as the next Apple fanboi but this is hardly negative Apple news. In fact, I can't find even a vague hint of anything negative being directed at Apple in this situation.

That's odd, this story causes me to wonder how much corruption is rampant at Apple if we scratch the surface and find shoe boxes with cash ... whatever the case here in the US, this certainly illustrates the growing problems that Apple and many other companies are having with foreign counterparts guilty of "when in Rome" infractions against ethics and business.

I used to think "Made in America" when I bought an Apple product. Then after realizing it was all coming from Taiwan and China I thought "Invented in America, Made in China" but I still imagined this premium I was paying lead to good American ethics and proper treatment of employees to consumers. The deaths of nine or more plastics workers in Apple's iPhone supplier followed by a million in kickbacks being stored in shoe boxes by a corrupt Apple Manager and suddenly I realize that buying Apple just means you're paying a premium on something that might provide you a better experience but really employs all the same corruption inherent in almost any very large business.

While I'm not faulting Apple anymore than -- say -- Samsung or Sony, they've dropped from high standards of worker and consumer ethics all the way down to 'one of the rest.' Maybe they're simply too big to control that now but you better believe this is negative to someone like me. I've only ever bought (to my knowledge) iPod shuffles as gifts and a single exclusive album on iTunes but you won't catch me buying anything else from them for a while.

"Made in America"? (0, Offtopic)

SuperKendall (25149) | more than 3 years ago | (#33370366)

I used to think "Made in America" when I bought an Apple product

So you're saying the last time you bought an Apple product was a Woz assembled Apple II?

Because like ALL consumer electronics, it's been pretty much China since then.

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

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.

Re:But Now They're Just Another Corrupt Company (0)

Anonymous Coward | more than 3 years ago | (#33370452)

I'm confused. When was apple ever considered to be the paragon of ethical behavior?

Re:Slow Day for Negative Apple News? (0, Troll)

Lunix Nutcase (1092239) | more than 3 years ago | (#33369778)

Don't worry. CmdrTaco has his ear to Steve Jobs' anus just in case he lets loose a fart.

Re:Slow Day for Negative Apple News? (0)

Anonymous Coward | more than 3 years ago | (#33369784)

Someone from a well known tech company taking kickbacks and the outcome of such actions are not relevant on a news site for nerds? I'm sorry if it is happening to a company you appear to like and seems to tarnish said company's image, but this is most curious.

Re:Slow Day for Negative Apple News? (2, Interesting)

erroneus (253617) | more than 3 years ago | (#33369994)

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!

Re:Slow Day for Negative Apple News? (1)

Junior J. Junior III (192702) | more than 3 years ago | (#33370456)

What's next "Apple Employee Cuts Line at Starbucks"?

I thought Apple employees stopped doing coke in the 80's... now they're doing it in Starbucks?

he's not the brightest... (5, Insightful)

Lumpy (12016) | more than 3 years ago | (#33369646)

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.

Although this guy does not look like the type that knows how to run a complex device like a shovel.

Re:he's not the brightest... (1)

Steauengeglase (512315) | more than 3 years ago | (#33369696)

I had similar thoughts. We Slashdotters suck at money laundering.

Re:he's not the brightest... (5, Funny)

dintech (998802) | more than 3 years ago | (#33369878)

More generally, we Slashdotters suck at laundering.

Re:he's not the brightest... (0)

Anonymous Coward | more than 3 years ago | (#33370064)

More generally, you Slashdotters suck.

Re:he's not the brightest... (0)

Anonymous Coward | more than 3 years ago | (#33370086)

Good one. You really got him.

Re:he's not the brightest... (1)

Wiarumas (919682) | more than 3 years ago | (#33370114)

I usually just buy a bunch of magazine subscriptions from door to door salesmen who give sales pitches about formerly being drug addicts.

Re:he's not the brightest... (0)

Anonymous Coward | more than 3 years ago | (#33370078)

Yeah, Tide, Gain, I can never pick the right detergent.

Re:he's not the brightest... (1)

travdaddy (527149) | more than 3 years ago | (#33370278)

"I cannot believe what a bunch of losers we are. We're looking up 'money laundering' in the dictionary!" - Apple Execs

Re:he's not the brightest... (4, Interesting)

vlm (69642) | more than 3 years ago | (#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:he's not the brightest... (0)

Anonymous Coward | more than 3 years ago | (#33370214)

You managed to find a double edged sword with a metal detector? Best thing I've ever found with one of those is a bucket.

Re:he's not the brightest... (1)

The MAZZTer (911996) | more than 3 years ago | (#33369820)

Of course then the neighbors start wondering why he's burying pipes in his backyard.

Disguise it as a legitimate home improvement project though (like putting up a fence) and you might have a winner.

Re:he's not the brightest... (0)

Anonymous Coward | more than 3 years ago | (#33370308)

Hell, just plant some flowers there. Pipes don't have to be too big to hold $150K... maybe a 6", 2' long pipe? That could easily be hidden and not attract attention when you bury it. Especially if you take some time off and do it during the day when most neighbors are at work.

Re:he's not the brightest... (1)

idontgno (624372) | more than 3 years ago | (#33369864)

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.

Assuming you paid for your purchases with cash (small denomination, circulated bills) and disposed very securely of the receipt. And made other, more obvious purchases to explain the trip to the home-improvement place and the tools. Like, maybe, putting in your own fence.

Then it's a matter of digging your stash where it won't be obvious someone's dug a hole and filled it in. As well as someplace they won't think to use ground-penetrating radar.

Yeah, maybe buried treasure isn't such a good idea.

Re:he's not the brightest... (2, Interesting)

sjs132 (631745) | more than 3 years ago | (#33370172)

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....)

Re:he's not the brightest... (3, Interesting)

Zocalo (252965) | more than 3 years ago | (#33370008)

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...

Re:he's not the brightest... (1)

VoxMagis (1036530) | more than 3 years ago | (#33370062)

Wait though - so you take your cash, put it in a pvc pipe and cap off both ends... then bury them all over the yard?

Then during the search, the police stumble across what appears to be a dozen PIPE BOMBS buried under a few inches of dirt all around your house.

I think I'd rather they just find the money than bring in the bomb squad and hit you with those charges.

Buy a shovel you lazy bastard (1)

Scrameustache (459504) | more than 3 years ago | (#33369684)

Shoeboxes in your house? Wow, that's the least amount of effort he could possibly muster.
Everyone knows you're supposed to bury treasure boxes!

It was actually a simple mix up... (5, Funny)

physicsphairy (720718) | more than 3 years ago | (#33369710)

The balance on his bank account was 12 dozen shoes.

Re:It was actually a simple mix up... (1)

ViViDboarder (1473973) | more than 3 years ago | (#33369898)

I wish I had mod points! That was good.

Where should I keep my ill-gotten gains? (1)

ErikZ (55491) | more than 3 years ago | (#33369822)

So...I need a place to keep all this money safe. Yep. Nice and safe. A safe place to keep it hidden. Someplace...safe...

OH! A shoebox! Brilliant!

Re:Where should I keep my ill-gotten gains? (1)

gstoddart (321705) | more than 3 years ago | (#33369934)

So...I need a place to keep all this money safe. Yep. Nice and safe. A safe place to keep it hidden. Someplace...safe...

You know, it's not that far-fetched. I've certainly known people who keep a stash of cash scurried away in an obscure corner of their house in case of emergency.

I've certainly heard stories about people keeping money mattresses -- although, it didn't work out so well for this lady [timesonline.co.uk] who threw out her mother's life savings. :-P

Inflation (5, Informative)

DocSavage64109 (799754) | more than 3 years ago | (#33369838)

One of the problems with stashing $150,000 in cash is that you lose some $4,500/yr (or more) due to inflation. See http://en.wikipedia.org/wiki/File:US_Historical_Inflation_Ancient.svg [wikipedia.org]

Re:Inflation (0)

Anonymous Coward | more than 3 years ago | (#33369920)

I wish I had those problems

Re:Inflation (2, Insightful)

Anonymous Coward | more than 3 years ago | (#33369978)

That's true in inflationary times. We are not in inflationary times however.

Even large well-run companies are holding tons of cash right now.

Re:Inflation (5, Insightful)

oldspewey (1303305) | more than 3 years ago | (#33369980)

Hey, that beats the hell out of losing $60,000/yr due to insolvent banks and plummeting securities.

Re:Inflation (5, Insightful)

Primitive Pete (1703346) | more than 3 years ago | (#33370050)

And it is WAY better than losing 100% to the feds.

Re:Inflation (1, Insightful)

Anonymous Coward | more than 3 years ago | (#33370002)

And how is that any different from leaving it in a bank account that doesn't gain anything other than some joke interest rate? Or stocks that can collapse overnight on the whim of an all-boys club having a laugh about a crop failure on the other side of the planet? Or property that may rise in the long term, but true gains are actually eaten by taxes, insurance and maintenance costs (assuming you can afford to buy without debt)?

Re:Inflation (1)

Locke2005 (849178) | more than 3 years ago | (#33370130)

That's why I invest all my money in the best investment out there, one that pays immediate returns: hookers and blow.

Re:Inflation (1)

Drakkenmensch (1255800) | more than 3 years ago | (#33370054)

The biggest concern about holding money obtained from crooked sources is not losing worth due to lack of interest on your capital, it's the feds finding that money and charging you with accepting bribes. But he failed at that too.

Re:Inflation (0)

Anonymous Coward | more than 3 years ago | (#33370140)

That's why he used some of the money to buy shoes, and then saved money on storage.

Re:Inflation (1)

Simon (S2) (600188) | more than 3 years ago | (#33370178)

Depends. If inflation goes down, i.e. becomes negative, as shown in your graph too, you win.
Some say inflation will be negative in the years to come in the USA.

Re:Inflation (1)

v1 (525388) | more than 3 years ago | (#33370226)

but how does that compare with taxes on that much money, considering this guy's tax bracket, if he were to just have it in savings?

tho of course good investments would be the place to put it. but most of those are tracked. Pretty much anytime you have taxable income anywhere, be it savings or investments, someone's going to catch you.

I see his mother put up the deed to her house for his bond, for whenever he manages to meet the judges's requirements. (specifically, that all money he stashed in foreign accounts get moved back to the USA)

Re:Inflation (1)

Syberz (1170343) | more than 3 years ago | (#33370334)

One of the problems with stashing $150,000 in cash is that you lose some $4,500/yr (or more) due to inflation.

Perhaps, but for some losing 4500$/year is better than losing 150 000$ when your assets are frozen during an investigation.

I see a pattern (1)

tys90 (1123511) | more than 3 years ago | (#33369924)

FTA "Devine had a further $20,000 worth of foreign currency in his possession, she said, arguing that it was possible that the Apple executive might have other hidden sources of cash."

Next they will find he had $500,000 in dollar coins stashed in hundreds of piggybanks.

Dear Slashdot... (1)

Fibe-Piper (1879824) | more than 3 years ago | (#33370024)

I am an embezzler of some repute at a fairly well known tech company. I am getting lump sum payments from a supplier in regular payments. They insist on providing me the cash in shoe boxes but I can't think of anything "outside" of these that could be better. Advice?

Money laundering (1)

Primitive Pete (1703346) | more than 3 years ago | (#33370036)

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. Crooks these days....

Re:Money laundering (0)

Anonymous Coward | more than 3 years ago | (#33370102)

Doesn't anyone know how to launder money any more?

I am pretty sure one of the steps is to get someone you know into an elected office.

Re:Money laundering (2, Interesting)

vlm (69642) | more than 3 years ago | (#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.

"kickbacks"? (4, Insightful)

v1 (525388) | more than 3 years ago | (#33370058)

from TFA:

Prosecutors say that Devine shared confidential information on Apple products such as the iPod and iPhone in exchange for cash kickbacks. He allegedly provided suppliers with projected sales figures, data on how much it cost Apple to produce the products, and pricing bids from supply chain competitors.

This looks a lot more like "corporate espionage" than "kickbacks". I usually consider kickbacks to mean that he accepted bribes from clients for favoritism. But this guy was basically getting paid to spy on his employer and provide intelligence.

This guy's poor mother! (0)

Anonymous Coward | more than 3 years ago | (#33370152)

At the end of TFA:

On Monday, Devine's mother agreed to post the deed to her Maryland house as bond.

That's awfully sweet of her, but it's going to make it all the more bitter when he skips town the moment he's released.

I thank you For 7our time (-1, Offtopic)

Anonymous Coward | more than 3 years ago | (#33370224)

Not Uncommon (2, Interesting)

bloobamator (939353) | more than 3 years ago | (#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.

Call this one a Dupe (0, Troll)

CranberryKing (776846) | more than 3 years ago | (#33370300)

Really there is nothing new in this 'story' so I'm calling it a dupe. The title includes 'Stashed $150,00 in Shoe Boxes'. Is that news? Is someone trying to build a case? Because we all know its a terrible crime to put cash in a shoe box. Come on. There is no useful information here.

Paul Devine is now in good company. (1)

dwiget001 (1073738) | more than 3 years ago | (#33370340)

He now rates having the name of Paul "iStash" Devine putting him in company with Bill "Cold Cash" Jefferson and others.

You didn't hear this from me.... (1)

Itninja (937614) | more than 3 years ago | (#33370368)

I friend of mine loves the iPhone. When the new one came out, he was one people waiting in the super long lines for it. Three times they were out of stock, so he had to try again later. He said he noticed some interesting similarities about the people in the various lines.

Quite a few paid in cash. Normally not unusual at all. But these people were paying with the exact amount needed (even accounting for tax) and with clearly uncirculated bills. They were also the ones that seemed the most vocal about how excited they were to get the iPhone and how awesome it was going to be. He noticed how all were using the same basic superlatives; almost as if they had memorized a script. Corporate plants? Who knows? But in was an intriguing thought...

Shoe boxes? (1)

gestalt_n_pepper (991155) | more than 3 years ago | (#33370396)

I use those old metal CD cases you buy at Wal-Mart. Much neater and you can hide them in odd places.

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