[Rayzor]

Shame, poor guy. and on that bombshell I would rather like to see pics of all his cars lol.

[stooker]

Weird story... wish they talked more about what he actually did with all these BMWs and where they all went. I'm guessing sold off at auction to pay his debts? Or did I miss that... I didn't really read in-depth, just scrolled through quickly.

Anyways, totally mental... not a psychology background by any means, but the manifestation of an extreme case of OCD through hoarding and compulsive lying. It's weird that he grew up so "normal" well into adulthood. I guess it took a BMW to kick start the bad habit later in life.

[Chihuahua]

Originally Posted by BoostedN54

Is that considered cheating

no, it's considered a business plan. google "UUC"

[Maynard]

So the embezzlement seems legit, but I'm still thinking most of the money went up his nose, or into a casino (or perhaps a money laundering gig that he decided was safer to take the fall for than roll over on somebody scary). I just have a hard time believing there are multiple piles of 'sale-ready' resto parts that wouldn't have been used to cover some of the losses; especially when supposedly much of this (and 15 or so complete cars?) were on the premises of the victims. But it could be that denial working in me...

[Xtabi]

Tl/dr

Was it war and peace II?

[jmg]

Originally Posted by RickFLM4

I am a CPA so I understand your point. I should have said "income" as the owner said instead of "salary". It sounds like he pulled less out of the business in whatever form he used. Even if he was pulling out $1M / year and stopped getting 10% of it for several years, I think it would be noticeable. I've seen small business owners that pull $1M+ / year out of their business lose their shit when there wasn't as much cash as expected following a bad month of sales. I just think small business owners need to really understand their cash flows in detail because aside from theft, mistakes and waste occur. Getting one's arms around cash flows (including payroll) for a business with a father, son and 3 employees shouldn't have taken 5 years or however long it took, particularly when your CPA is storing cars and parts on your property. When you don't understand your accountant's asset accumulation, you shouldn't assume he's making money on the side even if you trust him, particularly if your income is declining.

Goes to show how betrayed they must have felt. They must have really trusted him to not look into the books all that time.

[jmg]

Originally Posted by stooker

Weird story... wish they talked more about what he actually did with all these BMWs and where they all went. I'm guessing sold off at auction to pay his debts? Or did I miss that... I didn't really read in-depth, just scrolled through quickly.

Anyways, totally mental... not a psychology background by any means, but the manifestation of an extreme case of OCD through hoarding and compulsive lying. It's weird that he grew up so "normal" well into adulthood. I guess it took a BMW to kick start the bad habit later in life.

It's fitting that he is is fully immersed in faith now. This personality type needs these outlets. One wonders how healthy these attachments are, despite one being more socially acceptable than the other. Personally, I see more similarities than differences between his BMW and faith obsessions. There is a methodological way to be selfishly helping other people if that makes sense. They get addicted to helping others, as a way to make themselves feel a certain way.

[RickFLM4]

Originally Posted by jmg

Goes to show how betrayed they must have felt. They must have really trusted him to not look into the books all that time.

Yep. Like I said earlier... trust, but verify.

[ORIGIN M.]

Happy Wife, Happy Wife !!

[EL Jeffe 5]

Originally Posted by sdshah

Loser

Quick to judge
he made mistakes in his life sounds like his doing fine now

[ORIGIN M.]

Typical Hoarder

[bd307]

Originally Posted by EL Jeffe 5

Quick to judge
he made mistakes in his life sounds like his doing fine now

Or maybe not. He still owns some BMWs telling me that he still has the same issue (to less extend). Hope he gets help that he needs from his church or other social services.

[EL Jeffe 5]

Originally Posted by bd307

Or maybe not. He still owns some BMWs telling me that he still has the same issue (to less extend). Hope he gets help that he needs from his church or other social services.

What you expect guy to walk everywhere he goes he needs a car
should he have bought Ford Fiesta would that make any difference?

[positiveions]

Man and his toys: never ending story.

[bd307]

Originally Posted by EL Jeffe 5

What you expect guy to walk everywhere he goes he needs a car
should he have bought Ford Fiesta would that make any difference?

The problem starts with his car (this case is the BMWs). If the subject of the addiction changes to gambling, I am sure you would agree anything related to gambling should be avoided at all costs.

I am with the writer of the story expecting him to be walking or using a bicycle or other more sensible mean than driving an BMW (the same subject that got him into trouble) to commute.

Getting a Ford Fiesta maybe a solution though because I don't think he will get addicted from it

[EL Jeffe 5]

Originally Posted by bd307

The problem starts with his car (this case is the BMWs). If the subject of the addiction changes to gambling, I am sure you would agree anything related to gambling should be avoided at all costs.

I am with the writer of the story expecting him to be walking or using a bicycle or other more sensible mean than driving an BMW (the same subject that got him into trouble) to commute.


VVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVVV VVVVV
Getting a Ford Fiesta maybe a solution though because I don't think he will get addicted from it

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
agree with this

[F32Fleet]

Originally Posted by jmg

Goes to show how betrayed they must have felt. They must have really trusted him to not look into the books all that time.

What most people don't know is that carrying out the fraud is extremely stressful and usually the fraudster is relieved that they were caught.

[F32Fleet]

Originally Posted by RickFLM4

I am a CPA so I understand your point. I should have said "income" as the owner said instead of "salary". It sounds like he pulled less out of the business in whatever form he used. Even if he was pulling out $1M / year and stopped getting 10% of it for several years, I think it would be noticeable. I've seen small business owners that pull $1M+ / year out of their business lose their shit when there wasn't as much cash as expected following a bad month of sales. I just think small business owners need to really understand their cash flows in detail because aside from theft, mistakes and waste occur. Getting one's arms around cash flows (including payroll) for a business with a father, son and 3 employees shouldn't have taken 5 years or however long it took, particularly when your CPA is storing cars and parts on your property. When you don't understand your accountant's asset accumulation, you shouldn't assume he's making money on the side even if you trust him, particularly if your income is declining.

Think the guy kept an extra set of books?

[sygazelle]

Originally Posted by RickFLM4

Reminds me of my former neighbor who stood in my house telling me how good business was during a party for my wife's 40th. I later found out he was arrested for insurance fraud about a week before that conversation.

The story isn't really about BMW. It's about a pathological liar and thief who happened to spend what he stole on BMWs. However, despite the selfish actions by the thief, the part that has me scratching my head is his employer not being able draw much salary for 5 years before saying WTF and looking into it. The thief shouldn't have taken the money but business owners need to understand their numbers better than this guy did.

In my experience, when people talk about how much money they are making or how much money they have, there's a good chance they are lying/exaggerating.

[sygazelle]

Originally Posted by M3 Adjuster

Wow.. I saw this phrase a few days ago and now seeing it again I had to go look this up...

" too long .. didn't read " ... yeah.. someone's reading comprehension is slipping ..

I have amazing reading comprehension and I got through the article just fine, but 1/2 way through I thought, this article is too long.

[clbmw]

Doesn't sound like OCD to me I'm afraid, more a very large sense of entitlement and being highly insecure.

[zx10guy]

I'm no mental health professional but the guy definitely sounds like he had something going on. It's actually a tragic read and I would hope the author of the story took the extra step in pointing Terrance's family to the article. His family should read this and understand their husband/father had a problem. I understand the hurt they must be feeling and wouldn't want to be saddled with the financial burden and social stigma of his crime. But it seems clear he has a mental health issue. I hope his family finds it within themselves to forgive him and at some point let him back in their lives in some fashion. If not the abandonment of someone that clearly needed/needs help, is the other tragic part of this story.

As to the cars and parts being sold to pay off the restitution, do you all seriously think the money gained from selling off the stuff would make a dent in the money he owes? For one, I doubt Terrance would have worked hard to get the best deal he could on the parts given his obsession. So he probably paid top dollar or over paid for everything just to have it. Then selling off the stuff at auction wouldn't yield much. Because I doubt any of you all (including me) would volunteer to buy the stuff for what he paid. The whole smelling blood thing and being vultures. Plus the administrative fees by those selling the stuff taking away from the recovered money and you literally have a collection that probably amounted to pennies on the dollar. You see this all the time from other white collar crime situations where the victims rarely get anything back.