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Accountant buys $6-million in Apple iPhones and iPads on company credit cards and nobody notices for five years

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  • Apr 9th, 2019 8:09 am
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Mar 25, 2003
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Accountant buys $6-million in Apple iPhones and iPads on company credit cards and nobody notices for five years

Accountant buys $6-million in Apple iPhones and iPads on company credit cards and nobody notices for five years
https://nationalpost.com/news/accountan ... five-years
TORONTO — On a November afternoon in 2011, Nadia Minetto waited in the parking lot of Yorkdale Shopping Centre, one of the largest malls in the country, to meet a stranger who responded to her ad on Kijiji offering an iPad for sale.

When Gabriel Fung arrived, he swapped cash for her tablet, still in its packaging. It was the start of an extraordinary relationship.
Minetto and Fung would meet in much the same way again and again. The quantity of Minetto’s Apple products grew larger as Fung’s rolls of cash, bound with elastic bands, became thicker.

Over the next two and a half years, Fung bought 5,321 iPads and 4,942 iPhones from Minetto — up to 20 at a time — worth more than $6 million.

What Fung did with them was straightforward: he resold them, some through his electronics store in a mall north of Toronto, but most to companies in Hong Kong or to wholesalers. .... (continue reading from above link)
Last edited by Keigotw on Apr 6th, 2019 2:40 am, edited 1 time in total.
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18 replies
Deal Guru
Aug 2, 2010
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That's a twist on another scam those in charge of company payments often do. Fake invoices are issued by an accomplice and the person inside the company pays them and then they share the proceeds.
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Aug 20, 2012
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Pacific Ocean
Wonder what disc % he purchased from her? Cant imagine apple's wholesale pricing to be very much off retail pricing. 20-25% perhaps?? But what does it matter... even if he gave her 50% disc she pockets and the company loses.
If the glove don't fit you must acquit! #WINNING
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Wow and no jail time?? This is canadian justice here. *welp* In the states they wuda been sued to high heaven and in jail for 3-5 yrs at least.
If the glove don't fit you must acquit! #WINNING
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Jun 27, 2004
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Article says that the dude spent about 5.2 mill, so maybe 15% discount.
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Apr 30, 2011
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I guess Fung's storefront was in Pacific Mall?
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Apr 30, 2003
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loserga wrote:
Apr 6th, 2019 2:55 am
I guess Fung's storefront was in Pacific Mall?
His store was at first markham place. Plus one solutions.

He's being sued for 5 mill by wescom. He can't deny that what's too good to be true, isnt.

Majority of his sales where to wholesalers In China. So he made a killing as apple products were in high demand there and they pay crazy high dollar value there.
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aznnorth wrote:
Apr 5th, 2019 11:27 pm
Wow and no jail time?? This is canadian justice here. *welp* In the states they wuda been sued to high heaven and in jail for 3-5 yrs at least.
Not 'Canadian justice' but rather it was her employer, Wescom's, decision to go the soft route on her because they didn't want the embarrassment of not knowing how to run their finance department properly all the while trying to take the company public. Backfired on them unfortunately as the news became public anyway, lol.

And the Fung guy was as guilty as sin. Buys over $5M of products out of the backseat of someone's car, then even sets up an warehouse to receive the goods she fenced and then pleads ignorance? Hilarious. Hope the guy ends up in jail for 5 years.
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Dec 20, 2018
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aznnorth wrote:
Apr 5th, 2019 11:27 pm
Wow and no jail time?? This is canadian justice here. *welp* In the states they wuda been sued to high heaven and in jail for 3-5 yrs at least.
This is white collar crime, no jail time in states for it
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Penalty Box
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Jun 24, 2015
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I could have bought all kinds of electronics at my old job. The only thing stopping me from doing such was I had morals. I was raised as a catholic so I was told never to steal, including money from your employer. If you follow those 10 simple rules, you will be fine no jail. Greed is what makes people go to jail on earth and opens up the doors to hell in the after life
Hi
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PCDawg wrote:
Apr 6th, 2019 9:04 am
His store was at first markham place. Plus one solutions.

He's being sued for 5 mill by wescom. He can't deny that what's too good to be true, isnt.

Majority of his sales where to wholesalers In China. So he made a killing as apple products were in high demand there and they pay crazy high dollar value there.
Dude graduated from UT - st. mikes college. The fact he pleaded ignorance is a joke. Removed his profile pic.
https://www.linkedin.com/in/gabriel-fun ... bdomain=ca

Mehhh... typical 5 and dime cell fone store you find everywhere. iPhone/ipad covers, repairs.

Image

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If the glove don't fit you must acquit! #WINNING
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ji2o0k wrote:
Apr 7th, 2019 12:57 pm
crazy, the lady should have cut bait and run after a few years. $6MM - just up and disappear or something....
That's the problem with thieves; they don't know when to quit. Be like The Saint (Val Kilmer version). Set a goal and stick to it :) .
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Jun 24, 2015
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Interesting, I think I may have bought my wife's ipad from this location. I met the owner, he seemed like a nice guy.
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