@TheDailyEdge Yeah, reminds me of #CoronaTestingFraud that was rampant in #Germany, cuz #CDU / #CSU - led ministry of health basically abolished any #DueDiligence re: #payouts and #admission to the program.

Going back to the dealerships, that number is obviously made up to fraudulently get subsidies.

• Even if all 4 dealers run absurdly big car dealerships with 100 employees being open 24/7, that would still amount to 721 cars being sold per day or just about 2 cars per minute (!!!).

• Given that even if someone were to pay cash and all the dealer had to do was chug the pre-counted money into a bill counter and put it into an envelope and dump it into drop-in safe whilst the buyer signs the term sheets in record speed and gets the title and keys and has plates in had to roll off the yard that'll easily take more than 2-5 mins each.

And now realize basically noone buys brand new cars cash, but requires financing and even if we expect credit reports to be pulled within seconds and banks offering loans within minutes and none of the buyers getting any upsells or wanting any extras, those numbers are not adding up.

• Not even counting for business hours and the fact that there are at best a dozen people working at a regular dealership, half of them not even being sales reps but staff tasked keeping cars presentable, cleaning the offices and doing mechanical work on cars or picking up & delivering vehicles.

Pretty shure they can just claim they sold cars by writing an email or just copy & pasting valid VINs into a spreadsheet and mailing that somewhere, cuz otherwise I'd not know how they can even do fraud at that speed and scale without buying gigworkers in a fraudshop in Burma.

“Fake it till you make it” VS “Greed is good”

“According to the government, the pair (#CharlieJavice & #OlivierAmar) hired a #DataScientist to create fake accounts showing 4.25 million #customers, even though they knew it had fewer than 300,000. The implication for #investors, whether the trial results in a #conviction or acquittal, is how the massive #WallStreet firm could have missed the warning signs, and whether its #DueDiligence on other #acquisitions was up to the task.”

A #startup valuation secret, eager buyers in a competitive new market.

#Frank / #JPMorgan / #suits / #DumbMoney / #Fake / #greed <https://smh.com.au/business/companies/the-31-year-old-accused-of-deceiving-a-wall-street-giant-in-us175m-deal-20250219-p5ld90.html> #paywall.