https://news3lv.com/news/local/former-caesars-ceo-charged-with-accounting-misconduct-during-hertz-tenure
4 replies (most recent on top)
This is NOT a nothing burger. This is a big deal. A CEO of Fortune 500 cooked the books. Scammed the shareholders. Cheated investors. Falsified earnings. Pressured and threatened finance people.Think Enron. Charged by SEC. $2 million paid back personally to Hertz. A real black mark on him and his record. Plus $200k fine. Again, paid personally. Plus Hertz had to additionally pay $16 million fine to SEC .Then fast forward to now. Tens of thousands laid off. Bankrupt company. 100 year old company may completely disappear. AND he’s still being sued by Hertz for another $70 million in clawback for falsifying earnings and pocketing bonuses. That’s a DIFFERENT case. And now they have this SEC ruling for basis of their lawsuit. Did he get off easy, so far, sure he did. What a mess, but for people that know Frissora, no surprise.
This charge is a nothing burger. If you read the article, he settled the charge by reimbursing Hertz $2 million for incentives he got when he left the company. That's chump change to him. He likely made even more money off of that $2 mil while he had it and is laughing all the way to the bank. He came to our location once and all I recall is he was all show and no go.
I worked when he was CEO. Dude was straight douchebag. Heard if he visit loc they have buy brand new car. He may drive car 5 mil then leave. Policies had in place were bad always felt job threaten less committed rev fraud
Can't wait to see the headlines in 2021. They will be even more dramatic with the new leadership and the strange stuff they are doing.